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Bringing The Statement On Longer-Run Goals And Monetary Policy Strategy Into Alignment With Longer-Run Changes In The Economy, Federal Reserve Governor Lael Brainard - At "How The Fed Will Respond To The COVID-19 Recession In An Era Of Low Rates And Low Inflation," An Event Hosted By The Hutchins Center On Fiscal And Monetary Policy At The Brookings Institution, Washington, D.C. (Via Webcast)

Date 01/09/2020

I want to thank David Wessel for hosting this event. It is an honor to be here with Ben Bernanke and Janet Yellen, who pioneered the original Statement on Longer-Run Goals and Monetary Policy Strategy in 2012. It is a pleasure to discuss the new statement, unanimously approved by the Federal Open Market Committee (FOMC) last week.1 By bringing our longer-run goals and strategy into alignment with key longer-run changes in the economy, the new statement will strengthen our support for the recovery. In my view, the new statement breaks important ground and will serve the country well as we respond to the economic repercussions of the COVID-19 crisis.

Revised Lists Of The Moscow Exchange Indices Announced

Date 01/09/2020

Moscow Exchange announced the results of the quarterly review for MOEX indices. All changes were made upon recommendations from the Index Committee and will be implemented from 18 September 2020. The Exchange has also set free floats for a number of companies.

US Federal Agencies Extend Comment Period On Proposed Revisions To Interagency Questions And Answers Regarding Flood Insurance

Date 01/09/2020

Five federal regulatory agencies today announced they will extend the comment period on a proposal to revise the Interagency Questions and Answers Regarding Flood Insurance (Interagency Questions and Answers) until November 3, 2020.

SEC Awards Over $2.5 Million To Joint Whistleblowers For Detailed Analysis That Led To Multiple Successful Action

Date 01/09/2020

The Securities and Exchange Commission today announced an award of over $2.5 million to joint whistleblowers whose tip based largely on highly probative independent analysis of a public company’s filings led to several successful enforcement actions.  In addition to their tip, the whistleblowers provided helpful assistance early in the investigation, which helped save Commission time and resources. 

EBA Publishes Its 2019 Annual Report On Resolution Colleges

Date 01/09/2020

The European Banking Authority (EBA) published today its Annual Report on resolution colleges for 2019. The Report sets out the EBA’s observations on the efficiency, effectiveness and consistency of the functioning of resolution colleges during the year and the progress achieved in key areas of resolution planning. It also highlights the main areas that the EBA will monitor in 2020, which primarily address responses to the effects of the Covid-19 pandemic. Overall, the Report shows that resolution colleges continue to be an active forum for resolution authorities in the development of resolution plans for cross-border banking groups, where the intensity and quality of cooperation and dialogue has also improved.

SIX Trading Key Figures: August 2020

Date 01/09/2020

In August 2020 trading turnover on the Swiss Stock Exchange was down 19.5% compared to the previous month and reached CHF 96.0 billion, while the number of transactions decreased by 17.4% to a total of 6,082,527. In comparison with the corresponding period last year, trading turnover was up by 28.4% to reach CHF 1,236.2 billion, while the number of trades rose by 74.1% to a total of 69,865,927. The SMI® rose by 1.3% and reached 10,135.6 points at the end of August.

François-Louis Michaud Starts Today As New EBA Executive Director

Date 01/09/2020

François-Louis Michaud has started today his new role as Executive Director of the European Banking Authority (EBA). Michaud, who was confirmed in this role after a plenary vote in the European Parliament on 8 July 2020, will serve a five-year renewable term.

SIX Welcomes New Trading Participant - Credit Suisse International Joins The Swiss Stock Exchange, The Highly Liquid Reference Market For Swiss Securities

Date 01/09/2020

Today, Credit Suisse International started trading on SIX. Gregor Braun, Head Sales Switzerland & Europe, commented: “We are happy to welcome our new member and wish him successful trading on the Swiss Stock Exchange.” At present, 94 participants enjoy the outstanding order book quality as well as the technologically leading and reliable trading infrastructure of the Swiss Stock Exchange.

BIS: Data Vs Collateral

Date 01/09/2020

Summary

Focus

Collateral is used in debt contracts to mitigate the difficulties ("agency problems") that arise when the lender's knowledge of the borrower is incomplete ("asymmetric information"). Banks usually require borrowers to pledge tangible assets, such as real estate, to help offset such problems in credit assessment, or to reduce moral hazard and enforcement problems. By contrast, large technology firms ("big techs") can use massive amounts of data ("big data") to better assess firms' creditworthiness. These capabilities could help to reduce the importance of collateral in solving asymmetric information problems in credit markets.

LBMA, Bank Of England And Commercial Vaults: Increased Transparency Of London Gold Holdings

Date 01/09/2020

LBMA, the Bank of England and the commercial Vaults (Brink’s, HSBC, ICBC Standard Bank, JP Morgan, Loomis and Malca Amit) announced today that they will publish the gold and silver holdings of the vaults in London with a one-month lag. These figures provide an important insight into London’s durability and reinforce the underlying strength of the physical OTC Market.