Central Banks
Euroclear and Clearstream granted time to agree joint road map
Both ICSDs intend to start a feasibility assessment for real-time settlement after the completion of Target2-Securities migration in June 2017
Bank of Finland launches second website with fresh design
Content from flagship publications will be published in a new format on a dedicated website, with a focus on the simple and clean presentation of text and graphs
NYSE offers exchange-calculated bitcoin index, with more to come
The New York Stock Exchange announces launch of NYSE Bitcoin Index, the first exchange-calculated and disseminated bitcoin index
ECB looks for ‘quick wins’ to put momentum behind CMU
Eurosystem report on capital markets union emphasises need for the project to deliver early victories if it is to gather enough momentum to be a success
Balance sheet policies may not be enough to lift expectations, Dutch research finds
Working paper analyses the impact of credit and quantitative easing policies on inflation expectations, finding central banks may need to do more to lift them
ECB research finds Greenspan's Fed responded aggressively to uncertainty
Working paper finds the Federal Reserve under Alan Greenspan took stronger action as economic uncertainty rose. In fact, risk seems to have been more significant than ‘conventional’ variables
Central Bank of Bahrain director plots route to ‘vast’ Islamic financial market
Abdul Rahman Al Baker sees great potential in Islamic financial markets but outlines the many areas in which obstacles remain
Guatemalan central bank president backed by colleagues after arrest
Julio Suarez is arrested in his capacity as a director at the Guatemalan Social Security Institute as string of public officials hit with allegations of fraud
Noyer says ECB ‘ready to go further’
Banque de France governor says monetary policy is doing its job and requires time to take effect, but more easing is available if necessary
Bank of Korea paper investigates link between liquidity and commodity prices
Researchers find certain commodity prices became more sensitive to global liquidity following the 2008 financial crisis
BIS committees highlight broad monetary effects of regulation
Committees offer suggestions for mitigating the impact of new regulations on the conduct of monetary policy, but say the effects will largely be ‘limited and manageable’
Poloz sees full capacity and 2% inflation in 18 months
Bank of Canada governor describes the destination the Canadian economy is moving towards, as well as the roadmap for getting there
UBS escapes DoJ prosecution and fine
But it pays a further £342 million to the Fed over FX conduct issues
Historic BoE minutes shed light on troublesome money supply targets
Court minutes from the era of money supply targeting highlight the central bank’s struggle to control inflation amid unclear indicators and an occasionally fractious relationship with government
Rajan suggests IMF as watchdog for unconventional policy
RBI governor says central banks should not discard international responsibilities in favour of domestic mandates; says IMF could police unconventional monetary policy
China may have financial reforms backwards, economists argue
Interest rate liberalisation should take precedence over capital account opening, observers say at roundtable discussion in Hong Kong ahead of IFF China report release
Deutsche Börse to set up Europe's first multi-asset RMB platform
German exchange group signs joint venture deal with CFFEX and Shanghai Stock Exchange to bring trading venue to Frankfurt
IMF researchers explore central bank security issuance
Working paper finds low-income countries may struggle to issue central bank securities on account of the administrative costs and infrastructure demands
Minutes show RBA could still ease further
Board members feel the decision to drop guidance that further easing ‘may be appropriate’ does not limit the ‘scope’ for them to cut rates further
CPI not ideal for comparing inflation rates, research finds
Economist at Sveriges Riksbank says CPI is a good measure of inflation but is ‘not well suited’ to making international comparisons of inflation rates
Eurozone moving towards ‘single market for collateral’, say central bankers
Panellists from Belgian, French and Dutch central banks discuss moves towards harmonised collateral markets in Europe at conference in Brussels
Euro tumbles as ECB accelerates asset purchases
Euro slides against the dollar as market reacts to ECB’s plan to ‘moderately front-load’ its asset purchases; Cœuré concerned by ‘rapidity’ of price reversal in sovereign bonds
ECB’s Cœuré says higher inflation target not solution to zero lower bound
Benoît Cœuré says raising the inflation target or abolishing the currency is not the right way to make monetary policy more effective; structural reforms a better use of political capital