Latest articles from Justin Pugsley

Kerem Tomak

Banks turn to increasingly sophisticated technology to fend off hackers

The battle between hackers and banks is very unequal, with the former often able to perform their attacks anonymously at little cost. For banks, much is at stake from reputation to profitability and they are having to marshal increasingly sophisticated tools to defend their moats.

GET time-bomb

UK pensions ‘time-bomb’ sounds global financial stability warning

Severe volatility in the UK’s government bond (gilts) market triggered by the unravelling of a pension fund investment strategy is a clear warning sign of other dangers lurking in a leveraged financial system.

Reducing liquidity demand key to taming bond market volatility spikes – FSB

Selling or repoing near cash instruments, enhancing the resilience of liquidity supply and closer risk monitoring are all potential solutions to recent extreme volatility in government bond markets, according to the Financial Stability Board (FSB). 

IOSCO teams up with IVSC to improve quality of financial information

Global standard setters are seeking to improve the quality and consistency of valuation standards to offer investors more protection and also to enhance financial stability. 

US dollar note

US dollar does not need a CBDC to maintain its global dominance

The role of the US dollar is so dominant and rooted in economic and financial factors that it does not necessarily require a central bank digital currency (CBDC) to maintain its lead, said US Federal Reserve Board governor Christopher Waller.

Three Singapore market operators exempted from CFTC swap requirements

Three Singapore-authorised Recognized Market Operators (RMOs) have been exempted from US swap execution facility (SEF) registration requirements by the Commodity Futures Trading Commission (CFTC). 

US regulators seek to spruce up resolution rules as banks grow in size

Feedback is being sought by US prudential regulators over proposals to enhance their ability to resolve big banks following a considerable increase in their size, which could include the use of a long-term debt requirement.

UK recognises crypto as regulated financial instruments

The UK still maintains an ambition to become a major global crypto currency hub as it rebrands stablecoins as ‘digital settlement assets (DSAs)’ and recognises crypto as a regulated financial instrument. 

Banks lobby against Basel Committee’s proposed capital treatment of crypto-assets

Banks are lobbying the Basel Committee on Banking Supervision to raise caps on unbacked crypto-assets, such as bitcoin, to 5% from 1% of bank Tier 1 capital, a clear indication of the industry’s interest in the sector. 

IOSCO appoints head of Belgium’s securities regulator as its new chair

Jean-Paul Servais, chair of Belgium's Financial Services and Markets Authority, has been appointed as the new chair of the International Organization of Securities Commissions (IOSCO), replacing Ashley Alder.