FMI
Irish central bank to investigate fund manager fees
The Central Bank of Ireland intends to investigate the levels of fees charged by asset managers based in the country; review will be one of 12 ‘themed inspections’ of the finance industry
Bahraini central bank launches ‘almost real-time’ payments
Central Bank of Bahrain launches Electronic Fund Transfer System, comprising services for near real-time payments, deferred net settlement and bill aggregation
Spanish paper finds issues with Basel III approach to calculating risk-weighted assets
The approach to calculating banks’ risk-weighted assets introduced by Basel III may create incentives for ‘regulatory arbitrage’, a Bank of Spain paper argues
TCH and VocaLink set sights on US real-time payments
CEOs emphasise effort to create level playing field for 14,000 US financial institutions to access the system, as the firms finalise real-time payments deal
Spanish paper offers guide to using BIS data
A paper published by the Bank of Spain offers an introduction to the statistical data on international banking published by the BIS
PBoC confirms Korea on track to issue first sovereign 'panda bond'
Korean government authorised to raise 3bn yuan in interbank market, China's central bank confirms; Seoul reportedly marketing bond during China roadshow this week
EU survey calls for more cohesion on cloud computing
There appears to be a lack of clear and formal guidance from financial supervisors on banks’ use of cloud-based IT services, while their use is underestimated, an EU agency says
ECB changes euro FX reference rates' publication time
ECB will change the time of its publication of the euro’s foreign exchange reference rates to help ‘safeguard integrity’; further changes may be made if transactions linked to the rates do not fall
RMB now second most used payments currency between China and Japan
The Chinese currency more than doubles share of payments between China/Hong Kong and Japan in two years, eclipsing US and Hong Kong dollars while yen retains number one spot
Bank of Israel unveils real-time payments plan
New payments infrastructure will support push for advanced electronic payments; committee chair identifies plans for wide range of payments improvements, including real time
Bank of Russia presents strategic plan for financial sector
Bank of Russia aims to create financial ombudsman, update regulatory regime and develop bond market as part of first strategic development plan
ECB survey finds ‘access to finance’ least of eurozone SME problems
The European Central Bank’s survey of eurozone enterprises finds deleveraging is continuing at a slow pace while few firms rate lack of access to finance as their major problem
Payments industry body to implement instant payments in euros ‘by 2017’
The European Retail Payments Board encourages industry body to have a system of instant payments operational by November 2017
New Dutch deposit guarantee scheme should ‘disincentivise risk-taking’ by banks
The Netherlands Bank has introduced a new deposit guarantee scheme; scope is wider than old scheme and risk-based, ex ante funding structure aims to dis-incentivise risk-taking by banks
Bundesbank calls for harmonisation in CMU response
The Deutsche Bundesbank responds to the European Commission’s capital markets union proposals, calling for greater harmonisation and transparency but warning of burden
China permits central banks to trade forex derivatives based on Isda agreements
China allows derivatives trading based on international standard agreement for the first time; applies only to sovereign investors and foreign exchange derivatives
EBA: European bank capital improving but concerns remain over profits and assets
European banks are improving their capital and leverage ratios but are suffering from low levels of profitability and problems with non-performing loans, transparency exercise finds
Hungarian central bank buys controlling stake in Budapest stock exchange
Hungary’s central bank buys 68.8% share in country’s stock exchange, saying the move was necessary to ensure adequate flows of capital to domestic businesses
Distributed ledgers could impact FMIs, report finds
Committee on Payments and Market Infrastructures report on digital currencies sees potential for technology to have a ‘much broader application beyond payments’
HKMA promotes 'entirely paperless' e-cheques in PR push
Central bank to raise awareness through multimedia infomercials ahead of December 7 launch; e-cheques will lead Hong Kong into new era of electronic payments, says HKMA deputy
Terror attacks may have made European capital revival harder, Visco says
Terror attacks may hinder revival of European Union’s rate of capital accumulation, Ignazio Visco tells audience in Paris; capital market reforms present tough long-term challenges
ECB’s Mersch explores construction of instant payments services
Yves Mersch says Eurosystem envisages services being constructed on scheme, clearing, and settlement layers, and considers challenges involved in each
Cleveland Fed’s Mester lays out ‘considerable progress’ on payment systems initiative
Loretta Mester tells New York conference of progress in appointing leaders and accumulating members for faster payments and secure payments task forces
CLS starts settling Hungarian forint payments
After two years of preparation and testing, the forint joins the CLS universe