Latest articles from Justin Pugsley

DeFi

DeFi stands out as crypto’s biggest regulatory challenge

Decentralised finance is one of the most difficult areas of crypto to regulate and could pose systemic risks if it becomes deeply embedded in the traditional financial system, central bankers warned.

AFME recommends setting up taskforce to study moving to T+1 settlements

European fixed income and equities markets could benefit from shorter settlement times as it would reduce counterparty and credit risk, but on the downside it could see more settlement ‘fails’ and complexity. 

Oversight body calls for ‘quick as possible’ Basel III implementation

The oversight body of the Basel Committee on Banking Supervision expects jurisdictions to implement all aspects of the Basel framework consistently and as quickly as possible in the face of resurgent inflation and deteriorating economic and financial conditions across much of the globe.

EBA endorses extension extra prudential measures on Dutch housing loan portfolios

Plans by the De Nederlandsche Bank (DNB) to extend macro-prudential measures on Dutch housing loan portfolios have been endorsed by the European Banking Authority (EBA). 

ESAs warn banks and supervisors to prepare for ‘bad times’

Deteriorating economic conditions, high energy prices and soaring inflation have increased financial sector vulnerabilities, said the joint Autumn risk report by the three European Supervisory Authorities (ESAs) which advised firms and supervisors to plan for a challenging environment. 

Banking agencies said implementing remainder of Basel III is 'a priority'

US banking agencies have reaffirmed their commitment to finalising and applying the remaining outstanding parts of the Basel III standards saying it will strengthen the country’s banking system. 

Fed seeks comments on strengthening financial market utilities

Feedback on updates to operational risk-management requirements for certain systemically important financial market utilities (FMUs) is being sought by the US Federal Reserve Board and focuses on four areas. 

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OFR highlights under-appreciated risks around interconnectedness

Risks relating to bank connectedness to non-banks, a regulatory focus on direct counterparty bank exposures and issues in uncleared derivatives markets could be hiding threats to the financial system, said the Office of Financial Research (OFR).

UK to investigate cloud operators over market dominance

The leading cloud providers are to be investigated in the UK over their marketing practices as their market share in the country, which has risen to 81% from 70% in 2018.

Bank of England revives annual cyclical scenario stress tests

Rising global interest rates, deep recession and crashing asset prices are highlights of the Bank of England’s (BoE’s) annual cyclical scenario stress test on banks after a two-year absence following the Covid-19 pandemic and Russia’s invasion of Ukraine.