FMI
Colombian paper considers reaction functions in payments
Working paper examines how different entities within a large-value payment system react to failures within that system, finding that a range of factors are in play
Gradual rollout for China's payment system
The country’s cross-border interbank payment system will further contribute to the internationalisation of the renminbi
Bank of Latvia establishes first overnight clearing cycle
New cycle will accelerate processing of retail payments submitted late in the day and comes with an upgrade to business continuity that should see fewer payments rejected
MAS and Esma ink cross-border CCP clearing deal
MoU paves way for Singapore CCPs providing clearing services to European banks to obtain EU recognition while remaining subject only to MAS regulatory regime
RBA mulls creation of repo CCP
Australia currently lacks a CCP for clearing repos, which could be exacerbating systemic risk and impairing market functioning, but previous efforts met with little enthusiasm
Court rules against ECB in CCP case
European court finds ECB does not have authority to regulate securities clearing systems in the EU, upholding a UK plea against rules forcing CCPs to be located in the eurozone
ECB revisits virtual currencies in new report
Research concludes virtual currencies do not pose ‘material risk’ to central bank operations in eurozone, but could if they become more widely used or entwined with the real economy
Angolan central bank rejects public designs for new coins
Applicants failed to meet the requirements of the competition launched for the design of two new coins. The National Bank of Angola will now develop the motifs of the 50 and 100 kwanzas
RBI director calls for ‘strong law’ against cyber crime
A strong law help increase the confidence of the average person on the street in using technology in financial transactions, argues RBI executive director
First CPMI-Iosco peer review finds gaps in trade repository principles
Peer review of Principles for Financial Market Infrastructures in Europe, Japan and the US finds jurisdictions have made good progress with CCPs, but gaps remain among trade repositories
More reforms needed to tackle CCP risks, warns IMF paper
Significant risks remain despite efforts to improve the resilience of central counterparties, IMF working paper warns; direct access to central bank facilities would help
Swift in talks with Fed and ECB on real-time payments
Swift’s Juliette Kennel and Carlo Palmers talk to Central Banking about the company's leap into real-time payments in Australia, and discuss launching similar systems in other countries
Riksbank unveils new series of notes and coins
Majority of Sweden’s banknotes and coins to be updated by the end of 2016; new 20 krona note to be introduced and two krona coin to re-enter circulation
Australia opts for ‘tactile’ notes to assist the visually impaired
Australia follows Canada in offering tactile features on polymer banknotes despite apparent rejection of the idea by the Bank of England
Justin Lin on China, economic growth and the international monetary system
Former World Bank chief economist on why a multiple currency system could increase monetary instability, China should be wary of full capital reform and infrastructure investment will boost growth
Pakistan targets automated cash management in five years
State Bank of Pakistan aims to automate cash management and urges commercial banks to follow suit; deputy governor says it will help ensure only clean and genuine notes circulate
Rosengren says cyber criminality could turn people to ‘less efficient' payment options
Boston Fed president says central banks ‘essential' to discussion on cyber security at Basel Committee conference in Cape Town
Central Bank of Nigeria sets up steering committee on financial inclusion
Committee comprising central bank governor and finance minister is tasked with coordinating national strategy; will meet three times per year and approve annual reports
Fed’s Powell: Virtual currencies ‘not ready’ for role in payments reform
Governor Jerome Powell says virtual currencies could play a ‘bigger role’ in the future, but are not yet ‘mature enough’ to contribute to the Fed’s faster payments initiative
IMF report says ‘time has never been more right' to reform securitisation markets
Staff report emphasises need to make securitisation practices more robust while spurring demand; calls for standardised classifications of underlying risk characteristics
Asean central banks to improve settlement transparency
Members of the Asean Central Banks’ Working Committee on Payment and Settlement Systems adopt principles to improve transparency for cross-border trade settlements
Fed challenges payments industry to get quicker and safer
New document sets out strategies for improving US payment system; Federal Reserve will only consider expanding role as service provider if private sector falls short
Swiss gain greater access to renminbi markets in new deal
SNB and PBoC ink deal on RQFII quota for Switzerland and establish renminbi clearing in the country; latest in a string of agreements aimed at renminbi internationalisation
Offshore renminbi clearing banks could face competition from 'superhighway'
As host countries play up significance of new clearing banks, questions emerge over whether they will become obsolete once Chinese ‘payments superhighway' comes into being