News
Singapore launches new regulation for credit rating agencies
Monetary Authority of Singapore issues final regulation on credit rating agencies in Singapore; measures will require individual representatives of agencies to hold special licences
Sebi considers speed limit on high-frequency trading
The head of the Securities and Exchange Board of India calls for a speed limit for high-frequency trading to protect the interests of retail investors
BoE rejects proposals to revamp court
Bank of England dismisses Treasury Select Committee’s recommendations to replace its court with a new supervisory board; proposes establishment of new Oversight Committee for financial stability
Japan to support EFSF bonds as S&P strips AAA rating
The Japanese government will continue to support bonds issued by the EFSF despite Standard & Poor’s stripping them of their AAA rating; Junker says no indication other rating agencies will follow
European banks still exposed to US dollar funding risks, ESRB warns
European Systemic Risk Board issues recommendations to prevent build up in US dollar funding and liquidity risk; calls for single entity to be responsible for national macro-prudential policy
Eulex drops corruption charges against former Kosovo governor
Central Bank of the Republic of Kosovo former governor Hashim Rexhepi freed after European Union prosecutors end case
Solvency II may face delay as European Parliament scrutinises ‘Omnibus’ directive
A further delay to a key vote in the European Parliament on the Omnibus II directive has increased concerns that Solvency II's implementation in 2014 could be delayed
IMF paper proposes new toolkit to monitor fiscal vulnerabilities
Fund study builds new toolkit to assess fiscal risks in advanced economies; framework contributes to IMF-Financial Stability Board Early Warning Exercise
Libya begins phasing out old banknotes
Banknotes depicting the late colonel Muammar Gaddafi being removed from circulation; new currency series on the way
RBI issues final guidelines on bank compensation
Reserve Bank of India releases final guidelines on compensation practices for private banks operating in India; measures will come into effect later this year
Euro counterfeit banknote figure creeps up
Number of known fake euro banknotes hit 310,000 during in the second half of 2011, up 5% on the first half of the year
Pakistan forges ahead with mobile banking promotion
State Bank of Pakistan signs agreement with national telecommunication authority to further the development of mobile banking in the country
EFSF rating in spotlight as speculation on eurozone downgrades emerges
Rumours that France and other eurozone sovereigns will lose AAA ratings spooks markets; move will place a question mark over European Financial Stability Facility's rating, say analysts
Chile lowers rates for first time since 2009
Central Bank of Chile announces 25-basis-point cut to benchmark rate; stresses commitment to maintaining 3% inflation target
IMF paper: High international reserves are not panacea for low-income countries
International Monetary Fund study measures economic impact of external shocks on low-income countries with different levels of international reserves; says reserves provide cushion not remedy
New chair for Basel Joint Forum
Basel-based Joint Forum on issues common to the banking, securities and insurance sectors selects new head
Gold and currency earnings secure profit for SNB
The Swiss National Bank expects to see annual profit of SFr13 billion ($13.6 billion); able to make the regular distribution to Cantons
Fed appoints new special adviser
US Federal Reserve board chooses Johns Hopkins University professor Jon Faust as a special adviser
Investigation into governing board could delay Swiss governor selection
Thomas Jordan firm favourite to succeed as governor; decision not expected soon as investigation into senior staff's finances continues
Japan nervous of implications of Volcker rule
Bank of Japan releases letter sent to US officials outlining impact of changes to speculative trading controls; fears Japanese government bond market will be hit
Fed expects $76.9 billion transfer to US Treasury
Federal Reserve estimates it will provide $76.9 billion of funds to the US Treasury after high returns from interest on income
ECB and BoE join other countries in rates hold
European Central Bank and Bank of England join the National Bank of Poland and Bank Indonesia in leaving interest rates on hold; ECB president welcomes U-turn on Greece private sector involvement
Basel 2.5: US ratings workaround too punitive, banks complain
Securitisations suffer in draft rules that avoid use of credit ratings - a Dodd-Frank Act requirement
Bank of Lithuania sells majority share in CSD
Finnish company buys 60% share in CSD; central bank hopes new investor will progress the depository’s offerings and promote the Lithuanian capital market