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  • 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.

  • Climate Change And Financial Stability, Federal Reserve Governor Christopher J. Waller, At The IE University – Banco De España – Federal Reserve Bank Of St. Louis Conference Current Challenges In Economics And Finance, Madrid, Spain

    Date 11/05/2023

    Thank you for inviting me to speak today.

    Climate change is real, but I do not believe it poses a serious risk to the safety and soundness of large banks or the financial stability of the United States.1 Risks are risks. There is no need for us to focus on one set of risks in a way that crowds out our focus on others. My job is to make sure that the financial system is resilient to a range of risks. And I believe risks posed by climate change are not sufficiently unique or material to merit special treatment relative to others.2 Nevertheless, I think it's important to continue doing high-quality academic research regarding the role that climate plays in economic outcomes, such as the work presented at today's conference.

  • Commencement Address, Federal Reserve Governor Lisa D. Cook At The 2023 Spring Convocation, Michigan State University, East Lansing, Michigan

    Date 11/05/2023

    Go, Green!

    Hello, Michigan State University Class of 2023! And congratulations to you and your friends and families!

  • BETTER FINANCE Raises Serious Concerns Over The Current “Trialogues” On EU Capital Market Structure And Their Impact On The Retail Investment Community

    Date 11/05/2023

    • BETTER FINANCE calls for a restricting “dark” capital market venues to REAL Large-in-scale (LIS) trades, i.e., of more than €100k each, to really prevent them from dealing with “retail” orders.
    • Current Payment for Order Flow (PFOF) proposals "surreal" and don’t respond to citizens’ questions.
    • A real-time pre-trade Consolidated Tape (CT) of equity order books will put retail investors and brokers at a disadvantage due to “latency arbitrage”. BETTER FINANCE calls for the adoption of the Council’s approach.

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