Following its 2018 report, the FCA investigated changes due to COVID-19, the impacts of digitisation and the benefits of ring-fencing retail banks, in light of facilitating competition. The FCA summarises its key findings as follows: Large banks are in a strong position but face increasing competition, in particular for PCAs (Private Current Accounts) Low levels [...]
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So far Xavier Pujos has created 124 blog entries.
The UK government publishes its third 5-year risk assessment of the climate change risks, based on the Independent Assessment of UK Climate Risk (provided by the CCC - Climate Change Committee). The risk assessment considers sixty-one UK-wide climate risks and opportunities cutting across multiple sectors of the economy and prioritises the following eight risk areas [...]
Phase II of Project Helvetia was focused on the settlement of tokenised assets in a Wholesale CBDC (wCBDC). Project Helvetia is a collaboration between the SNB, BIS Innovation Hub, SIX (the Swiss Exchange) and 5 large commercial banks. SIX already offers trading and settlement of "tokenised assets", but using privately issued forms of digital currencies [...]
The WEF publishes its annual review of global risks. As can be seen in the image below, 5 out of the top 10 risks identified in the WEF survey are linked to Environmental risks, and one could say that 2 of the Societal issues are partly linked to Climate Risks too (livelihood crises, infectious diseases). [...]
The PSR expresses its strategy along 4 priorities for the next five years. These are: Ensure users have continued access to the payment services they rely on and support a choice of payment options. Ensure users are sufficiently protected when using the UK's payment systems. Promote competition between UK payment systems and the markets supported [...]
IOSCO draws a few lessons from its s=consultation about strengthening the resilience of trading venuws through enhanced BCP testing, effective governance frameworks, managing dependencies on people, premises, processes... IOSCO report link: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD694.pdf
The PRA (Prudential Regulator) sent a "Dear CEO" letter to all international banks active in the UK, detailing its priorities (and therefore areas of particular attention for the banks) for 2022. It issued a similar letter to Insurance companies. The main preoccupations for the PRA as far as banks are concerned: 1. Financial resilience - [...]
NASDAQ releases a useful summary of all things crypto and regulatory. Please see the link to download the guide (and a few more documents on that topic) here: https://www.nasdaq.com/crypto-regulation-summary#resource-center
ISDA publishes monthly updates on the OTC reform calendar, detailing all the forthcoming regulations by jurisdictions. This is a useful reminder of changes to come and dates to pay attention to. ISDA document: https://www.isda.org/a/vU6gE/Updated-OTC-Derivatives-Compliance-Calendar-2022-1-1.pdf
This is the 1st report on Investment Funds statistics from IOSCO, but it is due to become an annual exercise. It covers hedge funds, open-ended and closed-ended funds (although IOSCO caveats this, due to more limited data on open- and closed-ended funds in certain jurisdictions). IOSCO report link: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD693.pdf