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  • Statement From US Secretary Of The Treasury Janet L. Yellen On Today’s Agreement Of 130 Countries To Support A Global Minimum Tax For The World’s Largest Corporations

    Date 01/07/2021

    Today is an historic day for economic diplomacy. For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster?

  • It’s A Recovery, But Not As We Know It - Speech By Andrew Bailey, Governor, Bank Of England, Given At Mansion House

    Date 01/07/2021

    Andrew Bailey says Covid has not had the same impact on our economy as other shocks did in the past.

  • BIS: Distrust Or Speculation? The Socioeconomic Drivers Of U.S. Cryptocurrency Investments

    Date 01/07/2021

    Summary

    Focus

    Cryptocurrencies such as bitcoin and ether have been marketed as alternatives to government-issued currencies and commercial banking. Proponents argue that key value propositions of the asset class are their asserted resistance to debasement and censorship by governments or financial institutions over who can transact. We evaluate whether distrust in the existing financial system is indeed a motive for investing in cryptocurrencies. We also examine the socioeconomic characteristics of cryptocurrency holders.

  • SIX Trading Key Figures: June 2021

    Date 01/07/2021

    In June 2021 trading turnover on the Swiss stock exchange reached CHF 113.7 billion, 21.1% more than in the previous month, while the number of transactions increased by 5.1% to a total of 4,786,124. Since the beginning of 2021, trading turnover reached CHF 694.5 billion with a total of 33,654,356 transactions. The SMI® rose by 5.1% and reached 11,942.7 points at the end of the month, registering a new all-time high with 12,072.1 points on 18 June 2021 (closing price).

  • EBA Provides Clarification On The Implementation Of The New Prudential Regime For Investment Firms

    Date 01/07/2021

    The European Banking Authority (EBA) published today an Opinion to ease the implementation of the Investment Firms Regulation (IFR) and Investment Firms Directive (IFD), which entered into force on June 26. The IFR/IFD classify investment firms according to their business model and size, the latter of which is benchmarked on various threshold. For the vast majority of investment firms, sufficient clarity already exists with regards to the prudential regime, which applies to them. However, in a few cases, especially for investment firms of third country groups, the Opinion provides guidance on the actions to be taken in case of uncertainty on whether these investment firms should apply for an authorisation as a credit institution in the absence of the delegated act establishing the methodology for the calculation of the highest threshold (the EUR 30bn threshold), on which the EBA has currently opened a second public consultation.