Latest articles from Justin Pugsley

Lily Fang

FTX failure: can regulators save crypto from itself?

Harry Potter, wood nymphs and vapourware all featured in a complex story that saw the worst failure so far in crypto leaving many in the industry begging for more regulation.

BLM Mairead McGuinness

EU might be prepared to take more lenient approach over location of euro clearing

A draft EU document has been circulated among users of euro clearing services suggesting that the European Commission might have subtly shifted its position on moving the activity out of London and into the bloc. 

PRA says Basel '3.1’ will not see material rises in UK bank capital requirements

The implementation of the remainder of the Basel III prudential framework should not result in a significant increase in capital requirements for UK banks, the Prudential Regulation Authority (PRA) said.

Private sector tests use of CBDC for post-trade settlement

The use of a central bank digital currency (CBDC) should be carefully explored in consultation with stakeholders as an alternative to cash in the US, said the post-trade market infrastructure firm DTCC in a white paper released on November 30. 

FDIC’s Groenberg focused on bank vulnerabilities to potential economic downturn

Bank vulnerabilities that could be triggered by a US economic downturn, climate change along with a review of the bank merger process, crypto-asset risks and Basel III capital rules are among the Federal Deposit Insurance Corporation’s (FDIC) top priorities.

CFTC thanks UK’s FCA for co-operation on investigation

The UK Financial Conduct Authority (FCA) has been praised by the Commodity Futures Trading Commission (CFTC) for helping it in an investigation related to oil derivatives trades, saying that the move demonstrated the criticality of cross-border co-operation to ensure the integrity of US and foreign markets.

OFR harmonises users understanding of financial data through FERD enhancement

Users will be able to compare more international data covering commonly used asset classes, such as equities, debt, options, warrants and futures following an enhancement to the Office of Financial Research’s (OFR) Financial Instrument Reference Database (FIRD).

CFTC launches two consultations on reporting and substituted compliance

Two proposals open to public comment related to derivatives have been put forward by the Commodity Futures Trading Commission (CFTC). 

GET Michael Barr

Fed gears up to ensure banking system can withstand new threats

US banks face threats that barely existed or were not even thought of five to 10 years ago, said Michael Barr, vice-chair for supervision at the US Federal Reserve, who is nonetheless confident that banks are well capitalised enough to withstand the current challenges.

FSB warns over financial stability risks related to withdrawing economic support measures

When jurisdictions amend or exit economic support measures they should take into account the potential for negative spillovers that could trigger financial instability, the Financial Stability Board (FSB) warned.