FMI
Italian NPL legislation should shorten bankruptcy proceedings, paper says
Legislation recently passed by the Italian parliament should shorten bankruptcy proceedings and may stimulate a private market for Italy’s non-performing loans, a Bank of Italy paper argues
Different economies need different types of structural reform, IMF paper finds
Economies at different levels of development need different types of structural reform, a policy paper by the International Monetary Fund says
Europe lags US in leading global financial reform, economist says at ECB event
The European Union no longer leads global efforts at financial reform, argues French economist Nicolas Véron; eurozone nations have too many seats on global reform bodies, he adds
CLS sets go-live date for Hungarian forint
CLS and Hungary's central bank launched the forint project in February 2014
ECB to log bank loans to firms above €25,000 from 2018
New system will log all loans by eurozone commercial banks to firms above a value of €25,000 starting in March 2018; ‘AnaCredit’ likely to expand coverage to natural persons
Eurozone banking sector less reliant on central bank funding, ECB report says
Commercial banks relied less on central bank financing in 2014 and only achieved ‘moderate’ extension of credit; shadow banking sector becomes increasingly important
RBA sees no ‘financial stability case’ for repo CCP
Central bank decides not to actively encourage the (re)creation of a repo-focused central counterparty, but says it will work with the industry if it wants to take the project further
Vocalink to deliver ‘new generation’ real-time payments in US
CEO David Yates tells Central Banking there will be unique challenges to delivering real-time payments in the US, as Vocalink is chosen to provide software behind faster payments project
Hungarian central bank to bid for country’s stock exchange
Hungary’s central bank is in talks with Austrian banks to buy a majority shareholding in the country’s stock exchange
National Bank of Kazakhstan plans overhaul of interbank card payment infrastructure
Central bank looks to create new infrastructure for interbank card payments with the aim of improving the efficiency with which banks plug into clearing systems
South-eastern European banking supervisors agree to co-operate with EBA
Six supervisory agencies agree to share information with European Banking Authority
China confirms launch of QDII2
Scheme allowing Shanghai-based individuals to invest overseas agreed in meeting chaired by Premier Li Keqiang this week
RBA’s Richards gauges sentiment on card payments regulation
Head of payments policy highlights areas of ‘common ground’ in response to issues paper on card payments regulation, but also some ‘real differences’ between stakeholders
Sarb publishes first draft of forex code of conduct
New code of conduct proposed for South African foreign exchange over-the-counter market, though official review finds no evidence of malpractice
Sovereign debt holdings ‘significant’ driver of insurer risk, Bundesbank paper says
Insurance companies at risk from holdings of sovereign debt, and current regulation does not adequately deal with problem, paper argues
MAS's Menon hails local alternative to cash
MAS director says Singapore's electronic transfer system potentially 'safer and cheaper' than notes and coins; wants people to be able to make payments using social networks
Eurosystem to consider Target2 and T2S merger
Yves Mersch says officials will look into the potential for consolidating some components of the payments and securities settlement services; potential for one unified platform
Bank of Japan launches updated payments platform
New BoJ-NET system goes live tomorrow, days after launch of China's CIPS platform and RMB surpasses yen as global payments currency
Rajan weighs inclusion challenges as IMF identifies financial stability risks
Reserve Bank of India governor discusses the driving factors behind inclusion and challenges posed to supervisors in IMF panel, following staff note on macroeconomic impacts
China launches cross-border payments platform
Heavily anticipated China International Payment System goes live, with StanChart and ICBC Singapore announcing successful transactions on new platform
CPMI launches plan to halt correspondent banking decline
Consultation begins on measures designed to resist the decline of correspondent banking, which is threatening to fragment international payments and damage financial inclusion
Chicago Fed official slams CFTC, SEC over HFT regulation
'You cannot have 80% of the market being just HFT,' says Rajeev Ranjan, a member of the reserve bank's economic research department
South Africa aims to launch electronic trading platform this year
A deputy governor of the South African Reserve Bank announces electronic trading platform could be launched in the coming months
Irish central bank may spread higher levy on finance industry over time
The Central Bank of Ireland may spread the proposed increase in its annual levy on the financial industry over several years, but it still backs the call for non-banks to meet 100% of costs