The Federal Reserve Bank of New York analyzed the potential impact of a cyberattack transmitted through a payment system against a (i) single large bank, (ii) group of smaller banks and (iii) common service provider.
The CFTC voted to propose amending its uncleared swap margin regulations to (i) extend the implementation date of initial margin requirements, and (ii) exempt certain transactions from uncleared margin requirements.
Federal Reserve System Governor Jerome Powell described the challenges and policy objectives behind (i) the creation of a real-time retail payment system, (ii) the use of distributed ledger technology for clearing and settlement services, and (iii) the issuance of digital currencies by central banks.
Federal Reserve Bank of Chicago Senior Policy Specialist Ivana Ruffini cautioned that the "concentration of risk in [central counterparties] must not be underestimated, as CCP failures, while rare, do happen."
In a paper titled "Central Clearing: Trends and Current Issues," Bank for International Settlements ("BIS") officials identified increased systemic risks due to central clearing. Head of Policy Analysis Dietrich Domanski, Research Adviser Leonardo Gambacorta and Secretariat of the Committee on Payments and Market Infrastructures Cristina Picillo discussed the implications of central clearing for the financial system under normal and stressed conditions.
The Board of Governors of the Federal Reserve requested comment on its proposal to use the rating system known as "ORSOM" ("Organization; Risk Management; Settlement; Operational Risk and Information Technology; and Market Support, Access, and Transparency") to review financial market infrastructures.
The Board of Governors of the Federal Reserve System ("FRB") issued a final rule amending Part 234 or Regulation HH ("Designated Financial Market Utilities") of the FRB's regulations. The final rule sets out the conditions and requirements for a Federal Reserve Bank to open and maintain accounts...
The Federal Reserve Board published in the Federal Register its requested comment on a proposed rule to amend Regulation HH to set out the conditions and requirements for an FRB to open and maintain accounts for and provide financial services to financial market utilities designated as systemically...
The Federal Reserve Board ("FRB") requested comment on a proposed rule to amend Regulation HH to set out the conditions and requirements for a FRB to open and maintain accounts for and provide financial services to financial market utilities designated as systemically important by the Financial...
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