Latest articles from Justin Pugsley

Miroslav Petkov

ECB’s climate change guidance marks important milestone for bank risk frameworks

Banks in Europe are going to have to fundamentally rethink their risk frameworks following the publication of guidance by the ECB telling banks to place climate change considerations front and centre of their businesses. 

Russian banking

Russian bank reforms face Covid-19 setback

The Covid-19 pandemic has slowed the completion of Russia’s bank reforms as regulators focus on emergency measures to support the economy. 

EU gets CCP resolution and recovery rules over the line

The EU framework governing the resolution and recovery of failed central counterparty clearing houses (CCP) has been agreed and provides member states with a harmonised risk management system.

UK government to tackle tough legacy Libor contracts

In its written statement to the UK parliament, Rishi Sunak, the chancellor (finance minister), said the government will use upcoming amendments to the financial services bill to give the Financial Conduct Authority (FCA) the power to manage the orderly transition from the London interbank offered rate (Libor) to alternative rates.

BIS appoints Tara Rice to head CPMI secretariat

Tara Rice has been appointed as head of the secretariat for the Committee on Payments and Market Infrastructures (CPMI) by the Bank for International Settlements (BIS). 

Basel Committee members endorse temporary relaxation of capital buffers

Members of the Basel Committee on Banking Supervision have reaffirmed their commitment to implementing the Basel III standards while recognising that banks will need sufficient time to restore their capital buffers depending on the severity of the economic downturn. 

Gaps remain on resolution planning in too-big-to-fail reforms, FSB warns

Though global systemically important banks are now much more resilient than they were a decade ago, improvements are still needed for the winding down of failing institutions, warned the Financial Stability Board (FSB) in a report.

Basel Committee proposes change to capital rules for NPL securitisations

The treatment for securitisations of non-performing loans (NPLs) is to receive a technical amendment from the Basel Committee on Banking Supervision, which is the result of work carried out before the Covid-19 pandemic struck. 

CPMI-IOSCO publishes discussion paper on CCP default auction processes

There are a number of management auctions processes central counterparty clearing houses (CCPs) need to consider when their participants default, according to a paper drafted by two global standard setters. 

BIS innovation hub rolled out to new locations in Europe and North America

The innovation hub run by the Bank for International Settlements (BIS) is to be extended to four new locations over the next two years, the organisation has said in a statement.