International Organization of Securities Commissions (Iosco)
Bank of Canada identifies first ‘prominent' payment system
The Automated Clearing Settlement System is considered "central" to Canadian payments and must now meet risk management standards based on global PFMI
Iosco considers response to ‘growing threat’ of cyber risk
Securities firms and regulators are at an early stage in responding to cyber threats, report finds, but examples of good practice are starting to emerge
People: NBIM names real estate CEO; Gerlach moves to private sector
Norges Bank Real Estate Management gets CEO; Stefan Gerlach takes up new role at Swiss private bank BSI; and more
ECB changes euro FX reference rates' publication time
ECB will change the time of its publication of the euro’s foreign exchange reference rates to help ‘safeguard integrity’; further changes may be made if transactions linked to the rates do not fall
Regulators push back at complaints of fatigue
EBA chief and secretary-generals of Basel Committee and Iosco defend their work so far and stress the bulk of regulation will be completed in 2016 – though there is more on the horizon
Iosco, Asifma officials urge early global co-operation on future rules
Joining forces early on would improve regulatory cohesion between countries, but post-crisis pressure on national rule-makers to legislate poses problems, it is suggested at Hong Kong conference
FSB agrees final TLAC principles but asset management work has way to run
Meeting in London sees the organisation agree final draft principles for total loss-absorbing capacity, as new branches of research into asset management risks sprout
Organisations outline next step in plans to strengthen CCPs
Basel-based groups and Iosco publish workplan for coordinated international policies on CCPs, and offer update on story so far; 2016 will see the bulk of analysis published
CPMI-Iosco launch next phase of data aggregation work
Standard-setters begin consultation on first batch of key data on over-the-counter derivatives, as part of work on data aggregation by trade repositories
CPMI-Iosco unveil plans for unique transaction identifiers
Consultation lays out proposals for codes to identify over the counter derivatives transactions, as part of efforts to improve reporting to trade repositories
FSB holds fire on non-bank G-Sifi designation amid backlash
Organisation to delay decision on whether asset managers should be included in designation of systemic ‘non-bank non-insurers’ after consultation attracted widespread criticism
CPMI and Iosco launch first consistency assessment of FMI principles
'Level three' assessment will examine the consistency with which the Principles for Financial Market Infrastructures have been applied to central counterparties
Regulators sound warning on collateral squeeze
Report calls on regulators to fix 'structural and regulatory limitations' around collateral
Regulators to put CCP risks under microscope
CPMI-Iosco stress-testing quiz will be precursor for broader review of risk management practices
Standard stress tests could create more risk, CCPs warn
CPMI and Iosco aim to develop a standard stress test for CCPs, but market participants say the devil will be in the detail
FSB-Iosco tweaks systemic shadow bank definition after criticism
Initial proposals for identifying systemic ‘non-bank non-insurers’ ran into criticism last year, with asset managers complaining rules put too much emphasis on size
First CPMI-Iosco peer review finds gaps in trade repository principles
Peer review of Principles for Financial Market Infrastructures in Europe, Japan and the US finds jurisdictions have made good progress with CCPs, but gaps remain among trade repositories
FSB pushes countries to meet higher information exchange standards
Financial Stability Board publishes latest progress report on information sharing, with thirteen jurisdictions still lagging behind; updates list of ‘financially important’ economies
Basel Committee tightens securitisation standards despite bank protests
Final standards for securitisations impose tougher capital requirements despite banks’ complaints that the rules are ‘punitive’; reduces reliance on external ratings
CPMI-Iosco report recommends tools for recovering FMIs
Report lays out toolkit for maintaining critical services and restoring stability in the event a financial market infrastructure comes close to collapse
FSB urges central banks to ‘take note’ of Iosco FX benchmark principles
Final report on FX rate benchmarks encourages central banks to heed Iosco recommendations; suggests changes to benchmark methodology to improve incentives
CPSS renamed the Committee on Payments and Market Infrastructures
Renamed body, the CPMI, handed an updated mandate to reflect ‘actual activites’; will press on with core tasks, says chair Benoît Coeuré
FSB issues guidelines for reform on interest rate benchmarks
Basel-based body calls for development of ‘nearly risk-free’ reference rates as alternative to scandal-hit benchmarks such as Libor
Fed official reiterates forex options clearing guidelines
Lawrence Sweet highlights industry discussions around forex options clearing as key component of a private sector solution