News
BoJ and ECB collaborate on distributed ledger tech
The project will examine the possibility of running central bank infrastructure platforms in a DL environment; research will focus on payments and securities settlement
Greek negotiations turn acrimonious amid debt relief freeze
ESM freezes debt relief measures for Greece, accusing government of breaking spending promises; European Commission’s Moscovici hits back at IMF criticism
People: Fed appoints head of financial stability; Russian deputy to gain new adviser
Lehnert gains financial stability role after proving influential in the department’s creation; former head of financial stability appointed to advisory role at Bank of Russia
FOMC signals hawkish outlook as it hikes
Dot plot shifts upward and projection implies members expect further hikes in 2017; Janet Yellen says fiscal stimulus “not obviously needed”
BoE’s Woods: firms favour ‘transitional’ Brexit period
Prudential Regulation Authority chief quizzed on best course of action for financial firms during Brexit process; “preferential” market access is not necessary, but seems sensible, he says
Task force launches climate disclosure recommendations
Mark Carney says better information will allow investors to “back their convictions with their capital”; Mary Schapiro says businesses will take the lead, even if politicians will not
Sama unveils new banknote designs with updated features
Six denominations to feature new security thread and improved features for the visually impaired; new coin design also launched by Saudi central bank
US agencies reject Wells Fargo resolution plan
Bank faces further curbs on its activities if it cannot present the Fed and FDIC with a sufficiently improved plan by early 2017
Central banks working to overhaul data-sharing
IFC report finds many central banks are seeking ways to better share micro data, both internally and externally
FCA urges progress on equivalency for derivatives trading
US and EU regulators should base recognition decisions on outcomes, not technical details
Venezuela removes largest banknote amid contraband concerns
Government authorises removal of 100 bolivar bill to combat “mafias”; nation also closes border with Colombia amid “economic war”
IMF officials say they want less austerity for Greece, not more
Fund and European creditors still disagree on design of Greek programme, as IMF says fiscal targets must be realistic
Uribe leaves Central Bank of Colombia after 12 years of governorship
Juan José Echavarría, appointed as Uribe’s successor, will return to the central bank where he served as a member of the bank's board for a period of 10 years
ECB backs EC plan to consolidate macro-prudential policy
Central bank says it should be handed new and clearer powers, while toolkit should go “beyond banking”
IMF supports Chile move to form financial markets commission
Body will help with better co-ordination and information sharing between the financial sector and central bank; fund says central bank should be ready to cut rates if disinflation appears
Eight banks struggle in Czech stress tests
Adverse scenario pushes many banks below regulatory capital minimums, though the system as a whole remains resilient, central bank says
Central banks ‘critical’ in the development of blockchain
Large South African commercial bank examines what a central bank digital currency would look like, coining the phrase “sovereign blockchain”
BIS: markets less beholden to central bank action
Political shocks appear to have jolted markets into a more healthy state, but it is not yet clear if this is the start of normalisation or a temporary phase
French governor sees outlines of possible Basel III deal
Internal models will still regulate some portfolios, governor predicts; output floors still a matter for “debate”
Bank of Japan to launch new website in time for 2017
New responsive design will include information from the old site displayed in new format; central bank has set second launch date in case of “delays”
Mixed views on Dodd-Frank rollback
No need to dump central clearing and electronic trading mandates, market participants say
UK inflation expectations leap in fourth quarter
Brexit shock appears to have driven increase in inflation expectations; satisfaction with Bank of England remains high, but looks likely to fall as inflation rises
IMF urges Sri Lanka to ‘modify’ international reserves target
Deputy managing director says international reserves remain below “comfortable levels”; central bank intends to continue building up reserves while allowing for “greater” exchange rate flexibility
Irish central bank has shortfall in staff
Board approves further staff increase for 2017, though it may prove challenging to fill all the vacancies