MAS is using artificial intelligence tools for risk detection and market surveillance, while also working to strengthen protections against cyber risk, data breaches and AI-based discrimination.
In Asia, most jurisdictions have made progress with Basel III adoption, though most have yet to make progress on non-cleared derivatives margining and CCP regulation.
The central bank has opted to use its national discretion in key areas in credit, market and operational risk management.
Open banking, digital banking, cloud-based infrastructure and RegTech are the key drivers of technology-led change in the Australian banking sector, according to S&P Global Ratings.
Eight major jurisdictions are yet to adopt resolution planning. Further work is needed on resolution planning for D-SIBs and other banks, as well as on cross-border cooperation on bank resolutions.
The industry-led committee is working to develop term reference rates based on JPY OIS as a potential alternative benchmark in light of the discontinuation of JPY LIBOR in 2021.
In its April quarterly round-up, ISDA detailed efforts in the three jurisdictions to ensure legal certainty on close-out netting, seen to be a critical issue for derivatives market development.
ISDA, FIA and IIF members dispute the appropriateness of extending the NCWOL safeguard to equity holders, and debate the size of the "skin-in-the-game" tranche.
Inconsistent and duplicative regulatory frameworks have led to fragmentation in global and regional derivatives markets, according to a white paper by the FIA.
New paper offers guiding principles on the provision of post-trade services for crypto assets, including on the governance and risk management structures needed to protect market stability.