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  • CFTC Orders The Bank Of Nova Scotia To Pay A $15 Million Penalty For Recordkeeping And Supervision Failures For Widespread Use Of Unapproved Communication Methods

    Date 11/05/2023

    The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against The Bank of Nova Scotia, a provisionally registered swap dealer and Scotia Capital USA Inc., a futures commission merchant, (collectively BNS Affiliates). The order charges BNS Affiliates with failing to maintain, preserve, or produce records that were required to be kept under CFTC recordkeeping requirements, and failing to diligently supervise matters related to their businesses as CFTC registrants.

  • BIS Innovation Hub Publishes Guide On Offline CBDC Use

    Date 11/05/2023

    • BIS Innovation Hub publishes a handbook on key issues related to how central bank digital currencies (CBDCs) could work offline.
    • Among the issues addressed are security, privacy, risks, solution types and operational factors.
    • Further work on the practical aspects of implementing security and resilient CBDC systems is ongoing.

  • TriCrypto: Curve's Ace In The Hole - Kaiko Research: Deep Dive

    Date 11/05/2023

    Curve recently made waves with the release of crvUSD, its new stablecoin. However, another under-the-radar development at Curve could cause an even more significant shift in the DeFi landscape: a new TriCrypto pool [1]. This pool contains three high-volume Ethereum assets—ETH, USDT, and wBTC—and could potentially challenge Uniswap's market share. In this article, we'll examine the current breakdown of market share and explore how the changes to TriCrypto could disrupt the status quo.

  • BIS: Rising Interest Rates And Implications For Banking Supervision

    Date 11/05/2023

    Highlights

    • The recent market turmoil exposed heightened vulnerabilities of banks with material exposures in long-term, fixed rate assets that are fuelled by shorter-term, less stable funding. As interest rates rise, such entities may incur significant declines in asset values, while being exposed to volatile funds providers who may flee at the first sign of trouble, triggering a broader crisis of confidence.
    • While regulatory requirements are fundamental, they cannot, in isolation, address all ways in which higher rates could impact a bank's solvency and liquidity. Moreover, capital requirements are sensitive to banks' accounting classification choices, while liquidity rules are premised on assumptions about deposit stickiness and the ability to sell assets at a reasonable cost.
    • The supervisory review process, on the other hand, takes into account bank-specific characteristics and provides supervisors with various tools to address the confluence of risks caused by rising rates, and the ability to act preemptively before risks crystallise.
    • Further guidance that supports supervisors' ability and will to act may help to provide structure and consistency to supervisory decision-making, while allowing room for judgment.

  • Keynote Address At The 21st Symposium On Building The Financial System Of The 21st Century: An Agenda For Europe And The United States, SEC Commissioner Mark T. Uyeda, Frankfurt, Germany, May 11, 2023

    Date 11/05/2023

    Thank you, John [Gulliver],[1] for the warm introduction.  I’m honored to provide remarks at the 21st Annual Symposium on Building the Financial System of the 21st Century for Europe and the United States.  I would like to recognize the efforts of Hal Scott, the founder of the Program on International Financial Systems, for his foresight and vision in establishing these dialogues with key market participants from around the world.  One of Hal Scott’s other initiatives, the Committee on Capital Markets Regulation, has also contributed valuable reports for developing efficient capital markets and promoting policy reforms to enhance opportunities for investors.  I have personally found a lot of value in the high quality and data-driven analyses over many years from the Program and the Committee, including recent comments on the U.S. Securities and Exchange Commission’s market data structure and open-end fund liquidity proposals, and its work on regulatory reform.

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