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  • BIS: FinTech And The Digital Transformation Of Financial Services: Implications For Market Structure And Public Policy

    Date 13/07/2021

    Economic frictions such as information asymmetries and economic forces such as economies of scale and scope give rise to financial intermediaries. These frictions and forces also shape market structure. While technological advances are not new to finance, digital innovation has brought major improvements in connectivity of systems, in computing power and cost, and in newly created and usable data. These improvements have alleviated transaction costs and given rise to new business models and new entrants. As technology has increased information exchange and reduced transaction costs, the production of financial services could be disaggregated. Specialized players have unbundled financial services, allowing consumers to find and assemble their preferred suites of products. However, classic economic forces remain relevant even in an age of digital production. Economies of scale and scope and network effects are present in many aspects of financial services production, including customer acquisition, funding, compliance activities, data and capital (including trust capital). Despite advances in technology, consumer search and assembly costs remain significant. These forces encourage re-bundling, and confer advantages to large multi-product providers, including technology (big tech) firms expanding into financial services from adjacent markets. The digital transformation of financial services gives rise to a set of important policy issues regarding competition, regulatory perimeters and ensuring a level playing field. Potential outcomes regarding competition, concentration and market composition include a "barbell" outcome composed of a few large providers and many niche players. Authorities must coordinate across financial regulation, competition, and industry regulatory bodies to manage trade-offs between stability and integrity, competition and efficiency, and consumer protection and privacy.

  • Municipal CUSIP Request Volumes Climb For Fifth Straight Month - Corporate Volumes Continue Decline

    Date 13/07/2021

    CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for June 2021. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a significant monthly increase in request volume for new municipal identifiers and a slight decline in request volume for new corporate identifiers.

  • Joint Bank Of England And UK Financial Conduct Authority Review Of Open-Ended Investment Funds

    Date 13/07/2021

    In the report on Assessing the resilience of market-based finance published today, the Bank of England has set out the conclusion to the joint review by the Financial Conduct Authority (FCA) and the Bank of England on open-ended investment funds and the risks posed by their liquidity mismatch.

  • Bank Of England: Financial Policy Summary And Record - July 2021

    Date 13/07/2021

    Our Financial Policy Committee (FPC) meets to identify risks to financial stability and agree policy actions aimed at safeguarding the resilience of the UK financial system.

  • ESMA Publishes Methodology For Assessing Third Country CCPs Systemic Importance

    Date 13/07/2021

    The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator,  today published a methodology for assessing whether a third country central counterparty (TC-CCP) or some of its clearing services are of such substantial systemic importance that the TC-CCP should not be recognised to provide certain clearing services or activities in the European Union.

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