International
For-profit CCPs may not hold socially optimal capital – BIS paper
“For-profit CCPs have incentives that are misaligned with financial stability,” author says
FSB publishes annual work programme for first time
Priority is to address new vulnerabilities, while finalising, implementing and evaluating reforms
The winners of the 2019 Central Banking Awards
MAS wins central bank of the year, Karnit Flug awarded governor of the year and Zhou Xiaochuan recognised for lifetime achievement; 23 other awards announced
Lifetime achievement: Zhou Xiaochuan
The former People’s Bank of China governor stands out for his high levels of integrity, intellectual rigour and bold reforms that have served the public interest in China and elsewhere
People: Ghana’s Addison to chair Ecowas governors
Thailand appoints assistant governor; Vietnam announces deputy payments director
Low rates can harm productivity, say Liu, Mian and Sufi
Low rates may end up discouraging investment across the economy, authors say
A dual-currency system would make negative rates work – IMF research
Proposal would free monetary policy from lower zero bound when dealing with a recession
Data overhaul needed to enhance insolvency frameworks – IMF
Paper highlights the importance of data in analysing efficiency of current resolution policies
Kristin Forbes urges academics to focus on macro-prudential policy
Our understanding of the tools and ability to spot new risks remain limited, professor says
Non-banks continue rise as banks lose market share
Non-bank financial firms hit a record high, at nearly half of global financial assets, FSB finds; leveraged lending increasingly an area of focus
‘Global inflation gap’ points to slack across advanced economies – paper
Authors find no evidence that inflation is “on the brink of surging ahead”
Adverse environment forces banknote firm Arjowiggins Security to close
Paper specialist forced to liquidate UK and French holdings despite restructuring
Countries must counter money-laundering through fintech – IMF official
IMF’s Adrian calls for regional co-operation and consultation on new payment systems
Central bank gold purchases soar to highest level since 1971
Russia, Turkey and Kazakhstan accumulated the most gold in 2018
People: Mexico appoints two new deputy governors
Federal Reserve appoints new research director and IADB makes Chilean official chief economist
Professional services initiative: World Gold Council
Having identified seven different ways of accounting for monetary gold among 70 central banks, the WGC developed guidance to bring greater consistency to accounting practices
Treasury systems initiative: Ion Treasury
Ion’s acquisition of Openlink in 2018 has boosted its central bank and agency clients to 65, with a new ECB contract being a ‘jewel in its crown’
Only Fed could respond to fresh downturn, Axel Weber says
Most central banks have no room for manoeuvre, says former Bundesbank president
Financial inclusion initiative: Federal Reserve Bank of St Louis
Improvements in the bank’s financial inclusion initiatives are helping tackle the polarisation of economic education in the US and across the globe
Financial market infrastructure services: ParFX
The foreign exchange platform has pioneered a market-driven effort to tackle concerns about poor market behaviour and distrust in the $5 trillion-a-day market
IMF expects global growth to slow further in 2019
“Significantly higher” and “increasingly intertwined” risks weigh on global growth, Lagarde says
Brexit unlikely to affect sterling’s reserve currency status
No-deal scenario could put major downward pressure on the currency
Crypto assets hobbled by proof of work, finds BIS economist
Raphael Auer says bitcoin payments could take “nearly a year” to become truly final
Asset manager of the year: State Street Global Advisors
The US financial group used its global presence, and equity and fixed income expertise, to expand its central bank client base and assets under management in 2018