Settlement risk
BoE’s Cleland calls for innovation in wholesale payments
Wholesale payments suffer from inefficiencies despite being critical to financial stability, official says
BIS unveils 2022 programmes for innovation hubs
Focus is on CBDC, payments, DeFi, green finance, and first projects in London and Stockholm
BIS-SNB project links wholesale CBDC to core banking system
Project Helvetia’s second phase demonstrates integration of DLT with standard systems is possible
Project Jura executes ‘real-life’ cross-border CBDC settlement
“Dual-notary” structure could help protect monetary sovereignty, says Benoît Cœuré
CPMI proposes ‘global settlement window’
BIS committee says window could work as focal point for aligning payment systems worldwide
Group tests bond settlement on French CBDC platform
Euroclear says CBDC-driven system can plug into existing market infrastructure
Payments Benchmarks 2021 – presentation
Central Banking’s payments subject matter specialist Rachael King speaks with Christopher Jeffery about payments, staffing and salaries, mandates, oversight, and RTGS renewal
Most central banks invest in derivatives
External managers facilitate wider use of these instruments
CPMI and Iosco say systemic stablecoins must meet FMI principles
Stablecoins perform similar functions to other financial market infrastructures, say bodies
BoE report sheds light on Covid market operations
Surge in scale and frequency of operations amid switch to work from home created “issues”
Climate training hub launched by international consortium
BIS training platform will act as single access point for climate risk training for central banks
BoE demands changes at Euroclear after system outage
Central bank takes supervisory action over outage that caused “notable” market disruption
HKMA and BoJ launch new securities settlement framework
New “delivery versus payment link” aims to reduce settlement risk
Iceland prepares new interbank payment system for launch
Combined netting and high-value settlement system set to go live this week
CLS proposes second-tier FX settlement system
Stripped-back system for EM currencies mooted to tackle rising settlement risk
Book notes: After the crash, by Sharyn O’Halloran and Thomas Groll
The book seeks to identify seeds of the next crisis, and the overriding impression is a plea for more regulation
Custody initiative: Euroclear
The securities depository has debuted instant dollar settlement in central bank money outside the US – a service that has virtually eliminated settlement risk
Bank of Canada paper looks at risk in securities dealing
More complex dealer networks can increase probability of settlement failure, researchers find
Hong Kong and Thailand launch next phase of cross-border CBDC project
CBDC-based payments can cut costs and boost speed, HKMA and Bank of Thailand study shows
Forex market growing, but more risky – BIS review
Reduced reliance on PvP and heightened fragmentation threaten market resilience
Swift conducts 13-second cross-border payment
Trials saw payments go from origination through to clearing and settlement in seconds
30 years of central banking
Central banks face credibility tests on a number of fronts
BIS paper: DLT opens possibility of ‘embedded supervision’
Distributed ledger data would be useful for supervision, but must be trustworthy, author says
BoE paper looks at how to halt ‘cascade’ of settlement fails
“Buy-in” process could help to avoid system-wide “gridlock”, but design is challenging