samchain/econo-pairs-v1 huggingface dataset:
Sustainable Singapore 5 / 10  BIS central bankers' speeches  For a sustainable Singapore, we are gradually changing the way we live and work, often with the help of technology. We are making our residential precincts more energy efficient. In the upcoming Punggol Digital District, businesses will be connected to a network of sensors collecting real-time data on solar generation, building occupancy, rainfall and humidity. They can use this information to optimise their energy usage. We are shifting towards cleaner energy. Despite its small size, Singapore is determined to harness more solar energy. We are innovating with applied photovoltaics on building facades and floating solar panels on offshore waters. Singapore is accelerating the deployment of electric vehicles and aims to phase out by 2040 all internal combustion engine vehicles. We are building a Circular Economy where resources are re-cycled. Singapore collects every drop of used water, treats and purifies it, and turns much of it into clean water again. We are beginning to recycle food waste into sustainable animal feed, and waste plastic into alternative fuels. Asia’s Transition to Deeper Shades of Green As a champion of sustainable development, an international financial centre, and a leading technology hub, Singapore is well-placed to support Asia’s journey towards sustainability. Why Asia? Because Asia accounts for about half of global greenhouse gas emissions. But Asia’s transition to a low carbon future has to be consistent with its economic and social development.

To enable more efficient claims processing, we are building a technology platform to securely share data with patient consent. MAS, the Ministry of Health, and the Integrated Health Information Systems are collaborating with the insurance and healthcare sectors to build this platform. It will help to reduce duplicate claims, manual errors, and processing time. We will conduct a live pilot next year. Holistic Financial Planning Financial inclusion is not just about having access to financial services. It is also about empowering individuals with information and tools to make best use of financial services. Today, our personal financial information – our deposit accounts, investment holdings, pension statements, insurance coverage, and so on – is fragmented across multiple entities. Putting together this information is not easy. But if we don’t have a consolidated view of our financial portfolio, how can we do holistic financial planning? Yesterday, Deputy Prime Minister Heng Swee Keat announced the launch of the Singapore Financial Data Exchange, or SGFinDex for short. SGFinDex is jointly developed by MAS and the Smart Nation and Digital Government Group, together with the key retail banks in Singapore. It will enable individuals to consolidate their financial information residing in different banks and government agencies. 3 / 10  BIS central bankers' speeches  This is only the first step. We are working to expand SGFinDex to include data from the Central Depository as well as data from insurance companies to enable individuals to have a more complete view of their financial status.
Financial crises have arisen on many occasions through history, and not least the extensive financial crisis the world experienced 2007-2009 reminds us that financial crises can be extremely costly and that government measures can sometimes be necessary to stave off a total meltdown in the economy. 4 Some banks are quite simply “too-big-to-fail”. It is in the light of the banking system's inherent instability, combined with its significance for the economy as a whole that we should regard the need for special supervision, regulation and other measures to make the system more  4 See, for example, Reinhart and Rogoff (2009). 2 [14]  robust. As I mentioned in the beginning and I shall soon develop further, this is one reason why we need a central bank with an appropriated foreign currency reserve. In Palmstruch’s day, it was the depositors who rushed to the bank and caused a liquidity crisis. Unlike the 17th century, there is now in most parts of the world some form of obligatory protection for depositors’ money, a deposit guarantee. This reduces the risk that a bank’s depositors will rush off and empty their accounts if the bank's financial strength is suddenly called into question. The fact is that deposits from private individuals are now usually regarded as the banks’ most stable source of funding. But then we should know that the banks have for a long time also funded themselves through short-term and volatile borrowing on the international capital markets. 5 I shall develop this a little further soon.

Finally, I am worried that we are not going to achieve the full benefits from trade repositories. Regulators, market participants and TRs must continue to work together to ensure that comprehensive, and meaningful data are being reported to TRs and that authorities have the ability to access and analyze the data from the TRs. Although authorities currently receive data, the data are often fragmented and reported in different formats or are not comparable across TRs. This poses challenges for regulators and supervisors of market participants and global CCPs as well as authorities more broadly. Aside from the issues with TR fragmentation, data quality and regulatory access to data, we could be leaving considerable money on the table by not using the TR dataset to increase transparency into the marketplace more broadly. Moving forward on all of these issues will require global coordination and continued efforts across all stakeholders. Authorities must continue to coordinate their oversight of global infrastructures. Where FMIs are “global,” that is providing services across multiple jurisdictions and in multiple currencies, it is important for the relevant authorities to find efficient ways to cooperate with each other to effectively carry out their respective responsibilities. Additionally, where there are overlapping or contradicting regulations, authorities must provide clear guidance to the market on how regulation will be applied. One final point: What matters is not the standardization of OTC derivatives, central clearing or the use of the trade repositories per se, but instead the results that flow from these efforts.
Although we only formally make a decision on the level of the repo rate that will apply until the next monetary policy meeting, we must make an assessment of what would be a desirable level for the repo rate throughout the entire forecast period. Situations may, of course, arise where the Executive Board members have different opinions regarding, for instance, the current economic situation or how quickly inflation should be returned to target after a shock. This type of situation may be complicated. But in practice we nevertheless believe that we will be able to manage such situations, and to agree on an interest rate path that a majority of us support. We have previously managed to agree on an interest rate message that contained information on our future intentions when commenting on market expectations. Now that we are producing a forecast for the repo rate, it is important to point out that new information may be received that significantly changes our view of future interest rate developments. The publication of our own interest rate forecast does not involve any commitment from the Riksbank that the repo rate will actually follow this path. We must also, as before, make it clear that the assessments are uncertain. One way of doing this is to calculate uncertainty intervals around the interest rate path. This we intend to do.

Through Hong Kong’s platform, international investors in the Islamic world can easily tap the appealing growth story of the Mainland. This is especially given the fact that many investors are now actively looking for investment opportunities in Asia, particularly Mainland China, to diversify their investment portfolios. At the same time, Mainland issuers can also make use of our platform to reach out to the increasingly wealthy investor base in the Islamic world. 12. Clearly, there is a strong foundation for both sides to work together to complement each other, grow the pie bigger and achieve a win-win proposition in developing Islamic finance. For this important reason, the HKMA entered into a Memorandum of Understanding (MoU) with Bank Negara Malaysia in 2009 to strengthen mutual co-operation in the area of Islamic finance. We are very pleased to have worked closely with Bank Negara Malaysia to put together and bring this workshop to Hong Kong under the framework of the MoU. Building a deep talent pool is crucial for further development of the Islamic finance industry. Workshops of this kind will undoubtedly help to promote market awareness and knowledge of Islamic finance, while also providing an excellent forum for market players to exchange views and business contacts. We will continue to work closely with the Treasury Markets Association to raise the expertise in Islamic finance in Hong Kong. 13.
This one may be no exception. In the trading sphere, there is a risk the individually optimising actions of participants generate an outcome for the system which benefits no-one – a latter-day “tragedy of the commons”. 25 How so? Because speed increases the risk of feasts and famines in market liquidity. HFT contribute to the feast through lower bid-ask spreads. But they also contribute to the famine if their liquidity provision is fickle in situations of stress. In these situations, backstops sources of longer-term liquidity ought to ride to the rescue. But HFT has also affected this outside option. LFT market-making has been squeezed-out by competitive pressures from HFT. And those LFT market makers that remain are at an acute informational disadvantage in situations of stress. The result is a potentially double liquidity void. (c)  Behaviour across assets and markets  So far the story has been confined to behaviour of one stock trading on a single exchange. But the changing structure of markets and trading mean it is unlikely that any stock-specific price dislocation will be localised. The new topology of trading makes contagion more of a potential bogeyman now than in the past. One source of contagion is between stock prices and derivatives written on these stocks. HFT activity means that arbitrage opportunities between these markets are likely to be quickly removed. Or, put differently, price dislocations in the cash market are likely to be transmitted instantly to futures markets and vice-versa.

BIS central bankers’ speeches  19  Chart 13: Difference in maximum and minimum price of GE shares across different exchanges on 06 May 2010 Price difference $ 0.40 0.35 0.30 0.25 0.20 0.15 0.10 0.05 0.00 14:41  14:43  14:45 Time  14:47  14:49  Source: NANEX. Notes: Difference in bid prices across NASDAQ, NYSE and Pacific Exchange. Table 1: Round-trip latencies for selected exchanges, April 2010 Exchange  Average round-trip latency (microseconds)  Nasdaq OMX INET  250  Bats Europe  270  Chi-X Europe  400  NYSE Arca  900  LSE Tradelect  2000  TSE Assowhead  5000  Source: http://mondivisione.com via AFM 2010. 20  BIS central bankers’ speeches
Given the interconnectedness of financial activities and systems, an effective cyber defence strategy requires close co-operation and sharing of cyber intelligence. A good model for such co-operation among banks in the US is the Financial Services – Information Sharing and Analysis Centre, or FS-ISAC. 4/9  BIS central bankers' speeches  It is the global financial industry’s go-to resource for cyber threat intelligence analysis and sharing. I am pleased to announce that FS-ISAC will set up in Singapore the industry body’s only cyber intelligence centre in the Asia-Pacific region. This centre will help our financial industry better monitor cyber threats and provide better intelligence support. It will also help deepen the capabilities of the cyber security community here. INFRASTRUCTURE for an Innovation Ecosystem The second key thrust of Singapore’s FinTech agenda is to facilitate the infrastructure necessary for an innovation ecosystem and the adoption of new technologies. We need an ecosystem where people can connect and collaborate, and ideas can flow and multiply. We need common standards and inter-operable systems so that innovations can be scaled up quickly and their potential benefits fully realised. W want a hundred flowers of innovation to bloom but also want to ensure they make a garden. To facilitate such an ecosystem, MAS started with itself: Last year, we formed within MAS a new FinTech & Innovation Group under a Chief FinTech Officer – probably the first regulator in the world to do so.

In conclusion, I’d like to note that although the current economic slowdown is of both structural and cyclical nature, structural factors and the need to create new growth sources still play a major role. This means that monetary policy measures are not sufficient to solve all the problems facing the economy. Special efforts are needed to promote new investments in the economy, improve business climate, increase the mobility of labour and its skills, enhance the efficiency of natural monopolies and government expenditure, improve state governance, and develop infrastructure and logistics. Only these efforts will ensure sustained long-term economic growth based on increasing productivity and economic structural changes. 4  BIS central bankers’ speeches
Foreign investors have an important role to play in ensuring that Thailand press ahead with these reform efforts. As the voice of reason and conscience, foreign analysts, credit rating agencies and fund managers have not hesitated to let us know whenever we seem to be slipping in our reform path or policy inconsistency! Concluding remark To conclude, these are exciting times for all of us. In the wake of the great unwinding, as public agencies, the Bank of Thailand can undertake the necessary monetary and financial policies to stabilize the market and attenuate the effects of short-term volatility or market fickleness. But the task for long-term development lies with everyone. All of us have a role to build the road to sustainable growth, for the country and the region. I thank the Stock Exchange of Thailand and co-hosts for this occasion to bring together investors and government agencies to renew our focus on investments and opportunities for the future. Thank you for your attention. 4  BIS central bankers’ speeches

The reporting requirements established in the new Directive will be phased in, from 2025, for these undertakings, which according to European Commission estimates number some 50,000 across the EU and which include credit institutions. For this purpose, the Commission will determine, through delegated acts to be published no later than 30 June 2023, the specific information to be reported, which will have to be based on standards published by EFRAG,16 the European Commission’s financial reporting advisory group. The considerable amount of information to be reported includes an analysis of each firm’s business model and its resilience to sustainability-related risks and a description of the specific sustainability targets with a concrete time horizon. It also includes a description of how their management bodies operate and their expertise on these matters, and information on sustainability-linked incentive systems. Importantly it also includes the transition plans needed to ensure that firms’ business models are compatible with the transition towards a sustainable economy and the aim of restricting global warming to 1.5°C. All the information should reflect not only firms’ own activity, but also that of their value chains, trading partners and supply chains. As you may have guessed, implementation will call for a major effort by the firms concerned, but it will also entail clear improvement in the granularity, comparability and quality of the non-financial information disclosed. These standards also mean that banks will have more data on the ESG risks their counterparties face, contributing to better management of these risks.
Just like consumers and countries, governments cannot live beyond their means forever. Fiscal authorities need to look beyond the current cyclical upturn. There is no alternative to that. Let me remind you of an often forgotten remark by John Maynard Keynes from 1937, in the aftermath of the Great Depression, when he said: “Just as it was advisable for the government to incur debt during the slump, so for the same reasons it is now advisable that they should incline to the opposite policy”. 1 Fiscal consolidation and growth are not mutually exclusive. I disagree with the view that reducing public expenditures will hinder economic growth. On the contrary, prudent fiscal management provides the basis for balanced and sustainable growth. Stability-orientated fiscal policies will foster confidence among households, entrepreneurs and investors, which will ultimately increase our welfare by creating new jobs. 2. How should we address European modalities of today’s global challenges? I have outlined three key areas for efforts to shape the contours of the post-crisis world – reform of the institutions of global governance, reform of the financial system and reform of public finances. These are global challenges affecting in particular the industrial economies. I would now like to explain how Europe specifically is responding to these challenges. An ambitious agenda lies before the continent. It is not only a visionary agenda: it has to be pursued with determination right now.

We have a great deal of work to do on these three issues in the months ahead, and I am confident that when bold reforms in these areas are undertaken, we will have achieved the necessary quantum leap in euro area governance. Thank you for your attention. 6  BIS Review 97/2010
Forecasts for a low inflation level in the period ahead have dictated the implementation of an accommodative monetary policy in the last quarters. The policy rate cuts have already been passed through to interest rates in the interbank and deposits market, and to most of government securities’ yields. Interest rates on loans have also reflected the expansionary stance of the monetary policy of the Bank of Albania, but they continue to contain high risk premiums for credit risk and other risks related to long-term investment. The slow performance of the economy is also reflected in the monetary indicators. Money supply continued to increase at low annual rates, standing at 2.1% in March. This performance has reflected the decrease in credit to the private sector and the lower financing needs of the public sector. Credit to the private sector shrank 2.4% in March. Besides the weak demand from businesses and households, the sluggish performance of credit reflects the banks’ conservative lending policies. This approach is reflected not only in the interest rates on loans, but also in other lending standards applied by the banking system. In this regard, the Bank of Albania deems that the banking system in Albania has room for and should adopt a more appropriate behaviour towards crediting the Albanian economy. The country’s economic and financial reality, on-going monetary policy easing and our liquidity-injection operations, as well as the adaptation of our regulations to the market situation provide the premises for faster crediting to the economy.

Additionally, we will also help build more resilient and inclusive financial systems and thus contribute towards achieving more balanced growth and development. Thank you and I wish you productive discussions at the Symposium. 4  BIS central bankers’ speeches
Structural factors can push inflation down in a way that can be difficult to counteract for a relatively long time, even if not permanently. It is therefore quite an important discussion that the Borio camp has initiated. 18 How should a central bank act in a situation in which, despite conducting the most expansionary policy it deems possible, it does not expect to be able to reach the target in a foreseeable time frame? As I see it, the reasonable decision in such a situation is to hold fast to the inflation target and continue with the expansionary policy. 19 If the central bank instead were to change its policy in a less expansionary direction, the inflation target would become even more distant and even more  17 Friedman (1963). It should be mentioned that, according to the so-called ‘fiscal theory of the price level’, fiscal policy has crucial influence over inflation, see for example Christiano and Fitzgerald (2000). To achieve low and stable inflation, a well-balanced monetary policy is therefore insufficient. It also requires fiscal policy to be conducted in a way that is compatible with the inflation target. However, this theory is controversial and does not actually question the value of central banks having inflation targets. 18 It should be emphasised that the BIS, where Borio is chief economist, has often been early to bring up issues of fundamental importance for central banks.

The growth of domestic demand is likely to be held back by the relatively tight fiscal policy as well as by the monetary policy tightening since May; and the effect this year of “windfalls” as a result of building societies’ demutualisations will be very much smaller. And we expect a deterioration in our net external trade position as a result of the strength of sterling’s exchange rate and now, too, as a result of the recent developments in Asia. The difficult questions for policy relate to the timing and the extent of the slowdown that is necessary on the one hand and likely on the other. These are difficult judgements at any time. They are particularly difficult when the economy is already close to full capacity. It is not surprising BIS Review 3/1998  -3-  that commentators differ in degree in their assessments. Economics is not - as I say - a precise science. Neither we at the Bank nor anyone else know with any great precision exactly where we are in relation to full capacity or exactly how fast capacity is growing; and we don’t know precisely either how demand will in fact respond to the policy tightening that is already in place. Our own best - and very carefully informed - guess is embodied in the forecasts that we publish each quarter, and we monitor immensely carefully the new information that becomes available day by day in the light of that forecast for early warning signs of emerging imbalance.
We have the tool in our hands to address the challenges I mentioned: the Lisbon strategy, as refocused and reaffirmed by the European Council. If all European countries summon up their strength and reinforce their push forward with structural reform, the improvement in economic activity presently observed in Europe will be broadened and made sustainable in the long run. Thank you very much for your attention. 8  BIS Review 82/2007

  ./  .  />/  = /        89      * * *  *          ) %             /  $        "    " "     "  " &   4& "  "     &"                   ""                    % . 0  D       !  (  34 )    )     ! 9 9 0" 9     2    9  9  762  2    1  &&&&'('& !8 9   =><< ? =><=  =><@  =><A  =><B =><C =><D J8K 81 85875 81 81  =><E  =><F  =><>  =><@ MNOGPQ  <<0<<0=>=<  =><C N2RGPQ  =><F      6513   L8F K8F   03457  J8F  V?WTU  XA?