Feature
Does Switzerland need an SWF?
A wealth fund could adopt longer-term strategies, invest in less liquid assets and increase exposures to riskier assets
The international effort to manage NBFI risks: where do we stand?
Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-pru issues
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
Central bank of the year: Bank of Korea
South Korea’s central bank was the first developed-world central bank to tighten policy to address inflationary risks
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
Transparency: Czech National Bank
New monetary policy report, and publication of attributed minutes and economic model raise the bar
Reserve manager: Central Bank of the UAE
The Middle Eastern institution approved a new investment policy, allowing it to diversify into new asset classes
Economics in central banking: Wenxin Du
Du’s work clarifies the dollar’s role as a barometer of global markets, and explores the myriad implications for financial stability
Initiative: BoT and MAS’s PromptPay-PayNow link
Connecting the two nations’ instant payment systems is empowering citizens
Technology services: SAP
The software company pulled off a high-stakes ‘big-bang’ launch of a new core banking system for the Saudi Central Bank
Risk management technology: BlackRock’s Aladdin Risk
ESG feeds, customised benchmarking and robust scenario analysis assist reserve management
Specialised lending initiative: BNP Paribas Securities Services
Tech platform improvements have resulted in faster, safer and more tailored securities lending services
Payments and market infrastructure development – retail: Central Bank of Brazil’s Pix
Implementation of Pix real-time payment system in Brazil was runaway success
Payments and market infrastructure development – wholesale: Reserve Bank of India
RBI’s work on its 24/7/365 RTGS can serve as model and possibly bedrock for an international 24/7/365 RTGS
Financial stability initiative: ECB’s SSMnet
Online tool fosters cohesion, agility and effectiveness for supervisors working across member institutions of the European Single Supervisory Mechanism
Currency initiative: Central Bank of the Philippines’ Cash Service Alliance
Homegrown IT system allows Philippine central bank to direct cashflows between banks during Covid-19
Currency manager: Central Bank of Costa Rica
New banknotes and coins combine environmental protection, aesthetics and security
Payment services: CMA
Swedish payments firm is now key player in new payment system linking the Arab world and beyond
Currency services: De La Rue
Printing doyen expanded capacity, functionality and market share amid corporate turnaround
Technology services – regulatory: Regnology
Regtech/suptech provider continues to innovate, securing major new contracts with central banks and regulators
Financial market infrastructure services: SIA
Italian company impressed with multi-year work on ‘big-bang’ implementation of Canada’s new RTGS
Communications initiative: Bank of Jamaica
‘Centrally Speaking’ underpins not just education, but monetary policy
Outstanding contribution for capacity building: Peter Nicholl
Governor of Bosnia’s central bank helped rebuild an economy ravaged by civil war
Website: Central Bank of Eswatini
The southern African central bank has made significant improvements to its website service