News Centre

Testimony Of US Deputy Assistant Secretary For Tax Policy Mark J. Mazur To The Subcommittee On Oversight And Subcommittee On Select Revenue Measures, U.S. House Of Representatives

Date 10/06/2021

Chairman Thompson, Chairman Pascrell, Ranking Member Smith, Ranking Member Kelly, and Members of the Subcommittees: Thank you for inviting me to discuss tax compliance and the Administration’s tax compliance agenda. Improving tax compliance can help meet our Nation’s most important tax policy goals: building a tax system that raises adequate revenue in an equitable and efficient manner.

ESAs Publish Amended Technical Standards On The Mapping Of ECAIs

Date 10/06/2021

The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today two amended Implementing Technical Standards (ITS) on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).

BIS: Fiscal Regimes And The Exchange Rate

Date 10/06/2021

Summary

Focus

We study how the exchange rate's response to monetary and fiscal policy depends on the fiscal regime. In a Ricardian regime, the government always backs its debt, ie commits to increasing taxes in the future to satisfy its intertemporal budget constraint. In a non-Ricardian regime, the government does not necessarily commit to finance its debt. In this case, the fiscal authority may eventually default or the central bank may accommodate fiscal deficits, creating money and inflating away the debt.

Remarks At Meeting Of Investor Advisory Committee, SEC Commissioner Hester M. Peirce, June 10, 2021

Date 10/06/2021

Thank you, Jennifer [Marietta-Westberg], and the rest of the committee members for holding this meeting today. Thank you also to today’s panelists. Allison [Bennington] and Mina [Nguyen], I appreciate your hard work on this Committee. Your voices will be missed.

Moscow Exchange: Risk Parameters Change For The Security TRNFP

Date 10/06/2021

As per the Securities market risk parameters methodology, on 10.06.2021, 18-20 (MSK) the upper bound of the price band (up to 177650) and initial margins (up to 25 %) for the security TRNFP were changed. New values are available here

BIS: The Accountability Regime Of Banking Supervisors: With Great Power Comes Great Responsibility

Date 10/06/2021

Highlights

• Following the Great Financial Crisis, many supervisors have been tasked with a multitude of new objectives layered atop the core safety and soundness (S&S) mandate, which is difficult to define. Some of these new remits are broad and driven by governmental priorities, clouding the demarcation between prudential and political spheres.
• As supervisory remits multiply and converge with political interests, the potential for conflicts between S&S and other mandates grow. Actions taken by supervisors to fulfil their expanded role affect broader segments of society. This calls for a robust accountability regime to assess supervisors' performance. In practice, such mechanisms are difficult to implement due to challenges in prioritising, defining, measuring, and overseeing multiple supervisory mandates.
• Legislative bodies can strengthen the accountability of supervisors by prioritising the S&S mandate and setting clear objectives that supervisors can report on. The establishment of independent oversight bodies to assess supervisors' performance can further enhance accountability.
• Banking authorities can also foster accountability by publishing statements on their interpretation of S&S and other remits and how they plan to fulfil them. Self-assessments – backed by a range of well designed metrics that consider outcomes – can help stakeholders better evaluate how they deliver the S&S and other remits.
• Robust accountability regimes need to be balanced with mechanisms to shield supervisors' from undue political or industry interference and to preserve their operational independence.

Bank For International Settlements Innovation Hub, Swiss National Bank And Bank Of France Collaborate For Experiment In Cross-Border wCBDC

Date 10/06/2021

• The BIS Innovation Hub, Swiss National Bank, Bank of France and a private sector consortium will collaborate in a wholesale CBDC (wCBDC) experiment.
• Project will investigate the potential benefits and challenges of wCBDC in settling cross-border payments and digital financial instruments.
• Part of a series of CBDC experiments announced by the Bank of France in July 2020.

Prepared Remarks At The Meeting Of SEC Investor Advisory Committee, Chair Gary Gensler, June 10, 2021

Date 10/06/2021

Good morning. Thank you Jennifer, Heidi, and all the committee members for having me. I enjoyed meeting with members of the Executive Committee yesterday and am thrilled to meet the whole committee for the first time. I’m grateful for the members’ time and willingness to represent the interests of American investors.

TreasurySpring Raises $10m Series A To Capitalise On Breakout Year

Date 10/06/2021

TreasurySpring, the London-based financial technology company that operates the world’s first Fixed-Term Fund platform today announced the closing of its latest capital raise, securing more than $10m of new investment in a round that was co-led by MMC Ventures and Anthemis Group, with participation from existing investors, including ETFS Capital. The company has now raised more than $15m since its first external capital injection in November 2017.  

Bank Of England: Minutes Of The Securities Lending Committee Meeting – May 2021

Date 10/06/2021

The Securities Lending Committee is a forum for market participants and authorities to discuss the UK securities lending market.