News
ECB minutes show concern over strength of future inflation
Wages growing at historically low rates, ECB council members say
Auditors’ report notes staffing and governance issues at ECB arm
National supervisors provide insufficient staff for inspection teams, report says
FSB’s agenda remains full going into 2017
Progress over past year includes loss absorbency, climate disclosure and shadow banking, though plenty of tasks remain for next year
Ringgit NDF market collapses after central bank curbs
“Implicit threat” to banks active onshore if they continue trading non-deliverable forwards
Bank of Mexico hikes following Trump election shock
Peso hit hard by Donald Trump's election victory, with possible US fiscal expansion and Fed rate hike likely to draw more capital from emerging markets, central bank says
Yellen defends Dodd-Frank and Fed independence to US Congress
Act has made a “very significant contribution” to US financial stability, Fed chair says
European supervisors publish new anti-money laundering guidelines
Some firms concerned over national supervisors’ ability to regulate money laundering risks
CCP default risks not correlated, CFTC finds
Timothy Massad: stress tests reveal “quite a bit of diversification” in CCP exposures
Central banks should sacrifice some independence – Harvard economists
A group including the UK’s Ed Balls says central banks are losing legitimacy; handing over some “political independence” could reverse the trend without damaging policy outcomes
Market forces drive deleveraging as well as regulation – Caruana
BIS chief says markets are forcing discipline on banks, although he concedes regulation is playing a role as well; discussion participants point to tensions in regulatory framework
Fischer: liquidity is mostly adequate but there are problem areas
Fed vice-chair recommends vigilance amid changing market structure, though he says problems are not widespread; SEC chief says she is “deeply concerned” on bond market liquidity
Bank of Italy publishes unconventional monetary policy papers
Papers and presentations cover models and data on unconventional programmes
Riksbank considering e-krona issuance – Skingsley
Cash use is declining, but people still need access to central bank money, raising the need for a central bank digital currency; design challenges remain, says deputy governor
MAS launches blockchain experiment
Central bank to build a proof-of-concept model to conduct interbank payments; second phase could include foreign currency transactions
ECB sets out protection scheme monitoring guidelines
Central bank aims to harmonise national practices across eurozone
Head of Securities and Exchange Commission to step down in January
Mary Jo White says the agency has brought about “fundamental reforms”; the future direction of US financial regulation is unclear following divergent statements from Trump
MAS awards prizes for fintech innovation
Three fintech companies receive S$50,000 for ideas presented at inaugural fintech festival
BIS’s Shin links dollar strength to global malaise
Head of research outlines how dollar strength affects leverage globally, causing deviations from covered interest parity and potentially impacting growth and trade
Carney faces grilling from parliament in wake of tenure decision
Regardless of Brexit timetable, BoE governor will leave on June 30, 2019; he warns firms could trigger plans to leave London in late 2017 if Brexit deal proves unsatisfactory
EU places sanctions on new Syrian central bank governor
Duraid Durgham placed under asset freeze and travel ban due to “support for Syrian regime”; Syrian currency under severe pressure from war and sanctions
Negative oil shocks outweigh positive ones, says Irish paper
Researcher uses TVAR model to examine eurozone data; concludes size of oil price and economic shock also affects impact on inflation
Kenya’s Imperial Bank saga continues with fresh court ruling
Sniping ensues as high court rules on Imperial Bank; central bank says it has acted within the law, while shareholders challenge its interpretation of the ruling
RBI forms task force as cash crisis continues
Authorities find ATMs must be recalibrated to accept new notes, hampering efforts to respond to cash shortages
Reserve Bank of Malawi issues new highest denomination banknote
Central bank issues new denomination as inflation and depreciation continue; 2,000 kwacha note will enter circulation next month