The FICC Markets Standards Board (FMSB) has issued its 2019 Annual Report setting out the progress made to enhance standards of behaviour in the wholesale fixed income, currencies and commodities (FICC) markets and its priorities for the year ahead. FMSB is a private sector, practitioner-led organisation whose membership collectively accounts for a substantial share of […]
Tag: Mark Carney
In a speech at the Jackson Hole symposium at the weekend, Bank of England Governor Mark Carney raised the question of a global digital reserve currency, asking whether it may not be the most suitable long term solution to reform of the international monetary and financial system (IMFS). In a wide ranging speech on the […]
The Financial Stability Board (FSB) has named Randal Quarles, governor and vice chairman for supervision at the US Federal Reserve, as its new chair. In addition the FSB appointed Klaas Knot, president of De Nederlandsche Bank as vice chair. Both men have been appointed for a three-year term starting on 2 December 2018.
The FSB’s Plenary, which made the appointment, also agreed that after three years on 2 December 2021 Knot will take over as chair for the next three-year term.
Plenary members unanimously welcomed these appointments, FSB says, which were made at the recommendation of a specially constituted Nominations Committee.
Mark Carney, Governor of the Bank of England, has agreed to extend his term to January 2020.
In a letter to Carney published today, Philip Hammond, the UK Chancellor of the Exchequer, said: “Further to our discussions and those that I have had with the Prime Minister, I am writing to ask whether you would be able to extend your term as Governor of the Bank of England to January 2020 to support a smooth exit of the United Kingdom from the European Union and an effective transition to the next Governor.”
In his reply, the Governor said: “I recognise that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit.
In a new report to the G20, the Financial Stability Board (FSB) has concluded that “cryptoassets do not pose a material risk to global financial stability at this time”.
While this is a welcome boost for the crypto industry, the FSB does make clear that these assets should be vigilantly monitored by authorities going forward.
As such, the FSB has requested that the Standing Committee on Assessment of Vulnerabilities (SCAV) and the Committee on Payments and Market Infrastructures (CPMI) work jointly to develop a framework for monitoring the financial stability risks related to cryptoassets with a focus on identifying potential metrics that can be used to measure these risks.
In a speech delivered today to the FICC Markets Standards Board (FMSB) in London, Mark Carney, Governor of the Bank of England (BoE), expressed optimism that new measures aimed at preventing misconduct in the FICC markets are having a significant impact.
These measures, set out two-and-a-half years ago in the Fair and Effective Markets Review (FEMR), are designed to improve confidence in FICC markets after a series of scandals.
“Multiple factors contributed to a tide of ethical drift in FICC markets. Market standards were poorly understood, often ignored and always lacked teeth. Too many participants neither felt responsible for the system nor recognised the full impact of their actions. Bad behaviour went unchecked, proliferated and eventually became the norm,” noted Carney in his speech.
The value of sterling slid today as Bank of England (BoE) Governor, Mark Carney, indicated that there would be no immediate adjustment of monetary policy by the central bank.
In a speech delivered at Mansion House in London, Carney declared that “now is not yet the time to begin” monetary adjustment, ruling out the possibility of an interest rate hike.
GBP/USD promptly dropped from 1.2753 at 8am BST to 1.2631 just before 3pm BST in response to Carney’s comments. “Since the prospect of Brexit emerged, financial markets, notably sterling, have marked down the UK’s economic prospects.
The Bank for International Settlements’ (BIS) Markets Committee has released its analysis of the 7 October 2016 “flash event”, arguing that a range of factors rather than a single driver catalysed the event.
During the flash event, sterling depreciated by around 9% versus the dollar in early Asian trading, before quickly retracing much of the move.
The new report concludes that “a confluence of factors” cause this flash event, noting that “the time of day played a significant role in increasing the sterling foreign exchange market’s vulnerability to imbalances in order flow”.
The Financial Stability Board’s (FSB) second annual report on the Implementation and Effects of the G20
Financial Regulatory Reforms, in which it concludes that implementation progress “remains steady but
Expect further rate cuts from the Bank of England (BoE) as Governor Mark Carney shows that he is willing to let sterling continue depreciating, say analysts. “The package of stimulus announced by the Bank of England has prompted a significant market reaction,” notes Adam Chester, head of economics at Lloyds Commercial Banking. He adds: “Immediately […]