Federal Reserve Board Vice Chair for Supervision Randal Quarles described the vulnerabilities of nonbank financial intermediation, revealed by COVID-19 related shocks to the financial markets.
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In a new staff report on the nexus between central counterparties and clearing member banks, the Bank for International Settlements emphasized the need for central banks to evaluate the two entity types collectively.
The Basel Committee on Bank Supervision and IOSCO deferred the final implementation phases of initial margin requirements for uncleared derivatives.
The Basel Committee Group of Central Bank Governors and Heads of Supervision delayed the implementation dates for Basel III to allow banks to focus on "immediate financial stability priorities" during the COVID-19 pandemic.