News
Politics won't get in the way of Sifi plans: FSB's Draghi
Financial Stability Board chairman Mario Draghi says resolution regimes for systemically important banks operating across borders need not be bogged down in political tensions
IMF to pitch in on imbalances, but no clear agreement
G20 leaders call for Fund assistance in drafting “indicative guidelines” to frame global imbalances debate but stop short of definitive statement on currency dispute
G20 calls for bigger, better FSB to carry reform agenda
G20 leaders at Seoul summit identify areas in which further progress in needed, calling on Financial Stability Board to take the lead and drive reform; ask FSB to report on what extra resources it needs
FSB plans on Sifis win G20 approval
G20 leaders welcome reform packages to date, including fresh FSB proposal to tackle moral hazard posed by systemically important banks
Fed’s Tarullo defends US record on Basel II
Federal Reserve governor Daniel Tarullo dismisses criticism over US implementation of minimum capital requirements under Basel II; says Basel III will only be effective if applied rigorously by all countries
Leaders applaud IMF reforms, boosted safety net
Fund's boosted flexible credit line, new precautionary credit line praised by G20 leaders of the IMF
SNB records $8.7 billion loss on Swiss franc gains
Swiss National Bank reports loss of Sfr8.46 billion for first three quarters of the year after Swiss franc appreciated against major currencies
Banks could circumvent Volcker rule by gaining hedge fund exposure synthetically
Volcker rule may contain loophole that allows banks to invest in hedge funds
Bankers hit out at Basel III trade finance rules
Bank chief executives say tough rules on trade finance will suffocate global trade, putting growth at risk
Too soon to judge QE2: Korea's Kim
Bank of Korea governor Kim Choong-soo says Federal Reserve's second round of monetary easing cannot be prejudged; outlines challenges for domestic economy
IMF’s Viñals envisages financial system of the future
IMF director of monetary and capital markets José Viñals lays out vision of future financial system; says financial stability will need to be integrated in monetary policy decisions although price stability should remain central banks’ primary mandate
New York Fed announces QE2 purchase plan
New York Federal Reserve sets schedule for $105 billion-worth of purchases of Treasuries over the next month
Basel III will choke SMEs, say leading bankers
Sands, Ackermann emphasise need for policy that supports small and medium enterprises; reiterate calls for a level playing field under Basel III
QE2 criticisms “baffling”: King
Attacks on the Federal Open Market Committee’s latest round of asset purchases meet with scorn from Bank of England governor
Focus on trade rather than stimulus: business leaders to G20
International Chamber of Commerce honorary chair Victor Fung calls on G20 to focus on boosting international trade rather than monetary stimulus to raise growth; currency tensions expected to feature heavily at Seoul Summit
China lifts reserve ratio on fears over inflows
People’s Bank of China raises reserve requirements ratio by 50 basis points in bid to tackle inflationary pressure from capital inflows
King: rebalancing pivotal to Britain’s economic health
Bank of England governor says biggest risk to British growth is external demand; relatively unconcerned by housing market
No single structure for clearing industry: CPSS
Bank for International Settlements report on clearing industry says differences in market structures reflect diverse sets of risks to operations
Palestine launches new RTGS system
Palestine Monetary Authority Real-Time Gross Settlement system allows for developments in online and mobile banking
Quant Congress Europe: Basel III CVA charge political, says Swiss regulator
Finma official hits back at industry criticisms of counterparty risk charge, but concedes political pressure to hurt OTC market is undeniable
SF Fed plays down role of structural unemployment
San Francisco Federal Reserve note supports view that monetary policy can address high US unemployment
Boston Fed names new first vice president
Boston Federal Reserve appoints Federal Reserve Information Technology vice president Kenneth Montgomery as first vice president
UK FSA director of financial stability quits
Financial Services Authority's David Strachan will leave role in first quarter of next year; departure adds to growing list of senior figures leaving regulator
RBI reopens second liquidity line to prevent credit squeeze
Reserve Bank of India introduces second liquidity adjustment facility after growth in government savings absorbs liquidity in money markets