Boards are the main authority for benchmark approvals
Risk management teams tend to lead effort to propose new benchmarks
The board of directors remains the key decision-making body when it comes to central banks adopting new benchmarks for their foreign exchange reserves operations.
Boards have the final say in 57.8% of institutions, with investment committees having the authority to determine such decisions in 26.3% of central banks. The remaining institutions use alternative institutional arrangements that can include approval by a foreign exchange reserves management committee, another senior-level strategic
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Over 15% of reserve managers plan diversification changes
Close to 14% of participants will increase diversification, while 17.2% are discussing changes
Fewer central banks added new reserve assets in 2023
Overall, 10.3% of institutions diversified their asset allocation, down from 18.6% last year
Wallstreet and others rank highest for reserves technology services
Ion’s Wallstreet treasury system tops the 2023 rankings
Reserve managers rank JP Morgan top for custody and banking
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