News
Fed wants right to choose which nonbanks pose systemic threat
Federal Reserve rule proposes that it will have discretion to determine whether nonbank financial firms come under Financial Stability Oversight Council’s watch on case-by-case basis
Central banks accused of collateral hypocrisy
Despite the funding risk it creates, central banks still refuse to sign two-way collateral agreements
Spain should consider regulatory overhaul: FSB peer review
Financial Stability Board peer review calls for Spanish authorities to consider new regulatory structure once market turmoil has subsided; separate review of Italy also published
PBoC hikes rates again
People’s Bank of China raises rates for second time in less than two months amid rising food prices; analysts predict further rate hikes this year
Czech President names new rate-setter
Czech economist Lubomír Lízal to replace Robert Holman on Czech National Bank rate-setting committee; bank board member Pavel Řežábek reappointed for second term
Buba’s Weber says EU agreement on fiscal sanctions lacks ambition
Bundesbank president Axel Weber says reforms of Stability and Growth Pact lack ambition and leave too much room for political discretion
Tackling fiscal deficit a priority: Shirakawa
Bank of Japan governor Masaaki Shirakawa says Tokyo must not allow fiscal deficit imbalance to persist just because it has not yet been punished in bond markets
Crisis will not push SWFs to mull long-term shift: WikiLeak
Leaked diplomatic cable shows sovereign wealth funds rushed to liquid assets in immediate aftermath of crisis, but experts did not expect long-term portfolio shift
Dealers face funding time-bomb from one-way CSAs
Five banks disclose $30 billion obligation from one-way collateral agreements - and dealers warn costs could soar as interest rates rise
Risk management booms in sub-Saharan Africa
Kenyan Central Bank reports 95% of banks have independent risk management functions
SEC names new general counsel
Securities and Exchange Commission appoints deputy general counsel for litigation and adjudication Mark Cahn to head regulator’s law department
No new deal on bailout: Trichet to Dublin
European Central Bank president Jean-Claude Trichet says Irish politicians should not attempt to renegotiate terms of the EU-IMF bailout; opposition leaders critical of ECB’s role
NY Fed adds two primary dealers
MF Global and Société Générale Americas Securities join New York Fed’s cadre of primary dealers
Sri Lanka launches new banknote series
Central Bank of Sri Lanka series in 20 years; new edition contains several new advanced security features and first SLRs5000 denomination
FDIC names new general counsel
Federal Deposit Insurance Corporation selects special adviser Michael Krimminger to head legal division
Future of Supervisors' letter process unclear in wake of Dodd-Frank
Swap clearing legislation threatens to render OTC market commitments redundant
Commercial real-estate levelling off: Fed director
Federal Reserve’s director of banking supervision and regulation Patrick Parkinson strikes cautiously optimistic note on health of commercial real estate sector
Cut Bank’s vote on macroprudential body, say lawmakers
Influential parliamentary committee calls for Bank of England executive directors’ votes to be transferred to external members, citing amount of power vested in central bank
Enria, Maijoor, Bernardino confirmed as ESA chairs
Andrea Enria, Steven Maijoor and Gabriel Bernardino get parliamentary seal of approval to head up European supervisory authorities
ECB provides liquidity bridge, not bailout: Papadia
European Central Bank’s director-general for market operations Francesco Papadia stresses central bank’s liquidity assistance only short-term, says new European rescue vehicles will ease market concerns
IMF: Historical debt stats will help plot growth strategy
IMF says its historical public debt database will help policymakers see the relationship between debt and growth; data goes as far back as 1791
China plans onshore renminbi cross-currency swap
Chinese corporates will now have access to onshore and offshore hedging markets
Danish regulators push for more flexible Basel III liquidity rules
Shortage of high-quality liquid assets prompts Danish regulators to push for changes to the liquidity coverage ratio within the EU capital requirements directive
BIS reviews macroprudential literature
Literature review published by the Bank for International Settlements finds gaps in assessing the effectiveness of macroprudential tools, studying interaction with monetary policy