Tag: FSB

FSB

FSB Publishes Libor Transition Roadmap

The Financial Stability Board (FSB) has published a global transition roadmap for Libor that sets out a timetable of actions for financial and non-financial sector firms to take in order to ensure a smooth transition by end-2021. In July the FSB reaffirmed that financial and non-financial sector firms across all jurisdictions should continue their efforts to make wider […]

ISDA Gets DoJ, FSB, Nod on Fallbacks

The International Swaps and Derivatives Association’s (ISDA) proposal on a Fallback Protocol to ease the transition from Ibors to new Risk Free Rates (RFRs) has overcome a big hurdle with the US Department of Justice stating it has no objections to ISDA’s suggested pathway. In a business review letter the DoJ says it has concluded […]

FSB Names LEI Regulatory Body

The Financial Stability Board (FSB) has confirmed the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier System as the International Governance Body (IGB) for the globally harmonised identifiers used to track OTC derivatives transactions. G20 Leaders agreed at the Pittsburgh Summit in 2009, as part of a package of reforms to strengthen the […]

WFE Calls for Standardised Regulatory Approach to Stablecoins

The World Federation of Exchanges (WFE), the global industry group for exchanges and CCPs, has called for the development of a common taxonomy to meet the growth of stablecoins, that would also cover crypto-assets more broadly. In a response to a consultation paper issued by the Financial Stability Board (FSB), WFE says this would create consistent […]

FSB, Basel Committee, Reinforce Libor Transition Message

The Financial Stability Board (FSB) and Basel Committee (BCBS) have published a report, Supervisory issues associated with benchmark transition, in which they observe that “continued reliance of financial markets on Libor poses clear risks to global financial stability”. The report acknowledges that transition away from Libor by end-2021 requires significant commitment and sustained effort from […]

FSB Reiterates Libor Reform Path

The Financial Stability Board (FSB) has reiterated its desire to see markets transit from Ibors to risk-free rates as a critical benchmark, in spite of the Covid-19 pandemic. FSB says it has discussed the impact of the disease on benchmark transition and while its Official Sector Steering Group says it recognises that some aspects of […]

FSB Releases Global Stablecoin Recommendations

The Financial Stability Board (FSB) today published for consultation 10 high-level recommendations to address what it sees as the regulatory, supervisory and oversight challenges raised by global stablecoin (GSC) arrangements. With continuing technological innovation in the financial sector as well as the COVID-19 pandemic, alternatives to cash may become yet more attractive, notes the FSB in a […]

FSB Issues Review of Mexico’s OTC Derivatives Reforms

The Financial Stability Board (FSB) today published its peer review of Mexico, which examined the implementation of the G20 commitments on over-the-counter (OTC) derivatives. Mexico’s OTC derivatives market is relatively small from a global perspective, but is the largest in Latin America. The market has a substantial cross-border component, with foreign banks being important players, the […]

In the FICC of It

On this week’s podcast Colin Lambert casts his eye over the week’s news, before he is joined by Matthew Kulkin, partner at US law firm Steptoe, and former director of the CFTC’s Division of Swap Dealer and Intermediary Oversight, to discuss all matters regulatory. Lambert is pleased to find out that one of his observations […]

FSB Reports Further “Limited” Progress on Reform

The Financial Stability Board (FSB) has published its annual progress report on the implementation of the agreed G20 reforms to over-the-counter (OTC) derivatives markets. Overall it notes there has been “limited additional implementation of the reforms” since its last report this time last year but does note that 23 out of 24 member jurisdictions have comprehensive […]