Tag: Bank Of England

Bank Of England

BoE Signs Up to ISDA’s IBOR Fallbacks Protocol

The Bank of England (BoE), has signed up to the International Swaps and Derivatives Association’s (ISDA) ‘IBOR Fallbacks Protocol’ ahead of the transition away from LIBOR by the end of 2021. ISDA launched the Protocol today and confirmation that the Bank has signed up is available on ISDA’s website. This will apply both to transactions BoE undertakes on […]

BoE’s Ramsden: UK Doesn’t Need Negative Rates Right Now

The UK economy does not require sub-zero interest rates at present, according to a top central banker Wednesday, who added the negative borrowing rates have been most effective in other jurisdictions once a recovery is underway. “The time” for negative rates in the UK “is not right now”, said Dave Ramsden, the Bank of England […]

CFTC, BoE Sign Cross-Border Clearing MOU

The Commodity Futures Trading Commission (CFTC) and the Bank of England (BoE) today announced that they have signed an updated Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of clearing organisations that operate on a cross-border basis in the US and UK. The MOU strengthens the relationship between […]

BoE’s Bailey Discusses Negative Rate Criteria

The UK’s top rate setter suggested that negative interest rates may be more effective once an economy begins to recover, but repeated that the Bank of England (BoE) is not considering an imminent rate cut. “We’re not there at the moment,” said BoE Governor Andrew Bailey Tuesday, addressing the House of Lords Economic Affairs Committee […]

BoE’s Bailey: Negative Rates ‘Not Near’

The UK’s top rate setter Monday reiterated his mixed messages over the implementation of negative rates, warning that the Bank of England (BoE) has no imminent plans to push borrowing rates below zero. “We are not near and haven’t addressed whether we should use them,” said BoE Governor Andrew Bailey in a virtual Citizens’ Panel […]

BoE’s Haskel Ready to Green Light Further Stimulus

A top UK rate-setter Monday expressed his willingness to approve a further loosening of monetary policy, noting the economic benefits of sub-zero interest rates in other jurisdictions. “I stand ready to vote for more stimulus measures should they be needed,” said Jonathan Haskel, external member of the Bank of England’s Monetary Policy Committee, in a […]

BoE’s Haldane Sees No Current Need for Negative Rates

A top Bank of England (BoE) official Wednesday vigorously downplayed the need for sub-zero interest rates in the UK, citing an economic recovery that has far outpaced the Bank’s expectations. “At present, none of the conditions [that would necessitate negative rates] is, in my view, satisfied,” said Andy Haldane in a virtual speech to the […]

BoE Chief Reviews Negative Rates; Downplays Cut

The Bank of England (BoE) is continuing to review the efficacy of negative interest in the UK, but the country’s leading central banker Tuesday downplayed the possibility of any policy change over the near term. The Bank is “doing the groundwork” on the benefit of sub-zero rates, but has “reached no judgement on whether or […]

BoE Questions Decision to Drop Spot FX Market Abuse Regime

As part of its response to the findings of an internal investigation conducted after it was revealed that audio recordings of its press conferences were being sold to market participants, the Bank of England has flagged revisiting a previously ignored recommendation of the UK’s Fair and Effective Markets Review (FEMR) to create a new statutory civil […]