If you select Option 2 you will be directed to the MyTIS Registration page, this is a FREE membership.Benoît Cœuré: The new frontier of payments and market infrastructure: on cryptos, cyber and CCPs “IMF: Transparency Makes Central Banks More Effective and Trusted”We use cookies to ensure that we give you the best experience on our website. EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting. Despite its undisputable benefits, digitalisation brought many ills, such as hacking, phishing or identity theft, and in general it is an enabler of new forms of fraud. The work on central clearing started nine years ago in Pittsburgh and belongs to this category of action. immediately to implement its recommendations,” said Benoît Cœuré, Chairman of the CPMI. Register now to receive the latest news and information for global trading industry.The role and mandates of central banks have become broader and more complex since the 2008 global financial crisis. SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans. We have done this together with our colleagues from the Basel Committee on Banking Supervision (BCBS), the FSB and IOSCO. Technological innovation has the potential to transform financial services and products. We will hear from one of them tomorrow morning when Gerardo Licandro, from the Central Bank of Uruguay, explains their pilot experiment of a CBDC for the general public.Rapidly growing digitalisation means both challenges and opportunities for payments.

To avert these risks and to stay ahead of those trying to damage the financial system, it is necessary to leverage the tools and best practices that already exist and strengthen multilateral cooperation to promote innovative ideas, practical solutions, and experience-sharing. First, although we find that the reforms are achieving their goals of promoting central clearing, they do so mainly for the most systemic market participants but less so for smaller market participants.Second, the report argues that the treatment of initial margin in the leverage ratio can be a disincentive for client clearing. It comes at a timely moment as the G20 is taking stock of 10 years of global financial regulatory effort, and earlier this year the central banks of Argentina, Indonesia and Spain joined our Committee.On my first slide you can see that the CPMI now covers 86% of the world economy and 63% of its population.

These expectations contain detailed best practices for operationalizing the CPMI-IOSCO guidance. The rest is history, as they say. In recent months, we have therefore examined in depth, also as part of the wider efforts to evaluate the effects of the G20 financial regulatory reforms, the incentives to centrally clear OTC derivatives. Failure to adequately protect against cyber attacks may dent confidence in the stability of the financial system and may have more far-reaching repercussions on the broader economy.

For third-party service provision, such as cloud services, cooperation among FMIs can improve safety arrangements by providing a clearer view of common service providers' risk-management practices.

Benoît Cœuré of CPMI on Ongoing Work to Strengthen Cyber Resilience

And the stakes have risen. EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area. I am pleased that the BCBS has already acted on this finding.

It is designed to address all areas relevant to preventing, detecting, responding to and communicating about fraud.

said CPMI chair Benoît Cœuré. It is great to see so many familiar faces as well as newer ones. EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire. You can see this on my next slide, which holds a sneak preview of the findings of a recent CPMI survey of some 80 central banks on their work in this field.A clear majority, 69%, is currently, or will soon be, conducting work related to CBDCs. It is great to see so many familiar faces as well as newer ones. Welcome remarks by Mr Benoît Cœuré, Chair of the Committee on Payments and Market Infrastructures (CPMI) and Member of the Executive Board of the European Central Bank, at the Economics of Payments IX conference, Basel, 15 November 2018. Ashley Adler, the Chair of the IOSCO Board, and I have instructed our joint group to accelerate work on this matter. And together with the Financial Stability Board (FSB), we are looking at ways to resolve a CCP in an orderly manner, should this be ever needed.Defining the rules of the game is not possible without sound analytical groundwork.

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