Bank for International Settlements (BIS)
Central banks can help promote reference rate choice, says BIS report
Bank for International Settlements working group finds money market appetite for adopting overnight reference rate; says central banks can help promote transparency
BIS says fundamentals lagging behind market sentiment
Quarterly review identifies ‘renewed sense of optimism’ in financial markets; also sees move away from safe havens to riskier assets as central bank easing continues
BIS researchers shine light into ‘dark’ FX markets
Working paper finds valuable information in foreign exchange order flows, giving large forex traders a significant competitive advantage
BIS paper urges inclusion of financial cycle in output gap calculation
Working paper warns ignoring the financial cycle when calculating the output gap can cause policy-makers to overlook unsustainable output movements
BIS paper urges policy-makers to consider co-ordinated bond strategy
Research finds effective response to a bond market crisis has become more difficult due to heavily laden central bank balance sheets, raising the need to better co-ordinate a crisis framework
BIS paper anatomises global liquidity
Study finds liquidity conditions are shaped by credit supply, credit demand, and monetary policy; financial crisis a product of all three
National Bank of Austria reshuffles governing board
Governor Ewald Nowotny reappointed for second term; executive director Peter Zöllner departs for BIS, and two new executive directors are chosen
BIS research identifies ways to smooth the financial cycle
Bank for International Settlements working paper designs model of financial cycles and examines the difficulties of reducing the size of their peaks and troughs
Central bank policies fuel asset price rise, says BIS
BIS quarterly review says monetary easing is helping to push investors into riskier assets despite a weakening global outlook.
CGFS report sets out framework for macro-prudential policy
Basel-based Committee on the Global Financial System (CGFS) report guides central banks on how macro-prudential instruments should be chosen, combined and employed
BIS’s Caruana warns of low interest rates risk
Jaime Caruana says low interest rates have created a ‘first-mover disadvantage’ that prevents rates rising and could fuel financial instability
Emerging market bonds behaving as safe assets, says BIS paper
Local government bond yields in emerging market economies have contracted as global risk sentiment worsens, study suggests
Collateral eligibility policy is neglected, says BIS paper
As number of assets accepted as collateral by ECB grows, so does the credit risk faced by Europe’s central bank
BIS’s Cecchetti envisages world without G-Sifis
Stephen Cecchetti says the global financial system needs to reach a stage where no banks are globally systemically important; market discipline critical to stability but not sufficient
Robert Pringle’s Viewpoint: Fixing banks and regulation
Central bank balance sheets are ballooning due to the failure of banking systems and new rules are unlikely to address the issue. Only a full legal separation of banking activities will do.
IMF meeting set to reinforce global pessimism
Governments need to take urgent policy action to capitalise on the ‘breathing space’ created by central banks. But few attending the IMF meeting in Tokyo believe law-makers are fit for the task
European Commission criticises Basel Committee findings
Assessment report finds EU and US ‘materially non-compliant’ with some areas of Basel framework; European Commission questions report’s methodology and use of evidence
Monetary easing does not prompt crisis recovery, says BIS paper
Paper published by the Bank for International Settlements finds monetary easing does not help economic recovery following a financial crisis downturn; deleveraging produces more positive effects
Bank manager and shareholder personal liability rules debated at Giff 2012
Comments by Turkish deputy prime minister sparked debate at Giff about the use of personal liability as a method to ensure shareholders take their role seriously and moderate the actions of bankers
BIS paper examines link between low growth and recessions
Bank for International Settlements research studies relationship between low growth and recession in the US; finds some growth patterns can forecast a sharp decline in GDP
BIS raises fears over lower global growth trajectory
Bank for International Settlements Quarterly Review says global growth outlook deteriorated further over the quarter; warns of diminishing benefits to unconventional monetary policy
Kim succeeds Shirakawa as chairman of BIS Asia council
Bank of Korea governor Choongsoo Kim named chairman of the BIS Asian Consultative Council
Central banks launch joint investigation into Libor scandal
Economic Consultative Committee announces examination of reference rates used in financial markets; market will be consulted
Tributes to the governor that never was (Andrew Crockett, 1943-2012)
Bank of England, BIS and IMF heads pay respects to policymaker Andrew Crockett, who died this week. Crockett described as the governor ‘that never was’ and the ‘midwife’ to the HKMA