samchain/econo-pairs-v1 huggingface dataset:
Adaptive compliance – adding speed and agility to process and procedure  Over the past 20 years, as ethics and compliance has moved through infancy and into early childhood, we have become committed to the process and procedure that is emblematic of a program. There is much about this progression that is good. The building of compliance programs has produced real benefits,5 and these benefits have created the compliance profession. There is a risk too. The risk is that the process and procedure that is the substance of the compliance program will become a kind of iron cage, restraining innovation so that the organization cannot adapt to changing circumstances. In short, the process and procedure can stifle speed and agility. One place where this has occurred recently is in financial services. Some institutions witnessed some malefactors violating the law and engaging in anti-competitive practices with respect to the setting of the Libor rate. Those institutions responded to very specific rate fixing abuses, but they did not envision that the abuses with respect to Libor could also be occurring in other businesses, like foreign exchange. Compliance, in this particular instance, was not adaptive. Compliance professionals, in this instance, did not show the needed speed and agility. They did not reason along the lines that “if it is happening concerning Libor then it might be happening concerning foreign exchange.” As compliance becomes increasingly routinized and subject to what the consultants would call the “repeatable process”, the process can have a tendency to drive out creative thought.

This is a little unsettling, because during the last 20 years we have been successful in establishing as a better practice the approval of the compliance program by the board of directors. One might think that, if the board of directors approves the compliance program, then it should not be difficult for the chief ethics and compliance officer to get the business owners to pay close attention. The devil here, as in so many other places, lies in the details. It is usually the implementation of the compliance program that causes the conflict. It is usually related to the cost of compliance, because the cost ordinarily affects how the business owner measures success, which is the size of the business’ profit. The chief ethics and compliance officer will not be able to resolve the conflict easily, because compliance is a cost to the business which can make compliance the adversary of the business owner. The chief ethics and compliance officer will not want to bring a specific conflict issue to the attention of the board of directors. While this might be very effective in resolving the specific conflict, it could absolutely destroy her ability to function effectively thereafter. In a recent survey of chief ethics and compliance officers conducted by Price Waterhouse, the survey respondents identified as a problem their “struggle to gain the attention of the board of directors.”6 Two specific issues were identified.
In the forthcoming period, the Eurosystem experts should assess the legal framework and the NBRM’s practice in these areas and identify “the gaps” against the agreed benchmarks, to which the NBRM is fully committed and ready for open collaboration. The recommendations and directions that will be presented in the form of the report at the third and final phase, will be the basis for designing the future strategy of the NBRM for strengthening its institutional capacity Ladies and gentlemen, the implementation of the European standards and best practices by the NBRM is of utmost importance, as it will not only enable the process of accession of the NBRM to the European System of Central Banks, but it will also contribute to the providing of  BIS central bankers’ speeches  1  price stability and stability and efficiency of the financial system in the country, in general, which is a precondition for EU membership. Rest assured that the management and the employees of the NBRM will address this challenge in a professional manner and will use this project to further strengthen the capacity and credibility of our institution. Finally, let me wish all the participants in the project a successful cooperation in their future work, believing that the cooperation with the ECB and the national central banks of the ESCB will further deepen in the future.

I would once again like to thank the EU Delegation for enabling the implementation of this project with the hope for further support in providing subsequent project for the implementation of the recommendations, and thank the other guests for their presence. 2  BIS central bankers’ speeches
In my opinion, these are problems that are worth a closer examination. It is on these issues that I intend to speak today. The role of the Riksbank The role of the Riksbank in this context is to implement the decision taken by the government and parliament. The Sveriges Riksbank Act, which has governed our operations since 1999, states that “the Riksbank shall decide on the application of the foreign exchange rate system decided upon by the government.” The General Council of the Riksbank last expressed an opinion on the issue in 1997 when asked to respond to the government's investigative report. In its response to the submission the General Council emphasised that the economic advantages of a membership probably outweighed the disadvantages and that Sweden therefore should join the EMU from the start. The current Executive Board has not had reason to take a stance on the issue. Over the past few years we have regularly made technical preparations to enable a possible future membership to be implemented at no great cost and in a problem-free manner if and when a decision is finally taken. Economic consequences of a Swedish EMU membership The most obvious advantage with the disappearance of the currency borders is that which is normally known as transaction gains. This is the removal of the cost and inconvenience involved in exchanging currency when one visits or trades with different countries in the eurozone.

Of course the foreign exchange costs in the eurozone were limited right from the start of the EMU in 1999, but they will now disappear completely. For the economy as a whole, however, this exchange of cash has involved a relatively small cost, which is nevertheless symbolically important. A somewhat larger cost has arisen from the handling charges the companies have been forced to bear to hedge against undesirable fluctuations in exchange rates. This cost disappeared as early as 1999 within the eurozone, but it is not particularly large in relation to our GDP – perhaps a few tenths of a percentage point. A single currency will promote competition within the EU and benefit the consumers, who will experience lower prices and thereby have more money in their pockets. When everyone uses the same unit of currency, it is easier to compare prices between countries. It will also be an advantage for the national economy as a whole, since competition facilitates the work on holding down inflation. Some differences in prices are unavoidable and arise from transport and information costs, but not all of the differences can be attributed to these costs. Despite the fact that we now have a common market with free trade for goods and services throughout the entire EU, there are still large differences in prices between different countries within the union.
Nor Shamsiah Mohd Yunus: Keynote address - JC3 Flagship Conference Keynote address by Ms Nor Shamsiah Mohd Yunus, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Joint Committee on Climate Change (JC3) Flagship Conference, Kuala Lumpur, 23 June 2021. * * * It is my pleasure to speak at the JC3’s flagship event today. This conference is an important platform for us to share knowledge, best practices and solutions in tackling the threat of climate change. Since the last time we held this event in 2019, the world has been gripped by a health crisis of staggering proportions. It is unlike anything we have experienced in recent memory – with great economic and social costs. Despite unprecedented and massive policy responses to the crisis, the crisis has led to some setbacks to past progress towards sustainable development goals. And the global community is still confronting the harsh consequences of under-investments in health, education, infrastructure and the environment, at the expense of more sustainable and inclusive growth. If anything, the pandemic has been a sobering wake up call to the importance of sustainable development and the urgent need to pay more attention to planetary health. Even as Governments and policymakers have been laser-focused in combatting the Covid-19 pandemic, climate-related events have continued to intensify. These events include displacement and disruptions due to storms, flooding and droughts. For example, between November 2020 and January 2021, a few states in Malaysia experienced severe flooding.

Second, we need to reduce the likelihood that systemically important institutions will come close to failure in the first place. This can be done by mandating higher capital requirements, improving the risk capture of those requirements and by requiring greater liquidity buffers for such firms. Although the raging crisis appears to be over, our work is not close to being complete. Making sure this work keeps moving forward and is coordinated internationally is hugely important. Differences in views across countries and regions should not divert the international community from the more important prize – taking the actions collectively that will ensure a robust and resilient financial system. BIS Review 14/2010  4
They include the SLIPS system which is also owned and operated by LankaClear and the $ clearing system operated by a commercial bank. Mr Anura de Silva, General Manager LankaClear will give you the technical details of the CIT System including some of the glitches that have surfaced in implementing the cheque imaging project. Let me now deal with the institutional and legal arrangements and the impact of payment reforms very briefly. The focus will be on (i) the market arrangements for payment services (ii) the legal and regulatory framework; (iii) the coordination of oversight of the payment system and regulation affecting the system; and (iv) mechanisms for consultation with stakeholders. The RTGS and SSS systems speedily transfer funds and make settlements of banks, primary dealers, financial institutions, investors, customers, the government and the public. These two systems bring about financial discipline among these stakeholders as they have to maintain adequate cash and reserves in their accounts to meet payment obligations. This also improves the liquidity management by banks as treasurers and fund managers have to produce accurate estimates of their daily liquidity requirements. More importantly, the users of the RTGS and SSS systems can use Central Bank funds throughout the day for settlement purposes and return them at the end of the day. Subject to the availability of acceptable collateral, the banks and primary dealers are provided with intra day liquidity by the Central Bank.

Mr Erçel talks about the Turkish banking system Speech by the Governor of the Central Bank of the Republic of Turkey, Mr Gazi Erçel, on the occasion of the American Turkish Council meeting in Ankara on 18 March 1999. First, I would like to thank the ATC arranging this gathering in Ankara. I am very pleased to be here today, and I would like to talk about the Turkish banking system. Let me begin by recalling that banks are important and serious institutions. They depend on trust. They borrow money from the public and use it. They also perform the function of intermediation of funds. For many centuries they have been institutions that contributed to economic development. There are a number of generally accepted, long-standing principles that apply to these institutions. The most important are: -  Providing effective supervision over these institutions. -  Maintaining an environment in which they can function efficiently. -  Making risk-taking measures adaptable and applicable. -  Helping to improve the culture of credit. Most of these responsibilities are assigned to public authorities, although some of them are the responsibility of the banks. During the last two decades, however, financial developments taking place all over the world have brought many changes in the practice of banking. Innovations in information technology, the liberalization process of financial markets and a rapid increase in the sheer number of financial transactions have also affected banking. Competition in banking and other sectors has increased.
It is a time to make the imagined real. 19  All speeches are available online at www.bankofengland.co.uk/speeches  19  References Acemoglu, D and Robinson, J (2012), Why Nationa Fail: The Origins of Power, Prosperity, and Poverty, Crown Business. Bakhshl, H, Frey, C and Osborne, M (2015), ‘Creativity Vs. Robots: The Creative Economy and the Future of Employment’, NESTA, UK. Baweja, B, Donovan, P, Haefele, M, Siddiqi, L and Smiles, S (2016), ‘Extreme automation and connectivity: The global, regional, and investment implications of the Fourth Industrial Revolution’, UBS White Paper for the World Economic Forum. Beckert, J and Bronk, R (2018), Uncertain Futures: Imaginaries, Narratives, and Calculation in the Economy, Oxford University Press. Berlucci, G and Buchtel, H (2009), ‘Neuronal plasticity: historical roots and evolution of meaning’, Experimental Brain Research, Vol. 192, No. 3, pp. 307-319. Berriman, R, Cameron, E and Hawksworth, J (2018), ‘Will robots really steal our jobs? An international analysis of the potential long teerm impact of automation’, PwC UK. Beveridge, W (1950), The Art of Scientific Investigation, W. W. Norton & Company. Bresnahan, T and Trajtenberg, M (1995), ‘General purpose technologies – ‘Engines of growth’?’, Journal of Econometrics, Vol. 65, pp. 83-108. Bughin, J, Hazan, E, Lund, S, Dahlstrom, P, Wiesinger, A and Subramaniam, A (2018), ‘Skill Shift: Automation and the Future of the Workforce’, McKinsey Global Institute.

Institutional investors are allocating more funds to Asia, in search of higher yields and to benefit from the strong growth in the region. Improvements in corporate governance are part of this story. But even in this positive climate, we must remain wary of risks. Terrorism and avian flu are not distant threats. The abundance of liquidity in global and Asian markets has also led to a narrowing of credit spreads that is unlikely to persist for long. The repricing of risk may be triggered by a variety of events, arising for example from a geopolitical disturbance, an unexpected setback in economic growth, or the failure of a major borrower in global financial markets. The repricing of risk, unwinding of spreads and contraction of liquidity in higher risk assets and markets may be sudden, and may not be orderly. On the positive side, the innovations we have seen in global financial markets, including the extensive securitization of assets and growth of the derivatives market, has parceled out risks more widely and perhaps more evenly in the system. But it also makes the system less predictable in the event that things go wrong. We cannot predict how contagion will spread in global markets. It is critical that the hard lessons on corporate governance learnt during the fall out from the Asian crisis are not lost during the current period of benign economic growth and relatively easy availability of funds.
While there is a familiar ring to parts of this sorry tale, you can be comforted that our job at the Bank of England is to protect the value of the new Jane Austen note. In fact, maintaining confidence in our currency is the fundamental responsibility of your central bank. That extends to maintaining its value, protecting against counterfeiting, and also ensuring that the choice of character on the notes commands respect and legitimacy. The Bank of England has, through its banknotes, a unique and rare opportunity to promote awareness of Britain’s history and to acknowledge the life and work of its greatest citizens. After the announcement of the Churchill note concerns were expressed that – in the absence of any other changes to the Bank of England’s notes – none of the four characters on our notes would be a woman. That was not the Bank’s intention; we have listened and we fully understand the concerns raised by many people, including some whom I am delighted to see here today. We believe that our notes should celebrate the full diversity of great British historical figures and their contributions in a wide range of fields. The Bank is committed to that objective, and we want people to have confidence in our commitment to diversity. That is why I am today announcing a review of the selection process for future banknote characters.

Mark Carney: Jane Austen to feature on Bank of England banknotes Remarks by Mr Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, at Jane Austen’s House Museum, Chawton, 24 July 2013. *  *  *  Good afternoon, and welcome to Chawton, home in her final eight years to Jane Austen and her family. This cottage occupied a special place in Jane Austen’s life, as a return to the countryside brought contentment after an unhappy spell in Bath. All six of Jane Austen’s best known novels were published after she moved to Chawton, and three of them were written in their entirety here. It therefore gives me great pleasure to be here today to announce that Jane Austen will be the next character to appear on the Bank of England’s £ note, replacing Charles Darwin. Jane Austen will become the 17th historical figure to feature on our banknotes. She merits her place in this select group as one of the greatest writers in English literature. Her novels have an enduring, timeless and universal appeal – they have never been out of print since first being published, have inspired numerous modern adaptations and are loved by people around the world. Austen’s combination of sharp wit, engaging narrative, knowing satire and social commentary has ensured her place among the country’s favourite authors. I am delighted now to unveil the image for the new Jane Austen note.
This stance will however be subject to continual review, depending on developments in the domestic economy and external environment. Financial services sector Performance of financial services sector The financial services sector saw an improved performance last year, rebounding from a negative 8.1% growth rate in 1998 to register flat growth in 1999. The recovery was largely fuelled by the surge in the stock market and fund management activities over the year, reflecting buoyant market sentiments and a brighter regional economic outlook. The upturn is likely to be sustained for the rest of the year. For the first quarter of 2000, the sector has already turned in an encouraging 6.9% growth. Review of financial reforms and key priorities MAS has continued apace with our financial sector reforms over the last year, introducing a series of strategic policy changes to foster a more transparent, innovative and dynamic financial sector. We have taken measures to fine-tune and update our legislation and guidelines to keep pace with the changing market environment. To further strengthen the domestic banking sector, we recently announced regulations to separate the financial and non-financial activities of our local banking groups, and to require the rationalisation and unwinding of cross-shareholdings. Last week, MAS also unveiled our policy on internet banking, whereby we affirmed that the existing prudential regulation and supervision framework will apply to such new business models. On the insurance front, we have liberalised the entry into the direct insurance industry and adopted an open policy for admission of insurance brokers.

Inflationary pressures have been held down by greater competition in several segments of the economy, particularly in the supermarkets and telecommunications industry. Strong productivity growth has also helped neutralise the inflationary effects of increases in nominal earnings and the partial restoration of the employers’ CPF contribution rate. 1  BIS Review 62/2000  Looking ahead, we expect the growth momentum to be sustained for the rest of 2000 and to moderate only slightly next year. This is underpinned by the favourable outlook for the external economic environment. Economic activity will be led by steady growth in the manufacturing sector and a strong pick-up in the services sectors. Domestic spending is also expected to remain strong. We expect the remaining slack in the economy to be taken up within the next 12 months. As the labour market tightens further, wage pressures will begin to emerge. Imported CPI will also rise, as higher commodity prices filter through to higher import prices of consumption goods. We expect CPI inflation to edge up slightly, to about 1-2% in 2000 and 2001. MAS is, therefore, prepared to allow a gradual and modest appreciation of the Sing dollar on a trade weighted basis in the coming year, in line with the strengthening of economic fundamentals. This would contain any incipient inflationary tendencies without exerting undue pressure on our competitiveness, bearing in mind the tightening labour market and the progressive restoration of employer CPF contributions.
Shocks can be divided into demand shocks and supply shocks, depending on whether demand or supply is developing unexpectedly. The economic impact of the war in Ukraine can be described as what textbooks call a negative supply shock. This means that activity in the economy is declining, at the same time as prices are rising. In other words, the effect will be stagflationary, that is, we will have a combination of lower growth and upward pressure on inflation.23 Earlier examples of negative supply shocks are the oil crises in the 1970s. In addition, the war in Ukraine was preceded by another supply shock – the pandemic – when large parts of the world economy closed down and distribution chains were broken. As I just described, war does not always entail a negative supply shock. In connection with the Korean War, for example, there was talk of the ‘Korea boom’, because inflation was then largely due to increased demand for Swedish goods. 22 Jonung (1999). 23 There is broad agreement among economists regarding this conclusion. The IGM Forum at Chicago Booth regu-  larly asks a panel of leading economists in Europe and the United States to what extent they agree or disagree with different statements. The survey published on 8 March included the following statement: “The fallout from the Russian invasion of Ukraine will be stagflationary in that it will noticeably reduce global growth and raise global inflation over the next year”. A very large majority agreed, while nobody thought that would not be the case.

It should be noted that the FX Global Code applies not just to market participants, but to market infrastructure providers as well; it thus encompasses all relevant foreign exchange market actors. While the FX Global Code is classified as self-regulation, the SNB expects its regular counterparties to implement the new code and to abide by the agreed rules. Page 3/5  Berne, 15 June 2017 Andréa M. Maechler  News conference  Page 4/5  Berne, 15 June 2017 Andréa M. Maechler  News conference  Page 5/5