FMI
Fed’s Powell lays out payments reform priorities
Jerome Powell highlights four areas in which US payments need to improve as work begins to upgrade the economy’s payment systems
Central Bank of the Philippines receives international remittances award
Filipino central bank secures award by World Bank, European Commission and the United Nations for its efforts to broaden and deepen the country's financial markets
Bank Indonesia cracks down on ‘cash back' transactions
Central bank signs agreement allowing payments industry to seize card readers from merchants offering customers cash through fake credit card purchases
ECB welcomes ‘smooth’ T2S launch
Culmination of seven-year process sees first four CSDs migrate to the new platform and settle the first transactions, despite fears over remaining bugs
Kyrgyz central bank partners with World Bank to deliver payments upgrade
The Kyrgyz Republic has seen rapid growth in card payments in recent years, which the central bank fears could create instability if the oversight and operation of payment systems is not improved
Bank of England's Rule says reigniting securitisation market will take time
Executive director cautions against rushing to restart securitisation market, as a return to pre-crisis ‘fragile’ market would be counterproductive
ECB’s Mersch dismisses concerns over T2S launch at weekend
ECB executive board member admits a few bugs remain in Target2 Securities system, but argues they are not major and will not interrupt this weekend’s migration
Japan regulators further relax electronic trading mandate
JFSA is initially going to mandate only three tenors of IRS for platform trading
Cash payments still declining, Norges Bank report finds
Norwegians are making more and smaller payments using cards while cash use continues its downward trend, payments report shows
Danish payments report details challenging shift to real time
Completed in November 2014, ‘Straksclearing’ allows real-time settlement of retail payments, but has run into a few issues; National Bank of Denmark also in process of overhauling RTGS system
Future-proofing risk in the Chinese economy
Zhang Shenfeng, chairman of the China Financial Futures Exchange (CFFEX), argues that a multi-layered capital market must include an active financial futures to facilitate real-world risk management
Creating an effective equity market in China
Wang Jianxi, chairman of Shenyin and Wanguo Securities, sees the delicate balancing act of supervising the financial markets as key to developing a multi-layered capital market
Improving China's OTC business is a vital for the creation of a multi-layered capital market
Zhu Congjiu, vice-governor of Zhejiang province and former assistant to the chairman of the China Securities Regulatory Commission, explains how the country can effect a multi-layered capital market
Four steps to creating a multi-layered capital market
Former chairman of China’s National Social Security Fund, Dai Xianglong, describes four steps needed to develop a multi-layered capital market, which includes addressing important data issues
Developing China's capital market is central to 'new normal' reform
China is adopting an approval-based rather than disclosure-based IPO system as well as developing an OTC equity market as part of its effort to deepen the role of financial markets
China’s path to financial deepening
Despite China’s quick progress in the sphere of manufactured goods, the country’s financial system has been a few steps behind, but that is steadily changing
Exchange launches asset-backed coins for asset managers
Asset managers will be able to trade physical assets directly with each other through new asset class dubbed ABCs, which will be tradeable on newly launched exchange Abacas
Liikanen sees potential for payments revolution
Bank of Finland governor says we are yet to witness the emergence of a ‘true future payment system’ but it nonetheless feels like ‘something fundamental has changed’
Qualified support for central clearing of repos in Australia
RBA consultation attracts general support from market participants, but respondents say benefits rely crucially on strong take-up – the same issue that ended Australia’s last repo CCP experiment
ECB’s Mersch wants pan-European instant payment system
Executive board member hopes to bypass national schemes and use Sepa infrastructure to deliver pan-European instant payments
PBoC takes ‘one of final steps' toward interest rate liberalisation
China's central bank allows companies and individuals to invest in CDs exempt from deposit rate cap; major move toward interest rate liberalisation, analysts say
Buyer sought for RBNZ securities settlement system
Reserve Bank of New Zealand looks to sell NZClear after deciding it is no longer a ‘core business'; sell-off part of payment system facelift
ECB paper highlights stability and growth benefits of market-based finance
Researchers suggest high bank leverage may be amplifying booms and busts, damaging both financial stability and economic growth, with one solution being more market-based finance
HKMA's Chan praises cross-border funds initiative as liberalisation milestone
China's Securities Regulatory Commission and Hong Kong's Securities and Futures Commission announced Mutual Recognition of Funds initiative on Friday