Latest Federal Reserve Board News: Finextra Research

JPMorgan Chase slammed by regulators for control failings after botched derivatives bet

JPMorgan Chase has been sanctioned by US regulators for failures in its risk management operations after it lost more than $6.2 billion on a single credit derivatives trade.

15 January 2013

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Computer contractor sentenced for stealing source code from NY Fed

A Chinese computer contractor has been sentenced to six months of house arrest after pleading guilty to stealing millions of dollars worth of source code from the US Federal Reserve Bank of New York.

05 December 2012

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Chicago Fed calls for tighter control of high-speed traders

The Chicago Federal Reserve is calling for tighter controls on high frequency trading after finding that many firms are skirting the rules in the interests of speed-to-market.

18 September 2012

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US banks outline IT issues in living wills submissions

US regulators have published details of banks' plans for living wills, including information on how the organisations' IT systems will cope if they are shut down or broken up.

04 July 2012

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US payments system failing to meet the needs of the digital economy

The Federal Reserve and US Congress urgently need to plug a public policy vacuum if the national payment infrastructure is to keep up with changes in the digital economy, according to a former senior Fed executive.

04 April 2012

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Fedspeak comes to Twitter

The Federal Reserve is to distill its typically cryptic statements on economic issues to 140 characters with the launch of an official Twitter account.

16 March 2012

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New York Fed contractor charged with stealing Treasury code

US authorities have charged a computer programmer with stealing proprietary software code from the Federal Reserve Bank of New York, where he was working as a contractor.

19 January 2012

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Equens and Federal Reserve Banks launch international payments service

The Federal Reserve Banks and Equens have processed the first transatlantic automated clearinghouse payments using a new jointly developed channel.

25 October 2010

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IPF Association formed to simplify global credit transfers

A group of 21 banks, clearing houses and associated payment service providers have launched the International Payments Framework Association (IPFA).

08 March 2010

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Major dealers outline next steps in OTC clean-up

The Federal Reserve Bank of New York has welcomed commitments by 14 major dealers to ramp up efforts to cut risks and improve post-trade automation and transparency in the over-the-counter derivatives markets.

03 March 2010

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Fed warns of liquidity threat to settlement utilities

The increasing use of 'just-in-time liquidity' provisioning by financial market utilities (FMU) to mitigate against settlement risk poses a growing threat to future financial stability according to a study conducted by the Chicago Federal Reserve.

12 October 2009

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Fedwire and Chips to support new Swift cover payment messages

In anticipation of the November 2009 deadline for supporting Swift's new enhanced message format for cover payments, the Federal Reserve Banks (FRBs) and The Clearing House have completed and distributed specifications for banks transmitting cover payments through the Fedwire Funds Service and Chips, the US wire transfer systems.

20 October 2008

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