G20
FSB warns members not to misinterpret G-20 commitments
The FSB warns that some regulations appear to be contrary to the spirit of the OTC derivatives reforms agreed by G-20 members – a statement some believe was prompted by a disagreement over the scope of European derivatives regulation
Financial Stability Board finalises Sifi measures
FSB settles on plan to tackle the 'too big to fail' problems posed by systemically important financial institutions; measures will be sent to G-20 summit in November
MAS’s Menon dismisses Asian regulatory arbitrage opportunity
Monetary Authority of Singapore managing director Ravi Menon says suggestions that central banks in Asia and Singapore will implement less stringent over-the-counter derivatives rules are untrue
G-20 commits to ‘strong and co-ordinated’ response to challenges
G-20 answers calls for united action; countries commit to implementing credible fiscal consolidation plans, and ensuring strong, sustainable and balanced growth
Canada’s Macklem encourages G-20 action to avoid another ‘calamity’
Bank of Canada senior deputy governor, Tiff Macklem, urges G-20 to pick up the pace of reform
Basel targets 28 banks with GSIB surcharge
Basel Committee says 28 banks will be required to hold additional loss-absorbency capital under proposed methodology for identifying global systemically important banks
Progress made on information gap project
IMF and FSB report 'considerable' progress on implementation of information gap recommendations
Draghi calls for EU law to govern bail-in powers
Financial Stability Board chairman Mario Draghi says measures to enable bondholders to receive haircuts before the collapse of a financial institution should be placed in European Union legislation
G-20 agrees guidelines to identify imbalances
G-20 representatives move forward with plans to establish guidelines to measure economic imbalances
FSB reviews OTC reform
Financial Stability Board progress report says implementation of OTC derivative reform varies across countries
Bank’s King calls for grand bargain to tackle global imbalances
Bank of England governor Mervyn King says G-20 countries must reach agreement on path to rebalance global economy; says G-20 could metamorphose into IMF governing body
IMF’s Lipsky on rebalancing SDR currency basket
IMF first deputy managing director John Lipsky says discussions on inclusion of renminbi in special drawing rights part of G-20 agenda
NY Fed’s Krieger: liquidity backstop for shadow banks vital
New York Federal Reserve executive vice-president Sandra Krieger stresses importance of backstop measures to reduce systemic risk arising from shadow banking activities
Korea’s Kim outlines obstacles to financial surveillance
Bank of Korea governor Kim Choong-soo articulates difficulties in financial sector surveillance, global policy coordination
Geithner slams UK for light-touch regulation
US Treasury secretary Timothy Geithner says UK’s light-touch approach to regulation was a deeply costly strategy; says creating level playing field for banks will be crucial
G20 leaders pinpoint indicators for global imbalance guidelines
G20 central bankers, finance minister set out indicators to be used in assessing imbalances
FSB outlines progress on national resolution regimes
Financial Stability Board says work on building framework for national resolution regimes well under way; loss absorbency measures for global sifis on schedule
Merkel names Weber’s successor
German chancellor Angela Merkel nominates economic adviser Jens Weidmann to replace Axel Weber as president of Bundesbank; picks BaFin director Sabine Lautenschläger-Peiter as new vice-president
Future of Supervisors' letter process unclear in wake of Dodd-Frank
Swap clearing legislation threatens to render OTC market commitments redundant
Korea’s Kim promotes debate on enhancing macroprudential tools
Bank of Korea governor Kim Choongsoo encourages debate within international circles on more advanced forms of macroprudential instruments to ease emerging market risks
South Korea promotes use of SWF to acquire foreign businesses: reports
Korea’s Presidential Council on National Competitiveness head Kang Man-soo says Korea Investment Corporation can help expand mergers and acquisitions abroad
Imbalances could treble in next two decades: Bank's Haldane
Bank of England executive director Andy Haldane charts course of global imbalances, pointing to trends likely to widen them
ECB's Constâncio heralds dawn of Seoul consensus
European Central Bank’s Vítor Constâncio says state intervention during banking crisis marked end of Washington consensus; vice president heralds dawn of Seoul consensus
Video: Japan FSA's Chikahisa Sumi talks about regulation's post-Basel III focus
The G-20 does not plan to sit still after its historic endorsement of Basel III. New targets include too-big-to-fail institutions, the shadow-banking system and commodity derivatives, according to Sumi.