United Kingdom
BoE to run Chaps payment system
UK central bank moves to “direct delivery model” to operate entire high-value payment system as it looks to implement RTGS overhaul
Disorderly Brexit is possible, warns senior Bundesbank official
Dombret hopes for supervisory co-operation, but tells banks to prepare for “no deal”
No reason why central banks cannot be privatised, economists argue
Central banks may be better equipped to sustain market stability if privately owned, argues Juan Castañeda, with the private sector bailing out failed banks
Former BoE economist proposes new regulatory approach
Panellists discuss whether post-crisis regulation has gone too far, asking whether banks need the extra capital
BoE’s Taylor pushes back against complaints of over-regulation
Capital requirements could have been made much tougher, and the FPC strives to achieve balance and accountability, Martin Taylor says
European firms’ net debt cramped investment, Bank of Italy paper finds
Paper looks at eurozone and UK firms from 2006 to 2012
MPs clash with UK chancellor over diversity in central bank
Chair of parliamentary group says she is not convinced “all efforts” are being made to tackle gender unbalance
Bank of England pulls trigger on rate hike
Committee split 7-2, but Carney strikes hawkish note on need for further hikes
Scottish central bank could be based around ‘stakeholder’ framework
Think-tank proposes framework for Scottish central bank, should independence vote occur, based around a “stakeholder” structure
BoE’s Woods: 75,000 Brexit job losses ‘plausible’
Deputy governor estimates 10,000 finance job losses on first day of Brexit, with wider long-term repercussions
Banks will continue to gamble with public money, says Gordon Brown
Former UK prime minster says lax punishment of banks has left risky culture intact; “inevitable” rogue bankers will continue to gamble with public money
FCA’s Bailey: firms need Brexit clarity fast
Financial firms will have to make decisions over the coming months that will be very hard to unwind, so certainty on the Brexit transition is pressing
BoE paper scrutinises 2016 sterling flash crash
Paper makes detailed study of the “flash episode”, concluding later price drops were abnormal
Text mining reveals differences in PRA approach
Researchers compare Prudential Regulation Authority’s communications to its predecessor using a machine-learning algorithm
BoE paper studies interest rates across eight centuries
In July 2016, the global risk-free rate hit its lowest level since at least 1273, according to a new extra-long-term dataset
UK’s FCA claims success after first year of ‘sandbox’
Regulatory ‘sandbox’ has had high success rate, but there have been some issues, says regulator
Treasury committee to investigate BoE’s lack of diversity
Nicky Morgan asks for data on BoE applicants to be published in review of recruitment process; Carney agrees more needs to be done to encourage diversity
Half of UK consumers ‘potentially vulnerable’ – FCA survey
First survey of ‘financial lives’ finds over 25 million people at greater risk of financial difficulties
Irish deputy governor warns hard Brexit is ‘entirely plausible’
Ed Sibley voices concerns over new costs and frictions in European markets; EBA warns against setting up “shell offices” as response to Brexit
OECD urges UK to maintain ‘close ties’ with EU
Latest assessment of UK economy warns of damaging impact of Brexit vote; Ángel Gurría says close future relationship “absolutely key”
Carney warns against splitting London’s euro clearing
Europe would suffer more than the UK if euro clearing moves to the EU post-Brexit, Bank of England governor says
BoE’s new MPC members disagree on future path of hikes
New deputy Dave Ramsden sees current degree of slack to be too great to warrant removal of stimulus, while Tenreyro believes it cannot “persist for too long”
BoE paper sheds light on global policy transmission
Comparison of UK and Hong Kong based on bank-level data finds evidence of both portfolio and funding effects
BoE introduces new counterfeit initiative for ‘front line of defence’
New checking scheme will employ “targeted training” for cash handlers while retailers will help central bank gather data on current practices