Latest articles from Justin Pugsley

ESMA releases funds stress testing framework

A stress testing framework for investment funds has been developed by The European Securities and Markets Authority (ESMA) so national competent authorities (NCAs) can probe the sector’s robustness. 

Gavel

Transitioning away from Libor is littered with legal pitfalls

The end of Libor is a big challenge for market participants, but not anticipating some of the logistical issues involved in transitioning to alternative rates could result in a raft of costly legal actions

GASB consults on guidance for shifting from Ibors to alternative benchmarks

The Governmental Accounting Standards Board (GASB) has published proposed accounting and financial reporting guidance to assist US state and local governments with the transition away from interbank offered rates (Ibors) to alternative reference rates.

Reasons for abnormal spikes in US repo rates puzzle analysts

Recent spikes in US repo market rates, sometimes as high as 10%, have been blamed on factors ranging from the Fed shrinking its balance sheet, technical glitches, regulatory reforms through to mishandling by the New York branch of the Federal Reserve. 

Fed’s Quarles calls for more certainty in cross-border regulation

The decade since the 2007-9 global financial crisis has demonstrated that expectations matter when it comes to regulating cross border finance, said Randal Quarles, vice chair of the US Federal Reserve Board and chair of the Financial Stability Board (FSB). 

New green bond fund launched for central banks by BIS

Central banks will be able to invest in an open-end green bond fund launched by the Bank for International Settlements (BIS).

EBA consults on synthetic securitisations

The European Banking Authority (EBA) is consulting on the criteria around labeling synthetic securitisations within the simple, transparent and standardised (STS) securitisation framework. 

EU-UK clearing concerns resurface around potential hard Brexit

The financial services industry is worried that contingency measures agreed between the EU and UK in the event the later leaves the union on October 31 without a withdrawal agreement, do not go far enough. 

UK banks taking on cyber resilience lessons

Banks have taken onboard lessons from the last sector exercise on cyber resilience, but the latest exercise has uncovered further areas of improvement, the Bank of England (BoE) said. 

Bipartisan group seeks to enhance whistleblower protections

A bipartisan group of senators have put forward a bill requiring regulators to issue rulings on whistleblower pay-outs within one year of the filing of applications for a reward.