FMI
Aruban central bank needs mandate to regulate payment system – report
New mandate would require creation of central bank payments department; stakeholders agree on need for modernisation
Singapore and Malaysia to set up stock market link
The two markets have a combined market capitalisation of more than $1.2 trillion and 1,600 publicly listed companies
Potential ATM closures will be PSR’s first ‘major test’ – Morgan
Treasury select committee chair says Payment System Regulator should not hesitate to intervene should closures threaten financial stability; market calls for independent review
BoE suffers transaction-processing glitch
“Regular” IT update led to failed wholesale transactions, although payment systems operated normally, the central bank says
HKMA launches consultation on open API framework
Open API enables personalised services for bank users but requires access to customer data
Bank Indonesia to nudge more people to open bank accounts
The country aims to boost the percentage of the population with bank accounts to 75% by 2019
National Payment Gateway launched in Indonesia
New national platform to consolidate fragmented infrastructure, reducing costs and improving efficiency
Malaysia’s Ibrahim warns of costs of not turning digital
Bank Negara governor outlines plans to push consumers towards e-payments, as the cost of cheque processing weighs on the economy
Fed finalises new market benchmarks
Three transaction-based alternatives to US dollar Libor will launch in 2018
Philippines set to launch repo market
The government securities repo programme will be launched on November 27, as a part of the local currency debt and foreign exchange market reforms
Bank of Israel invites real-time payments proposals
Central bank envisages “at least” one real-time payments infrastructure, to be developed and operated by a third party
DLT set to make central banks ‘obsolete’ as payment operators – report
Second phase of MAS’s Project Ubin deemed a success as central bank manages to deploy RTGS system on DLT fabric
BoE to run Chaps payment system
UK central bank moves to “direct delivery model” to operate entire high-value payment system as it looks to implement RTGS overhaul
Payments overhaul under way in Aruba
Central bank to give up clearing responsibilities to oversee new payments infrastructure; consumer behaviour will be a challenge, bank says
Uruguay launches digital currency pilot
10,000 users will have access to the network, run in conjunction with the state-owned telecoms company and national payments system
BoE paper scrutinises 2016 sterling flash crash
Paper makes detailed study of the “flash episode”, concluding later price drops were abnormal
DLT has ‘more potential for change’ outside US – Boston Fed VP
Jim Cuhna says distributed ledger technology can transform financial services not only in payments but also in securities settlement; challenge is finding use cases
CCPs say central bank access needed to avoid liquidity crisis
Uniform access to deposit accounts and overnight liquidity vital, say market participants
Fed’s Powell: banks still have important role in payments
Fintech is disrupting the sector, but banks still form a major part of payments infrastructure, so they must be included in work on faster payments, says governor
Canada’s Project Jasper to explore clearing of securities in third phase
Central bank teams up with new partner for phase three of DLT project, with results expected in May 2018
US Treasury hands CCP resolution powers to FDIC
Mnuchin regulatory review explicitly refers to FDIC as receiver under a Title II resolution
Bank of Lithuania bans banks from virtual currency activities
Lithuanian financial firms must disassociate themselves from virtual currencies, says central bank, warning licences may be revoked
True potential of blockchain lies in cross-border transactions – Menon
Singapore is investigating two use cases of blockchain in the cross-border sphere; technology could be used to prevent duplication of invoices in trade agreements
Research can help BoE keep pace with automation – Salmon
As algorithms continue to make markets faster, regulation will need to be adapted, says BoE director; academic research will aid central bank efforts