The Financial Regulation Forum
Financial system
Clearing houses as system risk managers
03 Jun. Clearing houses as system risk managers, speech by Paul Tucker, BoE. In a speech at the launch of the Depository Trust & Clearing Corporation (DTCC) – Centre for the Study of Financial Innovation (CSFI) Post-Trade Fellowship, Paul Tucker – Deputy Governor for Financial Stability, member of the Monetary Policy Committee and member of [...]
Press comment on UK banking report
The proposed reforms by the Independent Commission on Banking (ICB) are aimed at preventing any future difficulties in banks’ investment arms from affecting savers’ deposits, and protecting taxpayers from future bailouts. The last post provides an executive summary of the Interim Report. Below we provide some press comment on the Report. Financial Times: Lloyds lashes [...]
Basel III: stronger banks and a more resilient financial system
Speech by Stefan Walter, Secretary General, Basel Committee on Banking Supervision, at a Conference on Basel III by the Financial Stability Institute, Basel, 6 April 2011. It is has now been three and a half years since the global financial crisis began. The banking sector and financial system have now been stabilised. But this required [...]
Central banking: rules versus discretion
FREE Central Banking web seminar: Central banking: rules versus discretion This seminar was held on Tuesday 1 March 2011 and is available in archive. [view with Microsoft Internet Explorer version 6 or higher] With much of the economic theory that has influenced central banking in recent decades undermined by the crisis, some argue that policymakers [...]
Payment and settlement integration in Europe
Speech by Gertrude Tumpel-Gugerell, ECB, at the 13th Frankfurt Euro Finance Week, 15 November 2010 Where do we [euro zone] stand on payment and settlement integration now? Many harmonization and integration initiatives exist (on paper), but are not yet fully implemented and developed. The financial crisis has shown that we have to substantially step up [...]
Decoupling or global imbalances
Decoupling used to be a good thing. Throughout the years of the credit bubble, the belief that China and the rest of the emerging world had found a way to grow independent of the economies of the west justified all kinds of optimism and excess. This coexisted with an ever tighter coupling of capital markets. [...]
From bail-out to bail-in
What should policymakers do when faced with the potential failure of a large bank? In 2008 officials had to choose between taxpayer bail-outs (bad) or systemic financial collapse (probably worse). Various ideas to make finance safer, like contingent capital and living wills, are circulating today. But the central issue of bank resolution, perhaps the most [...]
The future of financial services
The competitiveness of the UK’s financial services sector is more likely to be undermined by the uncertainty surrounding future regulation of the industry, than by further aftershocks from the recent crisis. That is the view of leading industry figures featured in The Future of Financial Services, which is published to mark 20 years of the [...]
Will financial engineering be back in vogue?
The bad news of 2009 gave markets a chance to turn over a new leaf on financial innovation. The credit boom was marred by a surfeit of clever products that proved troublesome when the good times stopped. In the aftermath, investors said they wanted a return to simplicity and conservatism. But financial innovation never really [...]
Three steps to a safer US financial system
Americans have grudgingly supported the use of their taxes to save the financial system and economy. Unfortunately, this required rescuing many companies considered “too big to fail” that individually did not deserve to be saved. Taxpayers resent their money being used to keep these companies out of bankruptcy and, in some cases, protect the multi-million [...]
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