Europe

The FCA and BOE encourage liquidity providers to change USD linear swap trading conventions from USD LIBOR to SOFR on 26 July 2021.

The launch is part of a plan to expand the global reach of the BIS Innovation Hub, which includes the opening of Centres in Toronto, Frankfurt, Paris and Stockholm.

The Green Technical Advisory Group will advise the government on developing and implementing a green taxonomy in the UK context.

Project Jura will investigate the potential benefits and challenges of wCBDC in settling cross-border payments.

The end result will be more robust management of climate-related financial risks across the sector, said BOE governor Andrew Bailey.

The BOE seeks feedback on the discussion paper as it examines how CBDCs and stablecoins could impact the financial system and wider economy.

To expedite the initiative, the European Commission has issued a recommendation for member states to establish a common toolbox by September 2022.

A "significantly high number" of cryptoasset businesses are not meeting AML/CTF standards, a key part of obtaining registration with the FCA.

New disclosure rules will enter into force on 1 July, requiring large banks and insurers to disclose climate-related financial risks.

Julius Baer admitted it conspired to launder over $36mn in bribes through the US to soccer officials with FIFA and other soccer federations.