FMI
Sovereign debt holdings ‘significant’ driver of insurer risk, Bundesbank paper says
Insurance companies at risk from holdings of sovereign debt, and current regulation does not adequately deal with problem, paper argues
MAS's Menon hails local alternative to cash
MAS director says Singapore's electronic transfer system potentially 'safer and cheaper' than notes and coins; wants people to be able to make payments using social networks
Eurosystem to consider Target2 and T2S merger
Yves Mersch says officials will look into the potential for consolidating some components of the payments and securities settlement services; potential for one unified platform
Bank of Japan launches updated payments platform
New BoJ-NET system goes live tomorrow, days after launch of China's CIPS platform and RMB surpasses yen as global payments currency
Rajan weighs inclusion challenges as IMF identifies financial stability risks
Reserve Bank of India governor discusses the driving factors behind inclusion and challenges posed to supervisors in IMF panel, following staff note on macroeconomic impacts
China launches cross-border payments platform
Heavily anticipated China International Payment System goes live, with StanChart and ICBC Singapore announcing successful transactions on new platform
CPMI launches plan to halt correspondent banking decline
Consultation begins on measures designed to resist the decline of correspondent banking, which is threatening to fragment international payments and damage financial inclusion
Chicago Fed official slams CFTC, SEC over HFT regulation
'You cannot have 80% of the market being just HFT,' says Rajeev Ranjan, a member of the reserve bank's economic research department
South Africa aims to launch electronic trading platform this year
A deputy governor of the South African Reserve Bank announces electronic trading platform could be launched in the coming months
Irish central bank may spread higher levy on finance industry over time
The Central Bank of Ireland may spread the proposed increase in its annual levy on the financial industry over several years, but it still backs the call for non-banks to meet 100% of costs
Fed board approves changes to same-day ACH service
Institutions that receive payments through the ACH network will have to participate in same-day service, but will be compensated by a new interbank fee levied on originators
China opens onshore bond market to foreign banks
Hong Kong units of HSBC and Bank of China are first overseas lenders to receive approval, following move PBoC says will increase cross-border use of the yuan
First Target2 data release sheds light on imbalances
Data on cross-border eurozone financial flows gives clarity as to the sharply different directions funds have been travelling, with Germany still comfortably the most popular destination
China eases restrictions on overseas borrowing
Move allows companies to raise funds in both local and foreign currency without state permission and could help offset record capital outflows, but analysts say short-term impact is likely to be limited
Access to interbank FX market could spur central bank demand for China bonds
PBoC says foreign central banks will be allowed to trade derivatives in interbank FX market; move to underpin greater interest in China's interbank bond market, says analyst
PBoC makes reserve requirement ratio more flexible
China's central bank will change method for calculating banks' reserve requirement ratios tomorrow in a move one analyst says could free up $200 billion
UK mobile payments growth continues as Vocalink eyes overseas projects
Report identifies factors that may be holding back growth in mobile payments in the UK; Vocalink ‘hoping to be involved’ in US work on faster payments
CME guaranty fund cut could lure new clearing members
Regional banks and prop shops are eyeing direct membership, but the lower minimum guaranty fund contribution does little for existing FCMs
MAS takes step to facilitate capital sourcing across Asean jurisdictions
Singapore central bank issues implementation handbook with Thai and Malaysian regulators for firms looking to raise capital in other Asean countries
UK payments regulator approves of code of conduct
Big UK banks have published a voluntary code of conduct for those providing indirect access to payment systems, in a bid to improve standards
UK payments have room for improvement, report finds
Report identifies priorities for better payments among consumers, businesses and government, finding desire for faster, more flexible payments with less room for error
RBI looks to ‘disruptive innovation’ to boost inclusion
Granting licences to 11 payment banks is the next step in a ‘payments revolution’ in India that should increase financial inclusion, deputy governor says, although not all technologies are benign
Fed data gives model of banks’ settlement service choices, paper argues
Data from the Fed’s Fedwire payment service shows that banks select payment services based on average rather than marginal cost, study finds
RBI licenses prospective mobile phone bankers
India’s central bank grants provisional licences to 11 companies to run mobile phone-based banking for poorer Indians