EUROPE

Market Infrastructure

UK Regulators Support US ‘SOFR First’ Proposal on Interdealer Swaps

By Editors | 17/06/2021

The FCA and BOE encourage liquidity providers to change USD linear swap trading conventions from USD LIBOR to SOFR on 26 July 2021.

Fintech / Regtech

BIS, BOE Launch Innovation Hub London Centre

By Editors | 12/06/2021

The launch is part of a plan to expand the global reach of the BIS Innovation Hub, which includes the opening of Centres in Toronto, Frankfurt, Paris and Stockholm.

ESG / Sustainability

UK Forms New Advisory Group to Work on Taxonomy

By Ranamita Chakraborty | 11/06/2021

The Green Technical Advisory Group will advise the government on developing and implementing a green taxonomy in the UK context.

Fintech / Regtech

French, Swiss Central banks Partner to Test Wholesale CBDC

By Sanday Chongo Kabange | 11/06/2021

Project Jura will investigate the potential benefits and challenges of wCBDC in settling cross-border payments.

ESG / Sustainability

BOE Commences Climate Risk Stress Tests for Banks, Insurers

By Ranamita Chakraborty | 10/06/2021

The end result will be more robust management of climate-related financial risks across the sector, said BOE governor Andrew Bailey.

Big Picture

BOE Issues Paper Exploring New Forms of Digital Money

By Sanday Chongo Kabange | 09/06/2021

The BOE seeks feedback on the discussion paper as it examines how CBDCs and stablecoins could impact the financial system and wider economy.

AML / KYC

European Commission Proposes European Digital Identity Regulation

By Sanday Chongo Kabange | 08/06/2021

To expedite the initiative, the European Commission has issued a recommendation for member states to establish a common toolbox by September 2022.

AML / KYC

FCA Extends Temporary Registrations Regime for Cryptoasset Firms

By Sanday Chongo Kabange | 04/06/2021

A “significantly high number” of cryptoasset businesses are not meeting AML/CTF standards, a key part of obtaining registration with the FCA.

ESG / Sustainability

FINMA to Require Banks, Insurers to Disclose Climate Risks

By Editors | 02/06/2021

New disclosure rules will enter into force on 1 July, requiring large banks and insurers to disclose climate-related financial risks.