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  • BIS: Humans Keeping AI In Check – Emerging Regulatory Expectations In The Financial Sector

    Date 03/08/2021

    Artificial intelligence (AI) has the potential to significantly improve the delivery of financial services. Several financial authorities have recently began developing frameworks, outlining their expectations on AI governance and use by financial institutions. These frameworks converge on common guiding principles on reliability, accountability, transparency, fairness and ethics. In general, existing high-level governance, risk management and modelling requirements for traditional models already cover these AI principles. The key difference between regulatory requirements for traditional and AI models is the stronger emphasis for the latter on human responsibilities in order to prevent discrimination and other non-ethical decisions. Moreover, while the emerging AI principles are useful, there are growing calls for financial regulators to provide more concrete practical guidance given the challenges in implementing the principles. These challenges include the speed and scale of AI adoption by financial institutions, greater touchpoints with ethical and fairness issues, technical construct of AI algorithms and lack of model explainability. These challenges also call for a proportional and coordinated regulatory and supervisory response. As more specific regulatory approaches and supervisory practices emerge, global standard-setting bodies might be in a better position to develop standards in this area. 

  • New Chainalysis Report - Why Is China Launching The Digital Yuan?

    Date 03/08/2021

    Today, Chainalysis, the blockchain data platform has published Why Is China Launching the Digital Yuan?; a new report, which analyses the country’s historic cryptocurrency activity amidst government crackdowns. 

  • Federal Reserve Board Extends Comment Period On Proposed Rule To Govern Funds Transfers Over The Federal Reserve Banks' FedNow Service

    Date 03/08/2021

    The Federal Reserve Board announced on Tuesday that it will extend until September 9, 2021, the comment period for its proposal to govern funds transfers over the Federal Reserve Banks' FedNow℠ Service. The FedNow Service is a new 24x7x365 service that will support instant payments in the United States and is expected to be available in 2023.

  • OCC July 2021 Total Volume Up 29.2 Percent From A Year Ago

    Date 03/08/2021

    OCC, the world's largest equity derivatives clearing organization, announced today that July 2021 total cleared contract volume was 794,793,709 contracts, up 29.2 percent compared to July 2020 and the highest July on record. Year-to-date average daily cleared contract volume through July was 39,175,394 contracts, up 38.2 percent compared to July 2020.

  • President, Federal Public Of Nigeria, Professor Yemi Osinbajo Commends NGX On Successful Demutualisation

    Date 03/08/2021

    During a courtesy visit of the Management of Nigerian Exchange (NGX) Limited, led by its Chief Executive Officer, Mr. Temi Popoola, CFA, the Vice President, Federal Public of Nigeria, Professor Yemi Osinbajo, GCON, SAN commended NGX on the successful completion of the demutualisation of The Nigerian Stock Exchange.

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