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BIS: Inequality And The Zero Lower Bound

Date 11/01/2024

Recent decades have been characterised by a surge in wealth inequality and a persistent decline in real rates. This has partially reversed in the current inflationary spike although it is expected to return once price pressures abate. These two observations suggest that: (i) the zero lower bound (ZLB) on nominal interest rates may have highly heterogeneous effects across households with different levels of ; and (ii) changes in wealth inequality could be driving real rates closer to the ZLB.
The EBA Responds To Law Firm On The Prudential Treatment Of A BNP Paribas Legacy Instrument

Date 11/01/2024

The European Banking Authority (EBA) published today a response to the letter received from a law firm on 11 September 2023, regarding the case of the prudential classification as Tier 2 instrument of a legacy perpetual bond (so-called ‘Discos’) of an institution established in France (BNP Paribas).
Testimony Of US Deputy Secretary Of The Treasury Wally Adeyemo Before The Energy And Natural Resources Committee, U.S. Senate

Date 11/01/2024

Chairman Manchin, Ranking Member Barrasso, and members of the committee, thank you for having me here today. I look forward to discussing Treasury’s efforts to implement recent legislation in ways that help American workers and companies build an effective supply chain to support our transition to clean energy and improve our energy security.
The World Federation Of Exchanges Opens Registration For Its 2024 Market Infrastructure Certificate Program

Date 11/01/2024

The World Federation of Exchanges (“The WFE”), the global industry group for exchanges and CCPs, today opened registration for its 2024 Market Infrastructure Certificate (MIC) programme, following the success of its inaugural year. The programme is the first and only one of its kind, which aims to educate the next generation of financial services leaders around the world.
UK Prudential Regulation Authority Takes Action Against The Former Chief Executive Officer Of Wyelands Bank Plc For Multiple Breaches Of The PRA’s Conduct Rules

Date 11/01/2024

The Prudential Regulation Authority (PRA) has fined Mr Iain Mark Hunter, the former Chief Executive Officer (CEO) of Wyelands Bank Plc (Wyelands), £118,808 for breaching three PRA Conduct Rules between 7 March 2016 and 28 May 2020. Mr Hunter failed both to act with due skill, care and diligence, and to take reasonable steps to ensure that Wyelands had adequate systems and controls in relation to the large exposures regime and PRA record keeping requirements. Today’s announcement follows on from the PRA’s decision in April 2023 to publicly censure Wyelands (which entered wind down in March 2020) for significant regulatory failings.

Three Members Reappointed To The UK Prudential Regulation Committee

Date 11/01/2024

The three external members have been reappointed by the Economic Secretary to the Treasury.
The EBA Revises Reporting Requirements For Market Risk

Date 11/01/2024

The European Banking Authority (EBA) published today amendments to the reporting requirements for market risk. As the implementation of the Fundamental Review of the Trading Book (FRTB) in the EU approaches, the EBA revised the information to be reported on the own funds requirements under the alternative approaches, and adds reporting on reclassifications of instrument between the regulatory books.
Miami International Holdings Reports Trading Results For December And Full-Year 2023 - MIAX Exchange Group Sets Record Volume And Market Share Levels In Options And Equities Markets

Date 11/01/2024

Miami International Holdings, Inc. (MIH) today reported December 2023 and full-year 2023 trading results for its U.S. exchange subsidiaries – MIAX®, MIAX Pearl® and MIAX Emerald® (together, the MIAX Exchange Group), and Minneapolis Grain Exchange (MGEX™).
Schroders Personal Wealth Selects SS&C For Transfer Agency

Date 11/01/2024

SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced a new relationship with Schroders Personal Wealth (SPW), the financial planning joint venture between Schroders plc and Lloyds Banking Group. SS&C Global Investor and Distribution Solutions (GIDS) will be SPW's transfer agent. SS&C will provide fund registry, investor services and digital solutions for the full range of SPW's funds, with GBP12.7 billion in AUM.
Broadridge Launches GenAI-Powered OpsGPT To Transform And Optimize Trading In A T+1 Environment - Simplifying And Optimizing Operations With GenAI and LLM Technology To Improve Efficiency, Mitigate Risks And Enhance Governance Across The T+1 Trade Lifecycle

Date 11/01/2024

Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR), today announced the launch of OpsGPT, a new capability for operations users, analysts, and management teams to transform their operations across the post-trade lifecycle. Powered by Generative AI (GenAI) and Large Language Model (LLM) technology, OpsGPT uses transactions, settlements and positions data to provide clients real-time visibility for faster fails resolution, researching next best actions and prioritizing key risk items in a single, easy-to-use interface. The new application is a direct response to industry and regulatory changes. Reduced settlement cycles, the continuous quest for efficiency and increasing trading velocity are collectively creating significant stress on firms’ legacy technology and operating models.