Archives

November 20, 2024 @ 7:39 am By Omar Faridi  |  

The Bank of England has launched a consultation on Fundamental Rules for Financial Market Infrastructures and shares its approach to FMI supervision. The Bank aims to introduce a set of Fundamental Rules for UK Financial Market Infrastructures (FMIs), essential to the safe operation of the… Read More

November 10, 2024 @ 1:09 pm By Omar Faridi  |  

KPMG has shared comments on the latest Bank of England monetary policy committee decision. Yael Selfin, Chief Economist at KPMG UK said that the Bank of England strikes a “balanced tone with [the recent] cut to the bank rate.” Selfin added that after a pause in… Read More

November 7, 2024 @ 9:20 am By JD Alois  |  

The Bank of England has cut benchmark rates by 0.25 basis points (bps) to 4.75%. The move was largely expected by markets. The Bank shared that its Monetary Policy Committee (MPC) voted 8–1 to reduce the rates, with one member voting to hold the rate… Read More

October 2, 2024 @ 7:45 am By Omar Faridi  |  

KPMG has recently shared insightful comments following the Money and Credit data from the update from the Bank of England. Karim Haji, Global and UK Head of Financial Services at KPMG, shared comments on the recent Money and Credit statistical release. Karim Haji from KPMG… Read More

September 30, 2024 @ 12:58 pm By JD Alois  |  

The Digital Securities Sandbox (DSS) is now open for applications. Digital securities, or tokenized assets, are widely believed to be the future of the securities sector. While anticipation of the migration to digital from more analog issuance and trading of securities has been predicted for… Read More

September 6, 2024 @ 8:47 am By Omar Faridi  |  

KPMG has recently commented on the latest Money and Credit data from the Bank of England. Karim Haji, Global and UK Head of Financial Services at KPMG, shared key insights on the newest Money and Credit data from the Bank of England (for the month… Read More

August 3, 2024 @ 5:03 am By Tony Zerucha  |  

The Bank of England’s decision to cut interest rates for the first time since the pandemic began has been hailed as “a welcome step in the right direction,” by deVere Group CEO Nigel Green. Green made the comments as the UK central bank unveiled a… Read More

August 1, 2024 @ 9:57 am By JD Alois  |  

The Bank of England, Monetary Policy Committee (MPC), has voted 5 to 4 to cut the benchmark Bank Rate by 0.25% to 5%. The disennters preferred to hold rates steady for now. The decision to cut rates follows the decision by the US Federal Reserve… Read More

July 30, 2024 @ 10:53 am By JD Alois  |  

The Bank of England has posted a Discussion Paper on the payments ecosystem. The Paper looks to review innovations in payments and how they can impact the Bank’s monetary and financial stability objectives while bringing opportunities and improvements. The Paper outlines the Bank’s current plans,… Read More

July 30, 2024 @ 9:19 am By JD Alois  |  

As the UK pushes aims to improve its financial services market, including Fintechs, the Bank of England and Prudential Regulation Authority (PRA), have announced a new Cost Benefit Analysis Panel (CBA Panel). This new Panel will proffer advice on the impact of new rules or… Read More

July 21, 2024 @ 6:49 pm By Tony Zerucha  |  

The co-founder of a cloud platform for global card processing insists that recent payment systems outages are the price the world pays for widely used yet outdated infrastructure. Robert Kraal is the CBDO of Silverflow, which offers a cloud-native solution with a single API for… Read More

July 19, 2024 @ 12:10 pm By Omar Faridi  |  

The Bank of England has announced the appointment of members of the Enforcement Decision Making Committee. Following an external recruitment process and consultation, the Bank of England (Bank) has appointed three new members “to its Enforcement Decision Making Committee (EDMC) taking the total to nine.”… Read More

July 18, 2024 @ 11:22 am By JD Alois  |  

The Bank of England is reporting issues with CHAPS or Clearing House Automated Payment System, the platform that enables real-time gross settlement payments in the United Kingdom. The Bank stated that the issues impacted some “high-value and time-sensitive payments, including some house purchases.” The Bank… Read More

July 2, 2024 @ 10:53 pm By Omar Faridi  |  

According to an update shared by the Bank of England, risks to the UK financial system have remained broadly unchanged since Q1. However, some asset prices have continued to rise, and the risk of a sharp correction persists. The Bank of England pointed out that… Read More

May 30, 2024 @ 11:48 am By JD Alois  |  

SEC Commissioner Hester Peirce has publicly shared a comment on a consultation in the UK. Launched last April, the proposal is for a Digital Securities Sandbox (DSS) initiated by the UK Financial Conduct Authority and the Bank of England. The deadline for feedback from interested… Read More

April 4, 2024 @ 7:54 am By Omar Faridi  |  

Karim Haji, Global and UK Head of Financial Services at KPMG, comments on the recent Money and Credit data from the Bank of England. Karim noted that mortgage approvals rising for the fifth month in a row shows the housing market recovery “is still moving… Read More

April 3, 2024 @ 5:00 pm By JD Alois  |  

While everyone understands that securities will inevitably become digital, policymakers have been slow to provide an ecosystem to support the nuances intrinsic to the transition from analog. Eventually, digital securities will become the dominant sector of digital assets, and clear-cut rules are needed. Today, the… Read More

April 1, 2024 @ 8:46 am By Omar Faridi  |  

The Bank of England and FCA are leading a joint transformation program with industry to transform data collection from the UK financial sector. They published a future strategy for “achieving this, encompassing the regulator’s response to industry’s recommendations.” The Bank of England and the Financial… Read More

February 4, 2024 @ 5:55 pm By Omar Faridi  |  

The Bank of England has recently shared a Working Paper, focused on open banking, and it is attributed to several authors including Tania Babina, Saleem Bahaj, Greg Buchak, Filippo De Marco, Angus Foulis, Will Gornall, Francesco Mazzola and Tong Yu. As noted in the paper… Read More

January 29, 2024 @ 10:11 pm By Omar Faridi  |  

The Bank of England and HM Treasury have published their response to the consultation on a digital pound that was launched in February 2023. No final decision has been made “to pursue a digital pound – also called a central bank digital currency (CBDC).” Work… Read More