Latest articles from Justin Pugsley

FSB consults on cyber incident reporting

Growing geopolitical risks and interconnectedness within the financial system is exposing the industry to greater risks of disruptive cyber events, the Financial Stability Board (FSB) warned on October 17 as it set out proposals to tackle reporting on the issue.

SEC modernises securities swaps related reporting requirements

The prompt production and recording of electronic information relating to securities swaps is to be modernised following an amendment adopted by the Securities and Exchange Commission (SEC).

SEC reopens consultations following technical glitch

Due to a technical glitch, the Securities and Exchange Commission (SEC) said it had not received comments for some consultations submitted from June 2021 to August 2022.

Six largest US banks to participate in pilot climate stress test

In 2023, six of the largest US banks are to participate in a pilot climate stress test lasting for about a year so supervisors can better manage climate-related financial risks.

Traditional risk management approaches can contain digital asset risks

Proven risk management and regulatory approaches can do the job of overseeing digital assets meaning there is little need to invent new processes, said EY in a report published on September 30.

UK’s CCPs pass exploratory stress test

The three UK central counterparty clearing houses (CCPs) were able to withstand a simulated simultaneous default of two clearing members resulting in the largest losses or negative liquidity, according to a Bank of England (BoE) stress test. 

FCA hiring crypto experts, but UK still lagging behind others on new rules

Some 15 crypto experts are being sought by the UK’s Financial Conduct Authority (FCA) to bolster its fledgling wholesale crypto policy unit – a move largely welcomed by the industry with the regulator facing a backlog of licensing requests.

Hong Kong to spend $3.8bn to attract talent and boost its financial centre

Following years of social restrictions to stem the spread of Covid-19, Hong Kong has launched a HK$30bn ($3.8bn) initiative to boost the city’s attractiveness as a financial and business centre and to stop an exodus of talent.

DSB welcomes EU move to make UPIs law

According to the EU’s Official Journal, the use of the Unique Product Identifier (UPI) is to be embedded into the bloc’s law – a move welcomed by the Derivatives Service Bureau (DSB). 

Wind and solar power

Finance Watch calls for higher capital requirements as EU banks hold $239bn in fossil fuel exposures

Large EU banks hold $239bn in fossil fuel exposures according to the non-government organisation (NGO) Finance Watch, which is warning that they pose a financial stability risk if they become stranded assets.