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 - [...]
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
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 – [...]
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 [...]
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 [...]
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 [...]
This FSB report commemorates the tenth anniversary of the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions (“Key Attributes”), whose main aim was to address the potential issue of "Too Big To Fail" institutions. According to the FSB, the 3 main axis for further progress are: Banks – Important work remains to improve [...]
The EBA discloses detailed bank-by-bank data for the reference dates of 30 September 2020, 31 December 2020, 31 March 2021 and 30 June 2021. Information collected via the EBA EUCLID platform is published at the highest level of consolidation for 120 banks across 25 countries of the European Union (EU) and the European Economic Area [...]
The FSB issues its annual Report on the implementation of the OTC Derivatives Market Reform which was decided following the 2008/09 financial crisis. Nothing major has come out in the last 12 or 15 months, partly as a result of COVId-19. The FSB report can be found here: https://www.fsb.org/2021/12/otc-derivatives-market-reforms-implementation-progress-in-2021/
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