MARKET INFRASTRUCTURE

ESG / Sustainability

FSB Publishes Letter to G20 Ahead of Virtual Meeting

By Manesh Samtani | 14/10/2020

The letter describes the FSB’s work to address issues of financial innovation and technology, promote a resilient and integrated global financial system, and address market fragmentation.

AML / KYC

FSB Issues Final Recommendations on Regulating Global Stablecoins

By Editors | 13/10/2020

Global stablecoin arrangements are expected to adhere to all applicable regulatory standards and address risks to financial stability before commencing operation, the FSB says.

Market Infrastructure

BSP Amends Operational Risk Guidelines to Include ‘People Risk’

By Sanday Chongo Kabange | 13/10/2020

The BSP wants banks and NBFIs to embed in their ERM framework measures to identify, measure, monitor, and control human resource related risks.

Fintech / Regtech

Wirecard Service Halt Disrupts Singapore Merchants – Report

By Editors | 13/10/2020

Singapore merchants were caught off guard when Wirecard services stopped functioning this month. Many have been accepting payments via bank transfer, cash or digital platforms.

Market Infrastructure

PBOC Scraps Risk Reserve Requirement on FX Forwards

By Editors | 13/10/2020

The risk reserve ratio previously made it more expensive to bet against the yuan by forcing FIs to set aside extra cash when buying FX forwards for clients.

AML / KYC

FSB Publishes Roadmap on Enhancing Cross-Border Payments

By Editors | 13/10/2020

The roadmap seeks to address key challenges faced in cross-border payments including high costs, low speed, limited access and insufficient transparency.

Market Infrastructure

Japan Financial Hub Ambitions Centre on Three Cities – Report

By Editors | 13/10/2020

Prime Minister Yoshihide Suga reportedly plans to quickly address issues concerning taxation, residency requirements and language support to attract foreign talent.

Fintech / Regtech

FSB Calls on Authorities to Regulate BigTech in Financial Services

By Editors | 12/10/2020

Where financial services activities are undertaken by new types of actors, such as BigTech firms, the principle of ‘same risk-same regulation’ should apply, the report says.

Market Infrastructure

BIS Paper Presents Alternative to Forward-looking Term Rates

By Manesh Samtani | 12/10/2020

Many banks have adopted a “wait and see” approach to the LIBOR phase-out, waiting to forward-looking term rates based on RFR derivatives to become available.