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Posted on January 8th, 2013
The European Securities and Markets Authority (ESMA) has published a Consultation Paper on guidelines regarding the assessment of interoperability arrangements for central counterparty clearing (CCPs). The guidelines, which relate to the European Markets Infrastructure Regulation (EMIR), clarify the obligations for national regulators on how to assess existing or new interoperability arrangements between CCPs. [...]
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Posted on December 19th, 2012
On December 14, 2012, the Federal Reserve Board published its proposed enhanced prudential standards for the US operations of non-US banks. The highly anticipated proposal would implement the “rebalanced approach” to the regulation of non-US banks that Fed Governor Daniel Tarullo announced last month, respond to expected challenges in connection with the resolution [...]
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Posted on December 19th, 2012
The impact of the Securities Markets Programme: With the escalation of the financial crisis in the euro area, the ECB started to purchase government bonds in the secondary market, with the goal of restoring appropriate levels of liquidity and protecting the monetary transmission mechanism. The fact that SMP interventions were typically carried out on days of [...]
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Posted on December 13th, 2012
Cross-border bank lending to emerging markets dropped sharply in the second half of 2011 as the euro area crisis intensified. Stefan Avdjiev (BIS), Zsolt Kuti (Magyar Nemzeti Bank) and Előd Takáts (BIS) use the BIS international banking statistics to identify the key drivers of this decline. Their results suggest that the latest contraction [...]
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Posted on December 12th, 2012
The Federal Deposit Insurance Corporation (FDIC) in the United States and the Bank of England in the United Kingdom have released a joint paper outlining resolution strategies for large and complex firms.
The approach outlined in the paper is based on legal powers provided by the legislative reforms enacted since the crisis, [...]
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62 pages
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