United Kingdom
Libor rigger Hayes jailed for 14 years
Tom Hayes found guilty of manipulating Libor while at UBS and Citi
BoE unveils plans for enhanced data gathering
Central bank hopes improved data gathering will allow it to produce more accurate interest rate benchmarks, and inform financial and monetary policy work
BoE’s Gracie describes unique dangers of cyber attack
Unprepared firms could find themselves up against attacks by fraudsters or unscrupulous states, and the damage could be difficult to detect
Bundesbank research tracks changing financial cycle
Discussion paper seeks to establish the ‘empirical regularities’ of the financial cycle using an econometric model, finding the cycle has grown longer and more severe over time
IMF laments lack of progress on global imbalances
Fund calls on both surplus and deficit economies to redress imbalances, arguing this would support global demand management and growth
BoE’s Cunliffe warns of risks to loosening ‘regulatory straitjacket’
Regulators may need to ‘fine-tune’ the complex web of rules established since the crisis, but they should not be fooled into thinking the key to growth lies in light-touch regulation
Global FX volumes climb off record highs
Foreign exchange turnover slips from the record highs registered in October 2014, but is still growing year-on-year
Gertjan Vlieghe to replace Miles on BoE monetary policy committee
Economist used to be assistant to Mervyn King and is now partner at an asset manager; previous research has focused on conducting monetary policy in the presence of imperfect credit markets
BoE’s Gracie praises TLAC and MREL standards
Executive director says loss-absorbing capacity provided by the two standards will help regulators co-operate across borders and ensure core functions can continue to operate
UK’s Chaps and Crest to close later from ‘summer 2016’
Bank of England says the settlement day for the UK’s high-value payment system and securities settlement system will be extended by an hour and forty minutes from summer 2016
BoE MPC moving towards rate hike, minutes hint
MPC voted unanimously for a rate hold, but ‘a number of members’ believe risks to inflation are becoming ‘skewed to the upside’; appreciation of sterling and global shocks could still delay hike
Martin Wheatley resigns as FCA chief executive
FCA chief quits after it emerges the UK chancellor will not be renewing his term next year; worldwide search begins for successor
People: Trinidad gets new deputy, Bulgaria nominates three
Academic Sandra Sookram joins the Central Bank of Trinidad and Tobago; Dimitar Radev nominates three deputy governors on his first day leading the Bulgarian National Bank; and more
BoE’s Miles cautions against use of policy rate for financial stability ends
Use of monetary policy to tackle financial stability goals is less efficient than setting higher capital requirements, outgoing MPC member says
Reform of Sterling Monetary Framework is ‘ongoing’, says BoE’s Salmon
Executive director for markets highlights potential for sharia-compliant facilities to be included in framework, among host of possible future developments
Ex-BoE deputy to review UK statistics in effort to improve productivity measure
Charles Bean will lead an independent review on the ‘quality, delivery and governance’ of economic statistics produced in the UK, as government grapples with productivity puzzle
BoE FPC wary of buy-to-let risks
Financial policy committee asks bank staff to identify channels through which the market threatens stability; UK government caps tax relief on buy-to-let property
People: Madigan returns to Fed board; FCA appoints retail supervisory head
Brian Madigan returns to the Federal Reserve Board as FOMC secretary; Financial Conduct Authority names Jonathan Davidson director of supervision, retail and authorisations; and more
London cements position as renminbi hub
City of London report says the UK capital saw daily RMB trades of $61.5 billion in 2014
BoE turns attention to contagion from emerging markets
UK banks’ exposure to emerging markets is a cause for concern and will be integrated into 2015 stress test scenario, BoE says in financial stability report
Bank of England launches redesigned financial stability report
Central bank aims to convey a clearer picture of the risks facing the UK economy with a shorter, clearer and less repetitious financial stability report
BoE’s Cunliffe sees more efficient UK firms in coming years
Deputy governor justifies MPC forecast that productivity growth will finally pick up in 2016 and 2017, pointing to the potential for efficiency gains within firms as the economy grows
Senior UK bankers face bonus clawback for up to 10 years
Final PRA/FCA proposals on remuneration set the clawback period at seven years with a potential three more for senior managers; Andrew Tyrie questions whether the rules are enough
BoE launches ‘Bank Underground’ research blog
Blog provides platform for researchers to voice more controversial ideas; comes alongside rebranded staff working papers, written with ‘hands off’ approach from senior managers