News
Eurozone reform projects are not delivering, French governor says
“Investment crunch” is biggest problem, not savings glut, Villeroy de Galhau says
Norway unveils final banknote designs
Banknote designs eschew traditional inclusion of portraits, opting instead for geometric patterns and coastal images
Draft Irish law could compromise central bank independence, ECB says
Proposals would oblige central bank to promote competition in housing market
Bundesbank board member takes hard line on Basel negotiations
German central bank “not prepared to reach an agreement at any price”; calls for no universal output floors and abandonment of advanced approach for op risk
FSB updates systemic institutions list
Citigroup and HSBC swap places at the top of the rankings; ECB's “significant” banks list now at 127
BoE to adjust deposit protection limit again
Limits have seesawed in recent years, first due to the global financial crisis and more recently because of EU law
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