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Highly anticipated report did not mention future role of AT1 capital
Surprising alignment on stablecoins and strong support for tokenised assets, but details are sparse
Using AI to facilitate credit decisions poses regulatory problems
Investors should feel more confident when BNPL products are regulated like mainstream consumer credit
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Jerome Powell, a member of the Federal Reserve’s board of governors, said US financial regulators were preparing a new rule on compensation at financial institutions, which could include more deferral, delayed vesting and “the possibility of more robust forfeiture”.
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The controversial topic of skin in the game for clearing should focus largely on the contributions that each clearing member must make and not that of the central counterparty, said CME Group, firing back at those who say it is not contributing enough in its US business.
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Sharon Bowen, from the Commodity Futures Trading Commission, issued a statement on January 22 arguing that the retail FX market was the least regulated part of the derivatives industry, following the shock move on January 15 by the Swiss National Bank to abandon the Sfr1.20 euro/Swiss franc exchange rate peg. However, lawyers argue that retail FX is one of the most heavily regulated sectors, which may in fact be increasing risk. -
The Swiss National Bank announced on January 21 that it had received an Rmb50bn ($8.05bn) RMB qualified foreign institutional investors (RQFII) quota. Switzerland is the fourth European country to receive a quota, bringing the full size of the programme to Rmb820bn.
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John Grace, ex-senior managing director at AIG, has joined the Options Clearing Corporation as executive vice president and chief risk officer.
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In what was its first ever official use of the term, the People’s Bank of China (PBoC) said in a statement on January 21 that it would promote "RMB internationalisation" in an orderly manner. This is the very first time that the PBoC has used the phrase in one of its formal communications, and the significance of its use has been recognised by market participants as indicating that the Chinese government may be ready for the process to enter a new stage.
