United Kingdom
Haldane admits BoE communications can be ‘impenetrable'
Chief economist notes ever-longer publications have not tallied with better understanding among the UK public, suggesting the message needs to be clearer and simpler
IMF issues stark warning to UK on EU exit
Bank of England could find itself battling market dislocation and “substantial” economic slowdown if UK votes to leave EU, IMF warns; Christine Lagarde dismisses accusations of political meddling
Carney dismisses independence fears after EU referendum comments
Governor says BoE has responsibility to comment on short-term impact of EU referendum; fog of uncertainty makes policy-making unusually difficult, as MPC holds rate again
BoE paper: CCP legal framework may need work
Process of handling default is legally robust in many cases, but has room for improvement in others, authors say
Regulators can influence but not prescribe culture, Bailey says in last speech at PRA
Incoming FCA chief warns bank regulators cannot write a rule to “settle” culture, but cites the senior managers regime as an example of influence
Political and public support ‘critical’ for macro-prudential policy, says Kohn
Effective communication can help ensure public support for macro-prudential policy, BoE FPC member says; lack of support could encourage political interference
Bean welcomes bid to increase ONS access to public data
Reforming the legal framework will improve ONS access to administrative data, former BoE deputy says, adding the ONS must be more proactive in acquiring and producing data
BoE’s Cunliffe notes ‘gap’ between bank return and investor expectation
Investors should be prepared for lower returns in the coming year, Bank of England deputy says; risks to the housing market show signs of reducing but FPC poised to act if necessary
EBA publishes first complete list of European O-SIIs
European Banking Authority publishes first full list of other systemically important institutions in Europe; some national supervisors make more use of discretion than others
BoE paper explores impact of prudential measures abroad on UK bank lending
No “significant” spillovers to bank lending following prudential measures, authors find, while composition of lending can change when domestic actions are taken
FCA chairman defends selection process for new chief
Griffith-Jones questioned on the decision not to interview Andrew Bailey before his appointment as chief executive; says he would have raised any concerns about process with Osborne
JMW Turner to appear on new £20 banknote
Painter chosen from 590 British visual artists to adorn new polymer £20 note, after lengthy selection process; note scheduled to enter circulation by 2020
Parliament gains influence in FCA chief appointments
George Osborne says Treasury Select Committee will be able to scrutinise future appointments before they are formalised, with the ability to send them to the House of Commons for a vote
FCA paper investigates whether HFTs predict orders
Working paper finds patterns consistent with HFTs anticipating order flows over longer time periods, but authors unable to ascertain cause
People: Turkey nominates new governor; McDermott to step down from FCA
Turkish government picks deputy to replace Erdem Başçı, but he must still be confirmed by the president; UK’s interim FCA chief says she will leave when her successor takes office; and more
BoE assumes control of interest rate benchmark
Central bank to take responsibility for overnight benchmark, planning to broaden the transactions underpinning its calculation; WMBA to retain role in calculating and publishing figures
BoE searches for better data on macro-financial links
As part of efforts to crack the UK’s productivity puzzle, the BoE plans improved data-gathering, seeking insight into the impact of capital accumulation and access to finance
Sam Woods to replace Bailey as PRA chief
Bank of England executive director promoted, to take over from Andrew Bailey when he moves to the Financial Conduct Authority
PSR has taken ‘decisive action’ in its first year – managing director
Nixon marks PSR’s first birthday with speech in Copenhagen; regulator has helped in improving access and “levelling the playing field” for market participants
BoE moves to tighten buy-to-let standards as risks rise
Review of buy-to-let lending finds some firms may be relying on weaker underwriting standards than others; FPC warns UK financial stability outlook has worsened since last meeting
BoE’s Breeden plots route to ‘third phase’ of global banking regulation
Regulators have moved from fragmentation to “balkanisation”, and now must work to establish full co-operation, executive director says
‘Compositional’ drag on wages set to fade, BoE article finds
Labour force composition has changed markedly in recent years, putting downward pressure on wages, but recent data implies the effect may soon dissipate, researchers say
FPC members deny charges of 'groupthink'
Clara Furse and Richard Sharp argue debate is robust and give examples of where they have challenged the financial policy committee’s majority views; agree to consider issue further
BoE’s Brazier values flexibility with bank buffers
Alex Brazier says Bank of England will have a bias towards ‘acting early and gradually’ on capital buffers; will not look for “irrefutable proof” of bad events