The social media group Facebook is holding talks with the US Commodity Futures Trading Commission (CFTC) over its plans to launch a new digital currency to spearhead its move into payments.
Fed announces dates of stress test and CCAR results
Results from the latest US stress tests will be released on June 21 and those of the Comprehensive Capital Analysis and Review (CCAR) will come out on June 27, the US Federal Reserve Board said in a statement.
FSB consults on winding down failing G-SIBs
Transparency and cross border regulatory cooperation are important aspects for the orderly resolution of a failing globally systemically important bank (G-SIB) the Financial Stability Board [FSB] said in a paper and consultation.
Consultation launched on Eonia changes and switchover
The working group on euro risk free-rates launched a consultation on the methodology changes to the euro overnight index average (Eonia) starting October 2019 and its planned discontinuation at the end of 2021.
FSB calls for more effective cooperation to tackle market fragmentation
Reducing market fragmentation can help improve financial stability and market efficiency, said the Financial Stability Board (FSB) in a report to the G20.
Banks finding it difficult to recruit compliance professionals - OCC
Finding and then retaining compliance staff, particularly those specialised in tackling financial crime, is proving to be a challenge for banks said the Office of the Comptroller of the Currency (OCC) in its semi-annual report.
Fed urges firms to focus on transitioning towards alternative rates
In a pre-recorded video to the Alternative Reference Rates Committee (ARRC), Randal Quarles, the vice chairman of supervision at the US Federal Reserve Board reiterated the need for firms to keep up preparations for the end of the London Interbank offered rate (Libor).
ASIC chair outlines new approach to curbing misconduct
Australia’s regulatory approach is all about promoting permanent cultural and behavioural change in institutions individually and the financial services industry more broadly, said James Shipton, chair of the Australian Securities and Investment Commission (ASIC).
Congress told cyber is the biggest risk to the financial system
Following a near six hour session at the US House of Representatives involving the CEOs of seven US G-SIBs it was revealed that cyber is the single greatest risk to the financial system while considerable concern was also expressed about shadow banking
Shift to alternative rates slowed by accounting issues
The regulatory driven shift away from Ibors to alternative near risk free rates is happening surprisingly quickly, but could be even faster if various accounting and operational issues are addressed more swiftly
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