Archives

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for global card processing insists that recent payment systems outages are the price the world pays for widely used yet outdated infrastructure.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

November 30, 2023 @ 6:54 pm By Omar Faridi  |  

KPMG has commented on the recently released Bank of England money and credit data. Karim Haji, Head of Financial Services at KPMG UK, comments on today’s Money and Credit Data from The Bank of England: “Consumer borrowing was down slightly in October, which could be… Read More

November 6, 2023 @ 8:17 am By Omar Faridi  |  

The Financial Conduct Authority (FCA) and the Bank of England are requesting feedback on their proposed approach to regulating stablecoins. The Bank’s proposals cover “any payment systems in the future that use stablecoins in the UK at systemic scale.” Stablecoins are a new type of… Read More

November 2, 2023 @ 11:38 am By JD Alois  |  

Yesterday, the US Federal Reserve decided it was prudent to hold rates where they are for the time being, and today, the Bank of England decided to do the same. The Bank of England’s Monetary Policy Committee (MPC) has a similar target with inflation as… Read More

October 15, 2023 @ 10:19 pm By Omar Faridi  |  

A market report has highlighted some key developments from the past week, including the following updates: Bank of England’s chief economist highlights challenge ahead for policymakers Hotter-than-expected US inflation leads to mixed trading ahead of bank results Microsoft takeover of Activision approved by regulator Middle… Read More

September 21, 2023 @ 8:03 am By JD Alois  |  

The Bank of England held benchmark rates steady following the US Federal Reserve’s decision to continue its pause. The BOE said the Monetary Policy Committee voted 5 to 4 to hold the Bank Rate at 5.25%. The minority preferred to increase rates by 25 basis… Read More

August 4, 2023 @ 6:37 am By JD Alois  |  

Yesterday, the Bank of England increased its benchmark rate by 25 basis points (bps) to 5.25%. The decision was anticipated by markets and follows the recent decision of the US Federal Reserve to increase rates as well. The Banks’ Monetary Policy Committee (MPC) voted 6… Read More