FMI
First BIS survey data on central clearing shows gaps remain
OTC derivatives surveys capture central clearing for first time; data reveals marked differences between classes of derivatives and advanced vs emerging economies
RBNZ’s Spencer sees need for better approach to FMI oversight
The framework, if put into legislation, would give the central bank and markets authority new powers of information-gathering and oversight
BoE’s Andrew Hauser says RTGS needs to move with the times
Executive director speaks on the risks and benefits of upgrading the UK’s core payments infrastructure; central bank is working on new technologies, including distributed ledgers
Central clearing boosts welfare but margin matters – RBA paper
Study shows how central counterparties boost welfare by insuring against counterparty credit risk, but gains are sensitive to the level of margin
Payments changing fast but cash still in demand – Riksbank survey
Telephone survey finds cash use declining and mobile payments on the rise, though demand for paper money not likely to disappear any time soon
HKMA expands offshore renminbi liquidity scheme
List of banks provided with liquidity for offshore renminbi market-making grows, with extra measures designed to boost transparency
Fed raising bar for BNY Mellon – Powell
Fed working with treasury to ensure “smooth transition” as BNY Mellon becomes sole provider of government securities; bank must remain “robust”, says Fed’s Powell
RBI’s Gandhi hails ‘silent revolution’ in payments
Incremental growth has revolutionised payments, deputy says, with more initiatives such as unified mobile payments interface set to deliver further change
BoE plans could force change to Libor-Sonia swap payments
Reformed sterling overnight indexed average rate proposals may see floating-leg settlements delayed
Bank of Russia records decrease in fraudulent transactions
Central bank says decrease in cyber crime is a result of new centre for Cyber-Attack Monitoring and Response in the Financial Centre; official says Bank of Russia supports initiative for harsher punishment of cyber crime
Ghana drafts first electronic payment regulation
New regulation will apply to banks and other financial institutions wanting to provide electronic money services; draft to be passed to parliament after a period of consultation
Kansas Fed’s George: 2017 will be ‘significant’ year for US payments
Esther George says major milestones in faster payment project will be passed next year – although some of the hardest work will follow afterwards
Australia’s real-time payment system to go live in 2017 – Lowe
Test payments already being settled on new real-time payments platform, says RBA governor; fast settlement service set to undergo industry testing this month
Bank of Russia announces prototype distributed ledger networking tool
Central bank planning further DLT prototypes, deputy governor says; Russia is excluded from using prototype DLT tools used in Western countries
Fed task forces begin review of faster payments proposals
Payments firms have submitted plans for real-time payment systems and toughened payments security; merits of plans to be assessed over coming year
Decentralised tech will not become the new normal – SNB’s Jordan
There is a time and a place for distributed ledgers, says chairman of Switzerland’s SNB, but right now they cannot compete with existing FMIs
Questions need to be answered before DL technology becomes viable payments option – BoE’s Hauser
Challenges in the payments landscape could be overcome by new technology such as the distributed ledger, says Hauser, but too many “big questions” remain around such a scheme, relegating it to the realm of research
Central banks adopt Swift harmonisation charter
Three central banks join 18 other institutions in global rollout of messaging standard ISO 20022; separate taskforce working on publishing market practice guidelines
ECB publishes online newsletter on financial market infrastructure
Newsletter will be published three times a year, covering central bank’s work as operator and overseer of financial market infrastructure
ECB says it has learned lessons from simulated cyber attack
Federal Reserve, eurozone central banks and private firms took part in exercise to test Target2 payment system
Fiji governor encourages wider use of stock market
Stock market an “excellent” platform for savers and businesses looking to expand, says Barry Whiteside, who expects the number of firms listed on the stock exchange to increase over time
Distributed ledgers ‘too much of a moving target’ to write business standards, says Swift
Paper addresses questions about how DLT automation can run smoothly in multi-party network environment; Swift recognises full-scale standardisation of distributed ledger use is premature
Swift unveils software to help users detect fraud
Financial messaging service hopes new software will allow users to independently detect unusual activity; software to be launched in December this year
BoE’s Hauser foresees end to fragmented post-trade structures
Central bank is supporting a movement away from “complex and balkanised” securities services as it looks to revamp infrastructure and encourage innovation