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Readout: US Financial Stability Oversight Council Meeting On April 21, 2023

Date 21/04/2023

Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive and public sessions at the U.S. Department of the Treasury (Treasury). 

US Financial Stability Oversight Council Issues For Public Comment Proposed Analytic Framework For Financial Stability Risks And Proposed Guidance On Nonbank Financial Company Determinations

Date 21/04/2023

The Financial Stability Oversight Council (Council) today voted unanimously to issue for public comment a proposed analytic framework for financial stability risks.  This new framework is intended to provide greater transparency to the public about how the Council identifies, assesses, and addresses potential risks to financial stability, regardless of whether the risk stems from activities or firms.

Remarks Before The Financial Stability Oversight Council Financial Stability Risks & Guidance On Nonbank Determinations, SEC Chair Gary Gensler, Washington D.C., April 21, 2023

Date 21/04/2023

Good morning, Secretary Yellen. I want to thank the Council, the staff, and you for developing today’s guidance on non-bank determinations, which I am pleased to support.

Remarks By US Secretary Of The Treasury Janet L. Yellen At Financial Stability Oversight Council Meeting

Date 21/04/2023

Our first agenda item is a discussion and votes on two proposals. The first is the Council’s proposed framework for financial stability risk identification, assessment, and response. The second is the proposed interpretive guidance on nonbank financial company designations. 

BIS Appoints Gaston Gelos As Deputy Head Of The Monetary And Economic Department

Date 21/04/2023

The Bank for International Settlements (BIS) today announced that Gaston Gelos has been appointed as Deputy Head of the Monetary and Economic Department (MED) and Head of Financial Stability Policy, effective 1 September 2023. Mr Gelos will join the BIS from the International Monetary Fund (IMF) where he serves as Assistant Director in the Western Hemisphere Department and Mission Chief for Mexico.

Federal Reserve Issues Initial Findings From Its 2022 Triennial Payments Study

Date 21/04/2023

The Federal Reserve on Friday issued initial findings from its 2022 triennial payments study. The information shows how consumers and businesses chose to make noncash payments, using checks, different types of cards, and the automated clearinghouse (ACH). Additional details will be available as analysis is completed.

BIS: FinTech, Investor Sophistication And Financial Portfolio Choices

Date 21/04/2023

Summary

Focus

Financial technology (fintech) enables data to be more efficiently used to solve problems related to asymmetric information. In finance, artificial intelligence can be used to increase financial inclusion and reduce the costs of financial services. However, fintech can also lead to discrimination among investor groups, particularly if they have different levels of access to, or use of, the new technology. For instance, fintech can allow sophisticated market players to acquire better data and formulate profitable trading strategies, while less sophisticated ones may lose out. So are advances in financial technology democratising finance and levelling the playing field?

Swedish Financial Benchmark Facility AB Receives Authorisation As Administrator Of STIBOR Under BMR

Date 21/04/2023

Finansinspektionen grants Swedish Financial Benchmark Facility AB (SFBF) authorisation as an administrator of STIBOR under the EU regulation on benchmarks (BMR).

Remarks By US Under Secretary Brian Nelson At American Chamber Of Commerce Austria Roundtable

Date 21/04/2023

Good afternoon and thank you to the American Chamber of Commerce Vienna for bringing this group of business leaders together to discuss the effects of sanctions on Russia and our strategic priorities to deny Vladimir Putin the revenue and supplies he needs to continue his unjust war against Ukraine.

Hedge Fund Capital Rises For Second Consecutive Quarter As Bank, Economic Risks Surge - HFRI 500 Equity Hedge Index Leads Industry Through Volatile First Quarter - Investors Allocate Over $9 Billion In New Capital Across All

Date 21/04/2023

Total hedge fund capital increased for the second consecutive quarter as investors allocated new capital while key banking and financial risks surged and the risk of recession increased.