The vast customer data troves of the Big Tech firms challenges traditional approaches to competition policy and the maintenance of financial stability, according to the Bank for International Settlements.
The number of correspondent banking relationships has shrunk by 20% over the past seven years, according to analysis of new data, published today by the Committee on Payments and Market Infrastructures (CPMI), the global standard setter for payment, clearing and settlement services.
Global banking regulators have set out a minimum set of standards for financial institutions to adhere to when dealing with crypto assets.
Most central banks are exploring central bank digital currencies (CBDCs) but hardly any are at the pilot stage and even fewer see issuance as likely in the short or medium term, according to a Bank for International Settlements (BIS) survey.
The Basel Committee on Banking Supervision today published the report Cyber-resilience: range of practices.
In a scathing take-down of cryptocurrencies, the Bank for International Settlements says the replacement of retail payments by virtual money would break the Internet and lead to an environmental catastrophe.
The Committee on Payments and Market Infrastructures (CPMI), the global standard setter for payment, clearing, settlement and related arrangements, urges stakeholders to pursue a common strategy to improve the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) today published a report, entitled Implementation monitoring of PFMI: follow-up Level 3 assessment of CCPs’ recovery planning, coverage of financial resources and liquidity stress testing, assessing the progress made by central counterparties (CCPs) in addressing the most serious issues of concern that were identified in an initial Level 3 report published in 2016.
The central banks of Argentina, Indonesia and Spain are joining the Committee on Payments and Market Infrastructures (CPMI), the global standard setter for the payment, clearing and settlement systems that underpin global financial markets.
Central banks should steer clear of developing their own digital currencies for issue to the general public the Bank for International Settlements has warned.
© Finextra Research 2019