MARKET INFRASTRUCTURE

    Market Infrastructure

    RBI Proposes Authorisation of New Retail Payment Systems

    By Editors | 12/02/2020

    The draft framework is said to be aimed at addressing concerns that the NPCI has become ‘too big to fail’ and presents increased concentration risk.

    Enforcement

    US Charges 4 Chinese Military Officers for Equifax Hack

    By Editors | 12/02/2020

    The four Chinese nationals are charged for breaking into Equifax’s computer systems to steal US citizens’ personal data and sensitive trade secrets.

    Market Infrastructure

    Indian Banks Association Pushes for LIBOR Transition Readiness

    By Editors | 12/02/2020

    The IBA has written to companies asking them to assess the impacts that the LIBOR phase-out will have on their businesses, and to prepare accordingly.

    Market Infrastructure

    Hong Kong Considers Reforms to Data Privacy Laws

    By Editors | 12/02/2020

    Key recommendations include higher penalties for breaches, mandatory data breach notifications, and a requirement for clear personal data retention policies.

    Market Infrastructure

    China Green Lights Mastercard JV to Enter Bank Card Clearing Market

    By Editors | 12/02/2020

    The approval follows a commitment from China to expedite pending licence applications from US payments providers as part of the phase one trade deal.

    Fintech / Regtech

    Federal Reserve Explores Feasibility of US Dollar CBDC

    By Editors | 11/02/2020

    The Fed is exploring policy and design issues, legal considerations, and financial stability and resilience implications, governor Lael Brainard says.

    Market Infrastructure

    Sri Lanka Should Start LIBOR Transition ‘Immediately’ – ICRA

    By Editors | 11/02/2020

    The central bank, financial institutions, and companies must assess the impact, and the LIBOR transition should start “immediately”, says ICRA Lanka, a Moody’s group company.

    ESG / Sustainability

    FSAP Stress Tests to Prioritise Climate Risk Assessments: IMF

    By Manesh Samtani | 08/02/2020

    The IMF is adding climate-related factors to its existing stress-testing methodology to help government and private-sector leaders prepare for potential financial shocks.

    Market Infrastructure

    RBA Considers Mandating ‘Least Cost Routing’ – Reports

    By Editors | 07/02/2020

    Forcing banks to route payments through EFTPOS rather than Visa or Mastercard could save retailers an estimated A$500mn a year.

    Market Infrastructure

    US, Singapore Jointly Declare Opposition to Data Localisation

    By Editors | 06/02/2020

    The US and Singapore support allowing financial service suppliers to transfer data across borders and oppose generally applicable data localisation requirements.

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