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ISDA derivatiViews: Seeking Future Leaders To Explore Collateral And Liquidity

Date 17/07/2024

The transition to central clearing and margining for non-cleared derivatives has gone a long way to mitigating counterparty credit risk, by requiring a huge volume of collateral to be exchanged between parties. But managing the timely and efficient flow of this collateral through the system on a daily basis is an ongoing challenge. As recent stress events have shown, delays and inefficiencies in sourcing and posting collateral can quickly lead to an escalation of liquidity risk. ISDA has been working hard to standardize data and bring greater automation to collateral management, and we’re now looking to the industry’s rising stars to contribute fresh ideas to address this challenge.

FINRA Appoints Julie Glynn And Tina Gubb As SVPs Of Enforcement

Date 17/07/2024

FINRA announced today that it has appointed Julie Glynn and Tina Gubb as Senior Vice Presidents of Enforcement. Gubb’s appointment is effective July 22, while Glynn’s appointment is effective in September. Both will report to Bill St. Louis, Executive Vice President and Head of Enforcement at FINRA.

BIS: Basel Committee Publishes Final Disclosure Framework For Banks' Cryptoasset Exposures And Targeted Amendments To Its Cryptoasset Standard

Date 17/07/2024

• Basel Committee has published its final disclosure framework for banks' cryptoasset exposures.
• The Committee has also published targeted amendments to its cryptoasset standard to tighten the criteria for certain stablecoins to receive a preferential regulatory treatment.
• Both standards are to be implemented by 1 January 2026.

US Treasury And The Financial Services Sector Coordinating Council Publish New Resources On Effective Practices For Secure Cloud Adoption

Date 17/07/2024

Today, the U.S. Department of the Treasury and the Financial Services Sector Coordinating Council (FSSCC) published a suite of resources to share with financial services institutions on effective practices for their secure cloud adoption journey. These deliverables are the result of a year-long public-private partnership of the Financial and Banking Information Infrastructure Committee (FBIIC) and the FSSCC.

IMF Deputy Managing Director Antoinette Sayeh To Retire From The Fund

Date 17/07/2024

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), announced today that Deputy Managing Director Antoinette Sayeh intends to conclude her service on September 12, 2024.

NYSE Member Firms Report First Quarter Results

Date 17/07/2024

New York Stock Exchange member firms that conduct business with the public reported a first-quarter 2024 after-tax profit of approximately $11 billion and revenues of approximately $117.5 billion, compared with approximately $7 billion after-tax profit on revenues of about $97 billion in the first-quarter of 2023.

EBA Clarifies The Operational Application Of CRR 3 In The Area Of Credit Risk Modelling

Date 17/07/2024

The European Banking Authority (EBA) welcomes the entry into force of the new European Banking Package, which implements the final Basel III framework into EU regulation. To ensure a smooth operational implementation of the Banking Package, the EBA encourages institutions and competent authorities to engage in an active dialogue.

ESAs Published Second Batch Of Policy Products Under DORA

Date 17/07/2024

The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published today the second batch of policy products under the Digital Operational Resilience Act (DORA). This batch consists of four final draft regulatory technical standards (RTS), one set of Implementing Technical Standards (ITS) and 2 guidelines, all of which aim at enhancing the digital operational resilience of the EU’s financial sector.

Getting Closer, Federal Reserve Governor Christopher J. Waller, At The Federal Reserve Bank Of Kansas City, Kansas City, Missouri

Date 17/07/2024

Thank you, Jeff, and thank you to the Federal Reserve Bank of Kansas City for the opportunity to speak to you today.1 So far, 2024 has been a challenging year for economic forecasters, and for monetary policymakers. After significant progress in 2023 toward the Federal Open Market Committee's (FOMC) price-stability goal, inflation jumped in the first quarter. At the same time, both the labor market and economic growth ran strong enough that some commentators wondered whether monetary policy was restrictive enough and whether rate hikes should be back on the table. These twists and turns in the economic data shifted everyone's expectations back and forth as to when the FOMC might begin lowering its policy interest rate and how many cuts there would be this year. During this time, my consistent view was that there was no urgency to cut rates until the Committee is confident that inflation is returning sustainably to 2 percent.

ESAs Establish Framework To Strengthen Coordination In Case Of Systemic Cyber Incidents

Date 17/07/2024

The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) will establish the EU systemic cyber incident coordination framework (EU-SCICF), in the context of the Digital Operational Resilience Act (DORA), that will facilitate an effective financial sector response to a cyber incident that poses a risk to financial stability, by strengthening the coordination among financial authorities and other relevant bodies in the European Union, as well as with key actors at international level.