Randal Quarles
Money markets in focus for FSB non-bank work
FSB set to publish policy proposals for tackling risks in July
Central bank of the year: The Federal Reserve System
Overwhelming Fed interventions in March 2020 forestalled a damaging global financial crisis, as policy overhaul prompts introspection in Europe and Japan
US Fed facility bought Libor bonds with ‘weak’ fallbacks
Industry figures express surprise over purchases linked to doomed benchmark
Fed keeps some limits on bank dividends
All banks keep above minimum capital ratios under second round of stress-testing
Quarles: Fed’s supervision should evolve
Fed vice-chair says supervision has not been adequately scrutinised in the past
Dollar Libor reprieve sparks fallback uncertainty
Popular settings to end in June 2023; market seeks clarity over timing of fallback spread triggers
FSB to tackle systemic risk in non-bank sector
Regulation likely but policy-makers want to avoid damaging an important funding source
Quarles: policy-makers have ‘work to do’ on non-bank fragilities
FSB chair outlines areas where non-banks may have amplified the Covid-19 shock
Fed mulls action on short-term funding markets
Randal Quarles says it is “disappointing” that the Covid-19 crisis carried echoes of 2008
State regulators could lead on CFTC climate risk plans
Sympathetic rulemakers don’t need to wait for a change of federal government, say experts
Fed will calibrate NSFR to avoid hurting repo
Fed’s supervision head says final liquidity rule will be fast-tracked without fresh consultation
How the Fed’s Covid stress test got stuck in the middle
Experts fear CCAR add-on has neither informed investors nor guided capital management
Fed’s safety nets are ‘fundamentally unsustainable’
The Fed’s new safety nets will allow “zombie companies” to thrive and drag down productivity; ever-increasing levels of interventions are “fundamentally unsustainable, intertemporally”, says William White
Fears rise over breakdown in Basel and IFRS standards
Bretton Woods institutions worried about growing divergence in capital and accounting standards as credit impairment tsunami looms; US and many emerging economies skirting the rules
Fed to stress-test banks’ leveraged loan exposures
Test features leveraged loan shock; scenario includes biggest-ever rise in unemployment
FSB raises pressure on stablecoins as firms abandon libra
Several major payment firms have distanced themselves from the project amid intense regulatory scrutiny
Brainard attacks Fed plan to soften regulations
Governor warns regulatory cutbacks risk weakening “core safeguards” put in place post-2008
Mark Carney on joined-up policy-making, forward guidance and Brexit
BoE governor rules out negative rates and change to inflation targets, offers update on too-big-to-fail and use of CCyBs, highlights challenges of an asymmetric monetary system, hits out at cumbersome payments and warns Facebook’s libra cannot ‘learn as…
Large US banks pass Fed’s second round of stress tests
Fed approves capital plans of 17 of the largest banks, which now can increase dividend payments and share buybacks
FSB weighs options for tackling rise of non-banks
Randal Quarles says strict regulation is necessary if crypto assets like Libra become widely used
Fed’s Quarles casts doubt on leaning against the wind
But we “do not fully understand” the potential trade-offs, he says
Understanding the Fed’s proposed reserves tool
The FOMC hinted at a tool for cutting reserves demand at its last meeting – the question is, why?
BoE to implement TCFD climate impact recommendations
Mark Carney unveils UK central bank’s move at NGFS event in Paris
Now is a ‘critical time’ for Ibor transitions – Bailey
Global regulators convene in Washington, DC to tackle the transition to new benchmark rates