samchain/econo-pairs-v1 huggingface dataset:
First, regulators around the world have issued regulations or guidance on the management of outsourcing risks pertaining to cloud services. The Monetary Authority of Singapore and the UK Financial Conduct Authority were among the first regulators to do so, as early as 2013. Second, the jurisdictions where these CSPs operate from have begun to exercise regulatory oversight over them. In the US, the Cloud Services Utility Agency, or CSUA, was formed in 2024 with the mandate of regulating CSPs, working closely with the US Federal Reserve System. I am pleased that the Federal Reserve Bank of San Francisco has been designated as the lead regulatory co-ordinator with the CSUA, as two of the four globally dominant CSPs are based in California. Dealing with artificial intelligence The use of AI has swept across the financial services sector in recent years. Banks are benefitting from AI through better customer insights, increased productivity, and cost savings. AI applications range from customised financial services to enhanced risk management and regulatory compliance. But the growing application of AI has also introduced new risks and challenges for regulators. Foremost are concerns about market disruption and financial instability caused by runaway AI trading algorithms. The global flash crash of August 2022 demonstrated the contagion risks that multiple AI trading programmes “learning” from one another can precipitate.

I simply do not believe that the alternative approaches are sufficiently credible. 4  BIS central bankers’ speeches
Since the onset of the digital revolution, information flows and networks have spread across borders. We are now in a new era of technology since the advent of cloud computing. More than ever, technology pervades nearly every aspect of our lives. Whilst Asia is home to some of the world’s most digitized and innovative economies, I believe the potential of technology is yet to be fully realised in the region’s banking industry. With the constant challenge from the vast amount of data, banks that can successfully capitalise on rapid access to critical information and able to act quickly and effectively will distinguish themselves in the future. This challenge becomes magnified in post-regulatory reform, as demand is growing across the financial services industry for greater transparency, better information and analytics and improvements to risk management. There is also increased expectation for financial institutions to tap on the new targeted segments of the unbanked. This is where the force of technology can come into play. Technological advancement such as business analytics and mobility solutions can be tailored to markets across Asia to access a wealth of data that can be used beyond strategic risk management to open up the previously inaccessible and unprofitable customer segments – in reaching new customers without the cost of establishing extensive branch networks, and in improving relationships and cross-selling prospects with existing customers. These forces of change present immense opportunities for Asia’s banking industry.

To accommodate this, I understand that Deutsche Bank's trading floor in this building is one of the largest in Singapore. Singapore's economic growth for 2006 continues to stay strong at 7.7%, with almost 170,000 jobs created last year. Our market indices have breached the 3,000 point mark and our GDP per capita has exceeded $ We are also witnessing the strong growth of Asia propelled primarily by the two economic powerhouses of India and China. The economies in South East Asian have seen a resurgence with countries like Vietnam rushing forth and is one of the fastest growing economies in the region. Trade and investments among Asian countries, and between regions including the Middle East and Asia, have increased substantially. We have also seen substantial wealth creation in the Middle East and Asia. Asia is estimated to have about 2.4 million High Net Worth Individuals with assets over $ trillion and comprise almost 20% of global High New Worth wealth. This is projected to grow annually by about 6.5% to about $ trillion by 2010. All these represent substantial financial sector opportunities for Deutsche Bank in Asia, including trade & infrastructure financing and wealth management. Singapore, being at the heart of Asia, provides global financial institutions a unique location to harness the growth opportunities from this region. Singapore offers a stable and trusted environment for investments and businesses in the region. Companies in Singapore are supported by a robust network of infrastructure as well as an educated workforce, and coupled with open and consistent Government policies.
Whatever uses other economies might have for them, exchange controls are out of the question for Hong Kong: the Basic Law, which sets out our basic principles of government, expressly prohibits them, and, even if it did not, we know that, at least for Hong Kong, any attempt to introduce them, and to turn inwards on ourselves, would spell the end of our prosperity. But free market principles cannot mean markets that are left defenceless against manipulation. One troubling aspect of the Asian crisis, and a sign of larger problems in the world financial system, has been the extreme volatility in markets created by the rapid flows of highly leveraged funds around the world. As markets in the region became more vulnerable, these flows increasingly took on a predatory character and became more and more subtle in their planning and sophistication. This August, as you know, the Hong Kong financial markets became the target of a well planned attack by international hedge funds. We took unconventional actions to fend off that attack and to fortify our financial system against future attacks. Not unexpectedly, these actions have been the cause of extensive controversy, and of a great deal of misunderstanding. Let me attempt to present the issue from Hong Kong’s perspective by outlining what happened in August and explaining why we took action. Oddly enough, Hong Kong became a target because of the transparency of its financial system: we were singled out for our efficiency and predictability rather than for any fundamental flaws.

Nor is devaluation necessary to help make us more competitive, even given the fact that many of our neighbours have seen currency devaluations of between 20 and 80 per cent. Currency devaluation is not the only means to achieve economic adjustment, and the argument that Hong Kong is losing out by maintaining the link makes little sense for such an externally oriented economy. Hong Kong is achieving its adjustment through other variables. Asset prices and the cost of production, particularly in the form of land and rentals, BIS Review 98/1998  -5-  have come down very sharply. Wages are easing. Manufacturers and service providers are increasingly able to lower their costs while at the same time seeking improvements in productivity. It is therefore quite misleading to claim, as many sceptics do, that without currency devaluation Hong Kong cannot be competitive. We have chosen an alternative route towards adjustment, and we consider ourselves fortunate that we have the capacity to make that choice. This capacity comes from the fundamental strengths that make it possible for us to run an effective currency board. These fundamentals can be reduced to four basic, and some what obvious, points. They are so obvious, in fact, that they are too often overlooked in the narrow discussions about the prospects for the link, and it is worth setting them out. First, our ample foreign currency reserves. These are the fruits of strict fiscal discipline, which has produced surpluses year after year, and of prudent investment.
Please, take a look around you… I can assure you that there is more than one John Global in this room… I suggest that after leaving the room each one of us should take a moment to think what you yourself, as an individual, can do to start preparing today for a meeting with John Global in 20 years. And what can each of us individually do to make us share a vision so that we can become citizens of the world and master the fine art of capturing the benefits brought by the homo sapiens globalus society. Thank you very much for your kind attention and I announce the topic open for discussion. 2  Methods employed in European Commission’s survey to assess the services provided involve defining a five-stage framework to determine the level of services provided. STAGE 0 – Total absence of any publicly accessible website or lack of possibility to qualify the existing website to any of levels 1 to 4 (0% – 24% in the figure). STAGE 1 – INFORMATION – The information necessary to start the procedure to obtain this public service is available on-line (25% – 49% in the figure). STAGE 2 – ONE-WAY INTERACTION – The publicly accessible website offers the possibility to obtain in a non-electronic way (by downloading forms) the paper form to start the procedure to obtain this service (50% – 74% in the figure).

The share of the population that have received two doses of vaccines in Thailand currently stands at about seven percent, which lags behind other countries in the region including Malaysia, Indonesia, and the Philippines. Therefore, given that Thailand has been hit severely by the third wave of the outbreak with subsequent lockdown and the likelihood in achieving a larger share of vaccinated population that will take some time, this indicates that the recovery is likely to be slow going forward. Second, Thailand’s economic recovery is likely to be highly uneven or so-called “K-shaped recovery”. Our export sectors have recovered back to where they were prior to the crisis and are producing and exporting at levels higher than the pre-crisis levels. However, other sectors, notably the services and tourism-related sectors, have been recovering more slowly. In particular, hotels and restaurants are lagging significantly and experience a great Page 1 of 9  degree of hardship. The reason why this has hit the economy particularly hard is that tourism, aside from accounting a large share of GDP, also accounts an even larger share of employment. Tourism, both directly and indirectly, accounts around 20 percent of total employment in Thailand. Hence, employment and income were severely hit as a result of COVID-19, which will be another factor that will characterize both the slower and the uneven nature of the recovery going forward. While we have been hit hard, the economy has proven to be resilient.
One explanation for this is that, as the upward phase of the financial cycle can be very prolonged – according to estimates by BIS scholars, the typical duration of the financial cycle is around 16 years10 – perceptions of risk and value adjusted upwards. Historical relationships between asset prices, debt ratios and underlying productivity levels were deemed no longer to hold. Hence, developments that merely reflected the longer financial cycle were falsely believed to be structural. Another explanation is that observers overestimated future productive capacity due to the effect of the financial cycle on real-time potential growth estimates.11 This in turn could have led firms’ and households to bring forward future consumption and investment into the present, based on an overestimation of their lifetime income. One way such misperceptions can arise is if a prolonged credit-driven economic expansion weakens supply constraints and raises estimates of potential output, making growth appear more structural in nature. In Spain, for example, the boom in the construction sector raised both domestic participation rates and immigration levels. The European Commission’s latest estimates of potential growth rates are in the range of 3.2% and 4% for the period 2000–2007, driven mainly by the increasing labour contribution (adding around 2 percentage points on average per year). Since 2008, however, the labour contribution has been the largest drag on potential growth, for example, subtracting more than 2 percentage points from the 2013 estimate. A final explanation is that observers mistook the significance of inflation differentials within the euro area.

Yet we have ageing populations across the euro area, so if we desire to GDP per capita in a sustainable manner, we have no choice but to face this challenge head on. Thank you for your attention. 10  BIS central bankers’ speeches
However, as the last line of defense, monetary policy can be used to lean against the winds of excessive asset prices. The prudential measure we implemented some time ago – a loan-tovalue limit of 90 percent for condominium purchases – is an example. The measure in itself is not particularly binding; it is more significant as a pre-emptive move designed to signal policy resolve in mitigating possible build-up of real estate bubbles. At present, the risk of real estate bubbles is not significant but should capital inflows surge again amid strong  BIS central bankers’ speeches  3  domestic demand and credit growth in real estate, macro-prudential measures may need to be tightened. On capital flow liberalization, we are moving to liberalize capital outflows so as to foster more balanced capital flows. This will help to balance fund flows and support exchange rate movements in line with economic fundamentals. In addition, with the rise of the AEC, crossborder investment will facilitate regional competitiveness and realize supply-chain synergies. Lastly, on financial sector liberalization, ongoing financial sector reform will also build financial sector resiliency to shocks from within and without. Thailand’s financial master plan, now in its second phase, continues, and focuses on liberalization through increased competition, raising efficiency, and strengthening the financial infrastructure. We also view an efficient financial sector as supportive of unleashing long-term engines of growth, such as structural change.

Notwithstanding the challenges facing the global economy and the recent increase in market uncertainties, the ranks and fortunes of the wealthy are expected to continue growing rapidly.   Global wealth is assessed to have the potential to rise 50 percent over the next five years, spurred by a surging middle-class in the Asia-Pacific, Latin America, and Africa.   The Asia Pacific region in particular is forecast to have the highest projected compound annual growth rate of 11.4 percent for assets under management from 2010–2015. Eight of the twenty fastest-growing high net worth markets are in the Asia-Pacific. Wealth management – the Singapore advantage As John Rockefeller once asked “The only question with wealth is, what do you do with it?” Those of you who manage wealth have a key role to play. You are at the heart of this explosion of wealth in Asia and in serving the needs of your clients, you help to intermediate  1  Merrill Lynch – Capgemini World Wealth Reports and Global Private Banking and Wealth Management – The New Realities, by David Maude. Market defined in terms of individuals with financial wealth of more than $ million. 2  $ trillion as at end 2010 as compared to $ trillion as at end 2001 – ML-Capgemini World Wealth Reports. BIS central bankers’ speeches  1  this growing pool of wealth and put it to productive use. And Singapore has a compelling value proposition in helping to make this happen.
The mechanism is largely the same for the loans in Swedish kronor at longer maturities, which are offered at the repo rate plus a certain premium. By regulating the premium the Riksbank determines how attractive the loans will be compared to the conditions prevailing in the market. The diagnosis that a measure is no longer needed may be difficult to make. Although, for instance, the demand for a particular type of loan may have disappeared, the fact that there is still a possibility to borrow may have a stabilising effect. We will not be in too much of a hurry. And there are at least two items we need to be able to cross off the list before we begin phasing out the measures. We must be able to say with a good degree of certainty that the situation in the financial sector is stable and that it can function normally without support. We must also be in a situation where we expect to be able to attain the inflation target and stimulate the economy sufficiently without the unconventional measures. 8  BIS Review 138/2009  There are other measures that require more active decisions by the Riksbank to be phased out. For instance, the number of counterparties allowed to participate in fine-tuning operations and the list of securities accepted as eligible collateral for credit from the Riksbank. However, it is not self-evident that these measures will actually be phased out.

Thomas Jordan: Monetary policy and uncertainty Summary of a speech by Mr Thomas Jordan, Member of the Governing Board of the Swiss National Bank, at the University Freiburg im Breisgau, Freiburg, Germany, 15 January 2008. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  The economy is a complex system. Moreover, it is constantly changing as a result of technological advances and globalisation. Consequently, monetary policy operates in a very uncertain environment. The unforeseen and radical developments in the international financial markets emanating from the current crisis in the US housing and mortgage market have – once again – brought home the major role of uncertainty in monetary policy. We are uncertain about the exact way in which the economy functions, the current state of the economy and about future exogenous shocks. This uncertainty can express itself in the form of risk, with a known probability distribution. Alternatively, it may take the form of Knightian uncertainty, in which the probability distribution is unknown. It is the latter form of uncertainty which presents monetary policy with the greater challenges. Uncertainty is a reason why changes to the monetary policy instrument are generally applied only gradually and in small steps. However, if the economy is thought to be facing major threats, uncertainty may demand rapid and decisive action. Monetary policy decision-makers must be aware of uncertainty and the limitations of their knowledge.
In terms of risk-weighted assets, the median Core Tier 1 ratio of the largest euro area banks currently stands at 12.7%, above their American counterparts. The majority of significant euro area banks already comply with the minimum capital requirements of the fully implemented Basel III framework. In terms of leverage – as measured by the ratio of equity over total assets – EU banks may at first sight appear to have lower ratios than their US peers, but as FDIC Vice Chairman Thomas Hoenig has showed, if the same accounting standards are applied then the median of the leverage ratios of large EU and US banks are quite similar. In terms of absolute nominal size, if we look at the 20 largest banks in the EU and the US, the EU banks now have a capital level approximately 100 billion dollars larger. 2  Gabriel Jiménez, Steven Ongena, José-Luis Peydró and Jesús Saurina (2012), “Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments” Sveriges Riksbank working paper. 4  BIS central bankers’ speeches  Where euro area banks do not compare so favourably with their US peers, however, is in their low profitability and fragile investor confidence. Investors seem to be uncertain whether banks have proper asset valuations and are adequately provisioned. But this is precisely the issue the comprehensive assessment should address – it is an exercise in removing uncertainty by giving investors all the facts.

Starting with the institutional limitations, the key innovation of the SSM is that it creates genuinely European supervision, by which I mean supervision on both core and peripheral banks. From November next year, every bank in Europe will be part of the same system. This puts supervisors in a better position to prevent boom-bust cycles caused by excessive cross-border lending – and if they fail to do so, there will be collective responsibility for that failure. In line with the subsidiarity principle, European supervision will involve centralised and decentralised elements. For the big significant banks (around 130), the ECB will be the direct responsible supervisor, but supervision will take place at both the European and national levels. We will integrate these levels by setting up Joint Supervisory Teams (JST) for each significant bank. Let me use the example of Santander to illustrate how this will work. For the parts of the banking group resident within the SSM, there will be a core supervisory team comprising of staff from both the ECB and the national competent authorities (NCAs) in the countries where Santander is active – that is 9 within the euro area. Within this team there will be a national coordinator for each country, drawn from the respective NCA, and an overall coordinator, who will be an ECB staff member. The national coordinators will manage the permanent experts working at the national level, while the ECB coordinator will ensure quality and take responsibility for output sent to the Supervisory Board.