FMI
Malaysia’s Ibrahim warns of costs of not turning digital
Bank Negara governor outlines plans to push consumers towards e-payments, as the cost of cheque processing weighs on the economy
Fed finalises new market benchmarks
Three transaction-based alternatives to US dollar Libor will launch in 2018
Philippines set to launch repo market
The government securities repo programme will be launched on November 27, as a part of the local currency debt and foreign exchange market reforms
Bank of Israel invites real-time payments proposals
Central bank envisages “at least” one real-time payments infrastructure, to be developed and operated by a third party
DLT set to make central banks ‘obsolete’ as payment operators – report
Second phase of MAS’s Project Ubin deemed a success as central bank manages to deploy RTGS system on DLT fabric
BoE to run Chaps payment system
UK central bank moves to “direct delivery model” to operate entire high-value payment system as it looks to implement RTGS overhaul
Payments overhaul under way in Aruba
Central bank to give up clearing responsibilities to oversee new payments infrastructure; consumer behaviour will be a challenge, bank says
Uruguay launches digital currency pilot
10,000 users will have access to the network, run in conjunction with the state-owned telecoms company and national payments system
BoE paper scrutinises 2016 sterling flash crash
Paper makes detailed study of the “flash episode”, concluding later price drops were abnormal
DLT has ‘more potential for change’ outside US – Boston Fed VP
Jim Cuhna says distributed ledger technology can transform financial services not only in payments but also in securities settlement; challenge is finding use cases
CCPs say central bank access needed to avoid liquidity crisis
Uniform access to deposit accounts and overnight liquidity vital, say market participants
Fed’s Powell: banks still have important role in payments
Fintech is disrupting the sector, but banks still form a major part of payments infrastructure, so they must be included in work on faster payments, says governor
Canada’s Project Jasper to explore clearing of securities in third phase
Central bank teams up with new partner for phase three of DLT project, with results expected in May 2018
US Treasury hands CCP resolution powers to FDIC
Mnuchin regulatory review explicitly refers to FDIC as receiver under a Title II resolution
Bank of Lithuania bans banks from virtual currency activities
Lithuanian financial firms must disassociate themselves from virtual currencies, says central bank, warning licences may be revoked
True potential of blockchain lies in cross-border transactions – Menon
Singapore is investigating two use cases of blockchain in the cross-border sphere; technology could be used to prevent duplication of invoices in trade agreements
Research can help BoE keep pace with automation – Salmon
As algorithms continue to make markets faster, regulation will need to be adapted, says BoE director; academic research will aid central bank efforts
Kuroda: future need not be fully centralised or decentralised
BoJ governor says both approaches to market infrastructure have pros and cons, and it is not necessary to have one or the other
Payments evolution will result in bank business model changes
Mid-sized banks will have to transform business models in order to remain relevant, says Swift, as fintech and globalisation threaten traditional practices
MAS working to keep crypto-currencies and ICOs under control
Authority is mulling how to respond to the growth of crypto-currencies and initial coin offerings
Race against time for fiat currencies – Lagarde
IMF managing director envisages digital currencies taking over in countries with “unstable currencies”, but infrastructure has to be improved first
CPMI plans response to growth of wholesale payments fraud
Preliminary report outlines proposals designed to tackle security vulnerabilities in endpoints, as fraud becomes “increasingly sophisticated”
Monetary Authority of Singapore courts Asia bond issuers
MAS aims to strengthen Singapore’s position as Asia’s fixed-income hub for bond issuers
Central banks will be using blockchain by 2019 – research
Study examines pros and cons of central banks adopting blockchain and considers use cases