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BoE amends schedule for 7-day US dollar repo operations
25 April 2023 UK
Reporter: Carmella Haswell

This change comes in view of improvements in US dollar funding conditions and low demand at recent seven-day maturity US dollar liquidity-providing operations

FCA provides LDI guidance to ensure 'lessons are learned’ from gilts market crisis
24 April 2023 UK
Reporter: Carmella Haswell

Following the gilts market crisis in September 2022, the FCA has been engaging directly with firms involved in the management of LDI portfolios to develop and maintain increased resilience to deal with possible future volatility

BoE and BIS conclude DLT-based Project Meridian
19 April 2023 UK
Reporter: Bob Currie

The Bank for International Settlements and Bank of England have completed their joint initiative named Project Meridian, which was the first programme to be completed by the BIS Innovation Hub in London

BoE and CFTC reinforce mutual supervision of cross-border CCPs
14 April 2023 US, UK
Reporter: SFT

Based on the 2020 MoU between the BoE and CFTC, the BoE has affirmed that it will continue to rely on CFTC’s supervision and oversight in the case of US-based CCPs that are “incoming” to the UK

Trade associations respond to PRA Basel Consultation
04 April 2023 UK
Reporter: Bob Currie

Industry bodies including ISDA, AFME and ISLA have published responses to the Prudential Regulatory Authority consultation on Basel 3.1 standards, warning against the impact of “disproportionate capital costs” on financing, liquidity and hedging

BoE working paper dissects gilts market crisis
03 April 2023 UK
Reporter: Bob Currie

The Bank of England staff working paper draws on transaction-level data from government bond, repo and IRS markets to evaluate movements in market liquidity, price trends and investor behaviour during the autumn 2022 gilts market upheaval

EU supervisors confirm ranking in resolution waterfall following Credit Suisse takeover
21 March 2023 Switzerland
Reporter: Bob Currie

The EU Single Resolution Board (SRB) has issued a statement confirming that holders of Additional Tier 1 (AT1) instruments should rank ahead of holders of common equity in case of resolution or insolvency of a banking institution in the Banking Union

Central banks take action to enhance US dollar repo operations
20 March 2023 Global
Reporter: Carmella Haswell

The Bank of England will increase the frequency of seven-day maturity US dollar repo operations from weekly to daily, commencing on Monday 20 March 2023, as markets react to Credit Suisse troubles

BoE instructs LME Clear to strengthen governance and risk management
03 March 2023 UK
Reporter: Bob Currie

Following an independent review commissioned by the Bank of England, LME Clear has been told to improve its governance, to raise levels of managerial independence at the CCP, and to strengthen its risk management framework

OCC promotes Cohen to general counsel
02 March 2023 US
Reporter: Carmella Haswell

Megan Cohen takes on the role of general counsel and corporate secretary, with chief legal officer Janet Angstadt announcing her retirement

BoE issues guidance on outsourcing and third-party risk management for CCPs
09 February 2023 UK
Reporter: Bob Currie

The Bank of England’s supervisory statement specifies how CCPs should meet their regulatory requirements for outsourced services, with a compliance deadline set for 9 February 2024

Melanie Moos leaves Clearstream
30 January 2023 Luxembourg
Reporter: Lucy Carter

Melanie Moos has left Clearstream, where she has been senior vice president for product management and investment funds for the past three years