International

Operational Risk

BIS Examines Adequacy of Operational Resilience Requirements

By Editors | 31/08/2022

Bigtech groups that are interconnected within the financial industry should be subject to group-wide requirements on operational resilience.

Trading & Investment

MOEX Set to Start Listing ‘Replacement Bonds’ – Report

By Editors | 31/08/2022

Replacement bonds are intended to help Russian companies replace Eurobond issuances that are no longer serviceable due to sanctions.

Credit Risk

Financial Stability Institute Publishes Paper on LEX Standard

By Editors | 30/08/2022

The large exposures standard seeks to monitor and limit the loss an internationally active bank can face from a single client or a group of connected counterparties.

PEPs & Sanctions

US Lawmaker Seeks Clarity on Tornado Cash Sanctions

By Editors | 28/08/2022

US Congressman Tom Emmer says the designations against Tornado Cash wallet addresses are a “divergence from previous OFAC precedent”.

Reporting & Disclosures

Global Banks Worry of Extraterritoriality in EU’s CSRD – Report

By Editors | 28/08/2022

CSRD is “off-putting” for banks’ clients, as it would subject foreign companies to the full set of rules if they list even a single instrument in the EU.

Emerging Prudential Risks

Canada OFSI Issues Guidance on Bank Treatment of Crypto

By Mark Johnston | 28/08/2022

OFSI provides no recognition (i.e., a 100% haircut) for Group 2 cryptoassets held as collateral, but is seeking views on hedging practices that could warrant a lower haircut.

Clearing & Post-Trade

BOE Confirms Plans to Remove USD LIBOR Contracts from DCO

By Editors | 26/08/2022

The BOE will add SOFR overnight index swaps to the scope of contracts subject to the derivatives clearing obligation and remove USD LIBOR contracts in April 2023.

Anti-Money Laundering

Wolfsberg Group Issues Guidance on Correspondent Banking RFIs

By Editors | 24/08/2022

When used to its “fullest potential”, the RFI process can provide insights into how respondents’ AML/KYC programmes work in practice.

Clearing & Post-Trade

MOEX Stops Accepting USD as Collateral in FX, Securities Markets

By Editors | 24/08/2022

Russian authorities have been actively looking to reduce domestic reliance on the currencies of so-called ‘unfriendly’ nations.