XP 49 Financial Industry Consultants

1st January 2022 – EC Taxonomy Amendments proposal for Natural Gas and Nuclear

2022-01-17T17:00:59+00:00

An internal document to the European Commission (EC) proposing amendments to the EU Taxonomy has been released (see the Euractiv web URL below). On 1 January, the EC announced that it had begun consultations on a draft delegated act, with the Platform on Sustainable Finance and a Member States sustainable finance expert group, as it [...]

1st January 2022 – EC Taxonomy Amendments proposal for Natural Gas and Nuclear2022-01-17T17:00:59+00:00

31st December 2021 – Reserve Bank of Australia – Wholesale CBDC (Project ATOM)

2022-01-17T17:25:43+00:00

We attach the links a CBDC initiative in Australia: Project ATOM - Wholesale CBDC for Syndicated Lending   Please see the link to Project ATOM conclusions here: https://www.rba.gov.au/payments-and-infrastructure/central-bank-digital-currency/pdf/project-atom-report_2021-12.pdf  

31st December 2021 – Reserve Bank of Australia – Wholesale CBDC (Project ATOM)2022-01-17T17:25:43+00:00

21st December 2021 – ECB Low Carbon Transition & Credit Risk

2021-12-30T12:01:48+00:00

The ECB produces a Working Paper on the topic of the Low carbon Transition, Climate Commitments and the impacts on Credit Risk. This is a rather technical essay, focusing on the following topic: "whether and how two key measures of firm-level credit risk – credit ratings issued by rating agencies and the market-implied distance-to-default – [...]

21st December 2021 – ECB Low Carbon Transition & Credit Risk2021-12-30T12:01:48+00:00

17th December 2021 – US OCC Principles for Climate-Related Risk Management by Large Banks

2021-12-30T11:52:35+00:00

The OCC wants to ensure that large banks properly identify and manage the risks associated with both physical and transition aspects of climate change. It publishes a first draft of Principles to provide a high-level framework for the safe and sound management of exposures to climate-related financial risks, consistent with the existing risk management framework [...]

17th December 2021 – US OCC Principles for Climate-Related Risk Management by Large Banks2021-12-30T11:52:35+00:00

17th December 2021 – UK FCA Policy Statements – Enhancing Climate-Related Disclosures (PS21-23 + PS21-24)

2021-12-30T11:46:36+00:00

The FCA issues 2 Policy Statement on climate-related disclosures: one for Listed Companies, issuers of Shares and GDRs (PS21-23) and one for Asset Managers and Asset Owners (PS21-24). The FCA introduced climate-related disclosure requirements in December 2020, through a Listing Rule for premium listed commercial companies referencing the TCFD’s recommendations. PS21-23 extends the application of [...]

17th December 2021 – UK FCA Policy Statements – Enhancing Climate-Related Disclosures (PS21-23 + PS21-24)2021-12-30T11:46:36+00:00

16th December 2021 – CFTC SOFR First – User Guide for ETD/XTD

2021-12-30T11:25:36+00:00

CFTC encourages the use of SOFR for ETD / XTD (EXchange Traded Derivatives) and makes 4 key statements: 1- Eurodollar futures and options are LIBOR contracts; --> so they should be abandoned 2- SOFR futures trading volumes are growing rapidly, and SOFR futures exposures are larger than market participants realize, given the construction of LIBOR [...]

16th December 2021 – CFTC SOFR First – User Guide for ETD/XTD2021-12-30T11:25:36+00:00

16th December 2021 – ISDA LIBOR Fallbacks & Protocol

2021-12-30T11:34:13+00:00

ISDA publishes 3 documents for the Libor transition: - the 2021 Fallback Protocol - Amendments to Fallback Definitions and additional IBORs - New Fallbacks for Additional IBORs (India MIFOR; Malaysia KLIBOR; New Zealand BKBM; Norway NIBOR; Philippines PHIREF; Sweden STIBOR).   ISDA Fallback Protocol: https://www.isda.org/a/nhtgE/ISDA-2021-Fallbacks-Protocol_Publication-Version.pdf New Fallbacks for Additional IBORs: https://www.isda.org/a/TltgE/ISDA-Publishes-New-Fallbacks-for-Additional-IBORs.pdf

16th December 2021 – ISDA LIBOR Fallbacks & Protocol2021-12-30T11:34:13+00:00

16th December 2021 – United Nations World Migration Report 2022

2021-12-30T11:13:57+00:00

This is not a typical post for this website, it has (on the surface) nothing much to do with Financial Markets and Financial Institutions. It is, however, an important element to take into account when analysing the economic future of many countries, whether those are countries from which people are fleeing or being displaced, or [...]

16th December 2021 – United Nations World Migration Report 20222021-12-30T11:13:57+00:00

15th December 2021 – US SEC Money Market Funds Governance Rules

2021-12-30T10:56:54+00:00

The US SEC issues CFR 17 Parts 270 and 274, a (very lengthy...) proposed set of rules to amend the governance of Money Market Funds (MMF) and increase their resilience in times of stress. In particular, the proposed rule would remove the liquidity fee and redemption gate provisions contained in the existing rule. The idea [...]

15th December 2021 – US SEC Money Market Funds Governance Rules2021-12-30T10:56:54+00:00

13th December 2021 – Bank of England Solvency Stress Test 2021 Results

2021-12-29T16:31:21+00:00

The Bank of England’s 2021 ‘solvency stress test’ (SST) shows the major UK banks are resilient to a severe path for the economy in 2021–25 on top of the economic shock associated with the Covid-19 (Covid) pandemic that occurred in 2020. These results support the Financial Policy Committee's (FPC) judgement that the system is resilient [...]

13th December 2021 – Bank of England Solvency Stress Test 2021 Results2021-12-29T16:31:21+00:00
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