FMI
Central banks adopt Swift harmonisation charter
Three central banks join 18 other institutions in global rollout of messaging standard ISO 20022; separate taskforce working on publishing market practice guidelines
ECB publishes online newsletter on financial market infrastructure
Newsletter will be published three times a year, covering central bank’s work as operator and overseer of financial market infrastructure
ECB says it has learned lessons from simulated cyber attack
Federal Reserve, eurozone central banks and private firms took part in exercise to test Target2 payment system
Fiji governor encourages wider use of stock market
Stock market an “excellent” platform for savers and businesses looking to expand, says Barry Whiteside, who expects the number of firms listed on the stock exchange to increase over time
Distributed ledgers ‘too much of a moving target’ to write business standards, says Swift
Paper addresses questions about how DLT automation can run smoothly in multi-party network environment; Swift recognises full-scale standardisation of distributed ledger use is premature
Swift unveils software to help users detect fraud
Financial messaging service hopes new software will allow users to independently detect unusual activity; software to be launched in December this year
BoE’s Hauser foresees end to fragmented post-trade structures
Central bank is supporting a movement away from “complex and balkanised” securities services as it looks to revamp infrastructure and encourage innovation
Target2 balance surge not a sign of eurozone ‘stress’ – ECB’s Praet
European Central Bank’s chief economist says €400 billion increase in outstanding euro real-time gross settlement claims is largely due to ECB’s asset purchases, rather than eurozone weakness
BoE lays out blueprint for RTGS reboot
“Comprehensive rebuild” of current large-value payments platform will retain many core features while adding new resilience, access options, functionality and interoperability
Singapore’s growth as a financial sector can no longer rely on luck – Menon
Resilience, dynamism and transparency needed for a prosperous financial sector, Menon says; Singapore can no longer rely on its previous good fortune to foster growth
IMF praises Argentina’s new statistical rigour
Fund pleased with progress made reforming statistics but there is still work to be done; IMF willing to provide “technical assistance”
Second half of global FX code to be circulated in October – Debelle
“Significant progress” has been made drafting the second phase, says RBA assistant governor; market participants will be able to comment on draft proposals and provide feedback
FSB looks to halt correspondent banking decline
Board says it is working on filling data gaps, clarifying regulatory demands and building local capacity as signs point to a sharp decline in parts of the world
RBI launches bond market shake-up
Host of measures aim to develop markets, increase participation and improve liquidity in Indian capital markets, following review by former deputy governor Harun Khan
Capping interest rates could affect credit, says Kenyan president
Kenyan President approves new banking law despite acknowledging future “difficulties”; government to monitor possible emergence of “unregulated” and “informal” lending mechanisms
UBS teams up with other major banks in blockchain venture
‘Utility settlement coin’ to be backed by cash held at central banks; team of experts will keep an “open dialogue” with the banks and regulators throughout the testing process
Nepal Rastra Bank broadens electronic payments oversight
Banks and financial institutions will have to re-register with the bank under new licensing law; central bank hopes reform will support more non-banking institutions and new payment transactions
MAS looks to overhaul payment systems
City state already has access to some of the world’s most advanced payment systems, but cash and cheque use remains high; MAS hoping to improve governance, regulation and technology
Tajikistan objects to Basel Institute’s anti-money-laundering criticisms
The Basel Institute’s grading of Tajikistan as the third-worst money laundering jurisdiction in the world is based on an “absolutely incorrect analysis”, the country’s central bank says
Basel reports target gaps in CCP resolution framework
Reports by CPMI-Iosco and FSB find there are still gaps in CCPs’ implementation of recovery and risk management principles and regulators need to think more about resolution planning
Swift CEO gives network top marks despite Bangladesh Bank theft
‘No room’ for complacency says Leibbrandt, noting it is now up to the banks to upscale their security infrastructure
Malawian central bank sees legal risk to payments reform
Malawi payment infrastructure making ‘significant strides’, annual report says, but lack of legislation poses a risk
Payments revamp should cut costs in Thailand, governor says
In an interview with Central Banking journal, Veerathai Santiprabhob lifts the lid on payment system reforms aimed at strengthening infrastructure and promoting debit card usage
ECB begins gathering data on daily money-market transactions
ECB announces daily collection of data from four money-market segments; scheme gathers 35,000 transaction records per day