United Kingdom
Britain’s ‘knife-edged’ economy is dividing BoE rate-setters
Chief economist and deputy governor for monetary policy both outvoted on MPC for first time since 2007
Minimum gilt repo haircut could boost stability – BoE official
Measure helps prevent build-up of extreme leverage among non-banks, FPC member Benjamin argues
BoE’s Benjamin on market resilience, non-bank liquidity and the modern financial system
The UK central bank’s executive director for financial stability strategy and risk speaks about leverage in the gilt repo market, minimum haircuts and central clearing, and securing liquidity to where it’s needed
Speedy on-boarding: the push for faster model approvals
Europe’s banking watchdog is planning to streamline how it authorises credit model updates. Not a moment too soon, say bankers
BoE cuts rates by 25bp in historic close call
For first time in history, MPC voted twice as initial round ended in 4–4–1 stalemate
The Bank of England’s four pillars for a new CCP rule book
Executive director urges feedback on margin transparency, broader collateral and aiding innovation
Will the UK’s FRTB time warp turn into a horror show?
UK regulator’s proposed transition year in 2027 could double banks’ implementation work
European Commission already preparing next FRTB move
As EC runs out powers to delay rules again, proposal for temporary capital relief is on the agenda
Bank of England floats ‘quasi-IMA’ in FRTB standardised method
Dealers welcome new route to capitalising residual risk, but it could fragment global ruleset
Scrapping UK ring-fencing regime ‘not sensible’ – Bailey
BoE governor finds no fundamental issue with rule separating retail and investment banking activities
BoE publishes SVAR model in response to Bernanke review
Flexible model designed to provide “structural narrative” to understand forecast revisions
BoE and Treasury’s ‘productive tension’ over stablecoins
Experts say Reeves’s bullishness and Bailey’s more bearish stance on assets may be all to the good
ECB opens second round of banknote design competition
Artists invited to submit ideas related to culture and the natural world
BoE delays implementing new market risk framework until 2028
Finalising it could be “tenuous dream”, says expert
Book notes: Central banking at the frontier, by Thammarak Moenjak
This well-structured book provides a comprehensive overview of the challenges digitalisation poses for finance and includes possible actions for central banks
BoE shifts focus to non-banks in sovereign bond markets
Aggregated data on leverage and positioning reveals growing gilt repo borrowing by hedge funds
BoE’s MPC should publish individual rate forecasts – Taylor
Newest committee member discusses r* and calls for greater transparency around forward guidance
No changes to Fed swap lines, Lagarde worried about ‘truth’ – panel
Fed, ECB, BoE, BoJ and BoK governors discuss tariffs, stablecoins, r*, scenario analyses and the future
Policy to remain restrictive for now, says BoE governor
Bailey says there will be “gradual and careful approach” to any further easing
BoE’s Greene defends new balance sheet strategy
Cross-border arbitrage of central bank facilities a “feature, not a bug”, says MPC member
BoE responds to criticism on interest payments
Governor defends monetary policy tools following attacks by political party
Bank of England urged to rethink HHI concentration risk add-on
Experts think overhaul of credit risk measure should be part of PRA’s ongoing Pillar 2 review
Bailey ‘remains to be convinced’ about retail CBDCs
BoE governor adds that stablecoins must “pass the test of singleness of money”
BoE holds rates, as three MPC members call for cut
Dissenting policy-makers highlight labour market weakness and lower pay growth