News Centre

Credit Suisse To Pay Nearly $475 Million To U.S. And U.K. Authorities To Resolve Charges In Connection With Mozambican Bond Offerings - VTB Capital Also Agrees To Settlement With SEC For Role In Misleading Investors

Date 19/10/2021

Credit Suisse Group AG has agreed to pay nearly $475 million to U.S. and U.K authorities, including nearly $100 million to the Securities and Exchange Commission, for fraudulently misleading investors and violating the Foreign Corrupt Practices Act (FCPA) in a scheme involving two bond offerings and a syndicated loan that raised funds on behalf of state-owned entities in Mozambique.

Welcoming Remarks, Federal Reserve Governor Michelle W. Bowman, At The Women In Banking Symposium, Federal Reserve Bank Of Richmond, Richmond, Virginia (Via Webcast)

Date 19/10/2021

Good afternoon. It is a pleasure to be able to join you today for this conversation, and as a bank regulator and former banker, I am pleased that this conference is making the case for diversity in terms that everyone in business can understand. At any time, but especially now when attracting and keeping skilled and talented employees is so challenging, it only makes sense that you'll get the best employees if both men and women see a business with diverse leadership, and the opportunity to advance. And when a large share of your customers are women, when understanding their perspective is so important to your business, having women in leadership positions will help you serve these customers better and make you a more profitable and successful enterprise.

EBA Publishes Final Draft Regulatory Technical Standards On Disclosure Of Investment Policy By Investment Firms

Date 19/10/2021

• The draft technical standards specify the information that investment firms will have to disclose to show their influence over the companies in which they hold voting rights.
• The standards put forward comparable disclosures and detailed instructions on investment firms’ voting rights, voting guidelines, and voting behaviour.

Deutsche Börse On Growth Path As Planned

Date 19/10/2021

Deutsche Börse Group has published its quarterly statement Q3/2021. Please scroll down to the bottom of the e-mail for the links to the report and further information.

EBA Updates Version 5.1 Of Its Filing Rules For Supervisory Reporting

Date 19/10/2021

The European Banking Authority (EBA) published today an updated version of its 5.1 filing rules document for supervisory reporting. In particular, the update modifies rule 1.6 to simplify the use of the filing indicator by removing the option “empty filing” indicator. This updated rule must be followed for all the submissions and resubmissions as of 1 January 2023. In addition, the update modifies rule 3.6 to improve Consolidated/Individual information circulation and to allow for multiple consolidation levels for an entity.  CON/IND is being moved from module name to reporting subjects. This change will apply as of 31 December 2022.  

BIS: The Treasury Market In Spring 2020 And The Response Of The Federal Reserve

Date 19/10/2021

Focus

In March 2020, as the Covid-19 crisis intensified, stress emerged in the market for Treasury securities. During the period 9–18 March, the 10-year yield surged sharply by 64 basis points while the stock market kept falling. This is contrary to typical risk-off events which are characterised by a simultaneous drop in equity prices and long-term yields. In response to these developments, on 15 March 2020 the Board of Governors of the Federal Reserve System (the Fed) unveiled a new programme to buy large amounts of Treasuries. Purchases exceeded $1 trillion in Q1 2020. This paper seeks to provide new facts and analysis to improve understanding of the episode.

FSB Calls For Greater Convergence In Cyber Incident Reporting

Date 19/10/2021

The Financial Stability Board (FSB) today published a report on existing approaches to cyber incident reporting and next steps for broader convergence.

FSB Appoints New Chairs To Key Committees

Date 19/10/2021

The Financial Stability Board, at its Plenary virtual meeting on 18 October, appointed the chairs of two of its Standing Committees and the Resolution Steering Group, following the completion of the previous chairs’ terms:

BIS: Joined At The Hip: Monetary And Fiscal Policy In A Liquidity-Dependent World

Date 19/10/2021

Summary

Focus

In a low interest rate environment, financing government operations by issuing bonds is very similar to financing them by issuing bank reserves, ie money. But there remains one key difference: the way their prices are set. The price of money is the inverse of the price level. If prices are sticky, so is the price of money in terms of goods. By contrast, the price of bonds in terms of goods is free to jump all over the place. This difference matters a great deal for a number of monetary and fiscal policy issues.

Destination Italia S.p.A. Lists On AIM Italia

Date 19/10/2021

• Twenty-third listing of 2021 on Borsa Italiana’s AIM Italia

• Destination Italia S.p.A. brings the total number of companies listed on Borsa Italiana’s AIM Italia to 154

• Total placement volume of the offering equal to €3.5 million