Regulation
Hedge funds may reduce liquidity in volatile periods – BoC research
By transacting abnormally in times of market stress, hedge funds can reduce liquidity
Book notes: The crisis of democratic capitalism, by Martin Wolf
A sincere attempt to explain and fix the failing of capitalism in liberal democracies
People round-up: Breeden promoted to BoE deputy governor
Former Moroccan governor dies; Tonga appoints deputies; and more
Russian legislators approve Islamic banking pilot
Two-year programme may attract foreign capital or appease restive minorities
PNG central bank dispute leads to fuel rationing
Papua New Guinea central bank has accused fuel importer of failing to repatriate earnings
Fed fines Deutsche Bank $186.4 million for AML violations
German lender failed to comply with earlier orders and was involved in Danske Bank scandal
Guillermo Avellán on BCE independence, capacity-building and dollarisation
Central Bank of Ecuador general manager speaks about the need to bolster the central bank’s legal autonomy, dollarisation challenges, payments developments and monetising local gold production
Panama supreme court rejects crypto law
Judges agree draft law has unconstitutional provisions and was improperly passed
FSB unveils crypto regulation framework
Recommendations were toughened to reflect failure of FTX and terraUSD/luna stablecoin
US regulators fine Bank of America $150 million
BoA pays out nine-figure penalties for consumer malpractice for second year in a row
Book notes: O Governador, by Luis Rosa
Documents Carlos Costa’s clashes with Portugal’s elite during the eurozone sovereign debt and banking crisis
IMF repeats warning on Marshall Islands’ fintech plans
Fund proposes Pacific island state could set up a ‘monetary authority’
Chinese regulators impose fines on Ant Group and Tenpay
Regulators’ priorities have now shifted to “normalised supervision” of platform companies
Uganda passes Islamic banking law
Parliament removes provision for sharia advisory council at the Bank of Uganda
Monetary policy staff numbers average below 40
European institutions and advanced economy central banks tend to have highest number of staff
US banks question stress-test discrepancies
Bank of America and Citigroup open talks with Fed about differing results
Brazil regulators cut off loans for environmental law violators
Resolution marks change in policy from Bolsonaro era
Confidentiality of policy votes remains common practice
Proportion of central banks revealing voting information with a lag creeps up
Monetary policy reports usually published four times annually
Institutions from Africa tend to release fewer publications
Pan Gongsheng in line to be next PBoC governor
Analysts believe Pan’s appointment as party secretary positions him as the next PBoC governor
Largest US banks pass the Fed’s stress test
Scenario saw banks continue lending despite losses three times greater than those of 2008 crisis
Treasury officials more likely to serve on advanced economy MPCs
Monetary policy committees or boards comprise 8.2 people on average globally
Israeli government clashes with governor over banking law
Governor says law “crosses a red line” on independence, but pushes banks to raise rates
BoE proposes ‘Solvency UK’ insurance reforms
Government overruled central bank on tightening a key element of the rules