Central Banks
Asian central banks press ahead with OTC derivatives reform
Reserve Bank of India launches OTC derivatives trade repository; HKMA reveals results of consultation on derivatives regulation
Central Bank of Ireland slams ‘poor’ investment firm practices
Inspections by Central Bank of Ireland identify inadequate best execution practices by investment and stockbroking companies; requires remedial action by August 31
CFTC-SEC swap ruling starts Dodd-Frank compliance race
Publication of swap rule will mark start of 60-day countdown to compliance with registration and reporting rules. Industry will find it 'quite challenging' warns CFTC's O'Malia
Bank of Lithuania takes next step in structural overhaul
New banking service aims to promote efficient investment operations and mitigate risk; comprises third step in central bank’s restructuring programme
RBA deputy governor warns of regulatory side-effects
Reserve Bank of Australia’s Philip Lowe reviews impact of new financial regulation; says although new rules likely to increase stability, regulators must be aware of possible negative consequences
SNB paper evaluates central bank communication strategies
Swiss National Bank working paper examines two communication strategies designed to reduce market overreaction to announcements
BoE’s Jenkins examines severity of Basel regulations
Bank of England Financial Policy Committee member, Robert Jenkins, says Basel III requirements are not too tough on banks; argues higher capital levels do not harm the economy or bank shareholders
Russia takes lead in gold purchases in May
Latest World Gold Council figures show Bank of Russia increased gold reserves by largest amount in May; council says emerging markets purchases viewed as a part of ‘broader theme’
Spain’s Frob shakes up management ahead of bailouts
Fund for Orderly Bank Restructuring (Frob) selects new general manager from Spanish government among other senior appointments; first €30 billion of bailout funds to be handled by the Frob
Former governor of Croatian National Bank delivers fiery exit speech
Željko Rohatinski says he is ‘proud’ to pay the price for standing firm on tough decisions by losing his position as governor; criticises lack of ‘moral virtue’ in political circles
Eurogroup decides on three senior appointments
Decisions end speculation over leadership of the Eurogroup and the European Stability Mechanism; nomination also put forward for empty seat on ECB executive board
NBS paper measures impact of productivity differentials
National Bank of Serbia working paper studies effect of differing productivity growth between sectors and countries; finds impact on inflation and exchange rates
IMF paper studies reduced financial interconnectedness
Working paper examines impact of deleveraging by financial institutions through declines in collateral use; identifies issue that may cause unintended consequences
National Bank of Hungary paper surveys wage rigidities
Paper presents findings of large European survey conducted by central banks; finds wages are more rigid than prices, but various factors determine the frequency of adjustment
BoE paper quantifies output gap estimation errors
Bank of England discussion paper models accuracy of output gap estimations based on OECD data; argues that absolute size of revisions to estimates does not improve over time
Agius confirms BoE governor’s intervention in Barclays
Chairman of Barclays recounts meeting with Mervyn King during which he was told Bob Diamond had lost the confidence of the regulator; following day the bank’s chief tendered his resignation
BoE’s Tucker denies involvement in Libor scandal
Paul Tucker says no members of the last government urged him to pressurise banks to alter Libor rates; claims no prior knowledge of Libor 'low balling' ahead of official investigations
Draghi says closer union will achieve stability in Europe
Mario Draghi says quality of reforms and implementation ‘absolutely essential’; sets out vision of future union based on financial, fiscal, economic and political integration
Regional Fed presidents express fears over economic recovery
Charles Evans and Eric Rosengren warn about struggling economic recovery; focus on employment figures as key indicator of persistent problems in the US
Bank of Korea finds slight increase in North Korean GDP for 2011
Estimates by Bank of Korea suggest North Korean GDP grew by 0.8% in 2011; represents first year of positive growth since 2008
Strict foreign exchange rules set to stay in Ukraine, says governor
Sergei Arbuzov explains why the National Bank of Ukraine keeps a tight rein on foreign exchange transactions; says temporary easing of rules for sporting tournament will not become permanent