News Centre

BIS: Trust Bridges And Money Flows

Date 25/07/2023

Cross-border payments are expensive, slow and opaque, reflecting multiple frictions. These problems are particularly acute for payments between counterparties located in developing economies. In order to improve upon this situation, we must first understand the root causes. Why are cross-border payments harder to complete than domestic payments, and why are payments between counterparties located in developing economies harder than those in more advanced economies? We provide a framework for answering these questions that centres on the fact that modern forms of money depend on credit relationships that require trust.

Inclusion Of The United Arab Emirates On AML Blacklist Requires ESMA To Withdraw The Recognition Decisions Of Three CCPs

Date 25/07/2023

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has withdrawn as required by EMIR the recognition decisions of the following three central counterparties (“CCPs”) established in the United Arab Emirates (including the Dubai International Financial Centre): 

GERRY WEBER International AG: BaFin Imposes Administrative Fine

Date 25/07/2023

On 12 July 2023, the Federal Financial Supervisory Authority (BaFin) imposed an administrative fine amounting to 112,000 euros on GERRY WEBER International AG. The fine was imposed due to the company’s failure to comply with obligations under the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG). The company failed to publish an announcement about the date from which and the website where ist 2021 annual financial report was made publicly available.

Banks Plan To Issue More Debt Instruments To Counterbalance Expected Decline In Central Bank Funding, The EBA Funding Plans Report Shows

Date 25/07/2023

• Banks’ total assets increased by 1.3% in 2022. Strong loan growth to households and non-financial corporates (NFCs) was offset by a decline in cash balances, related to the Targeted Longer-Term Refinancing Operations (TLTRO) repayments.
• Banks’ reliance on public sector sources of funding is set to fall in 2023, due to TLTRO funds reaching maturity. Most banks have cash and cash balances at central banks that exceed the maturing TLTRO amounts.
• Deposits grew by 4.4% in 2022, and by the end of the year represented 75% of banks’ total funding sources. In 2023, deposit growth is expected to slow down to 2.8% for deposits from households and NFCs.
• Banks plan to issue more debt instruments in the coming years to make up for an expected decline in central bank funding but equally to comply with minimum requirement for own funds and eligible liabilities (MREL) requirements. In 2023, banks plan to increase market-based funding by 5.5%, with a focus on senior unsecured instruments and covered bonds.
• The difference between interest rates for loans to clients and client deposits has increased significantly in 2022 and banks expect it to increase further.

Finansinspektionen: Consumer Protection Report 2023

Date 25/07/2023

The risks given the highest priority in FI’s consumer protection work for 2023 are unaffordable lending, unsuitable investment products and investment fraud.

Update From NatWest Group Board And Chief Executive Officer - Board Statement

Date 25/07/2023

Howard Davies, Chairman, NatWest Group:

The Board has noted Alison Rose’s statement on the circumstances of her conversation with Simon Jack and her further apology to Mr Farage.

CFTC Charges Tennessee Husband and Wife Realtors for Operating a $6 Million Digital Assets Commodity Pool Scheme

Date 25/07/2023

The Commodity Futures Trading Commission today announced it filed a complaint in the U.S. District Court for the Middle District of Tennessee against Michael and Amanda Griffis of Clarksville, Tennessee. The complaint charges the defendants with defrauding over 100 people across the U.S. and failing to register with the CFTC in connection with a multi-million dollar commodity pool scheme they operated from approximately July 2022 through January 2023.

easytradex.cc: BaFin investigates Pop In Trading LTD

Date 25/07/2023

The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) warns consumers about the website easytradex.cc. BaFin has evidence that Pop in Trading LTD is using this platform to offer financial and investment services without the required authorisation. The company’s staff are also sending out forged letters that unlawfully bear the logos of European institutions.

prolifictrades.com: BaFin Investigates Prolific Trades Limited

Date 25/07/2023

The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) warns consumers about the website prolifictrades.com. BaFin has information that the operator Prolific Trades Limited, which is domiciled in Malta, is providing financial and investment services via this website without the required authorisation. On the website, the operator claims it is supervised by BaFin. This claim is false. According to information available to BaFin, the company is also not regulated by other national supervisory authorities.

styx-trade.com: BaFin Investigates GStyx Group, Also Known As STYXTrade Group

Date 25/07/2023

The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) warns consumers about the website styx-trade.com. BaFin has information that the operator of the website, which uses the names GStyx Group and STYXTrade Group, is providing financial and investment services via the website without the required authorisation.