samchain/econo-pairs-v1 huggingface dataset:
Therefore, with respect to member supervision, MAS will redefine the scope of regulatory responsibilities between MAS and exchanges so that overlaps faced by intermediaries who are members of different exchanges, and at the same time regulated by MAS, are minimised. To elaborate, exchanges typically supervise intermediaries to ensure that they comply with the exchange rules, uphold high standards of market integrity and are financially sound. MAS, on the other hand, supervise intermediaries for compliance with MAS’ statutory licensing requirements pertaining to systemic and conduct risks. 23. In practice, exchange rules can and do overlap with the statutory requirements under the Securities and Future Act. The regular dialogue and co-ordination between MAS and SGX have allowed us to manage inspection visits in a way that reduces the burden on intermediaries who are both licensed by MAS and are members of SGX. 24. However, this will become more challenging when more than one exchange operates in Singapore. For example, an intermediary that is licensed by MAS, can also be a member of both SGX and ICE Futures; it should not have to undergo three separate inspections a year, especially if a number of areas are duplicative. 25. In the US which has many more exchanges, they have either set up a separate industry SRO to undertake member supervision in the case of the securities market or relied on an exchange to play a “lead SRO” role in the futures market. 26.

There was, moreover, no departure from the Bank’s prudent approach to reserve management and the reserves remained well above the minimum statutory level. This was the case even during periods of rising international oil prices, which inflated the import bill, and in 2007 when the public started to convert Maltese lira holdings into euro and to hold on to euro earnings in anticipation of the change to the euro. Another favourable element during the ERM II phase was the comfortable surplus position on the capital and financial account, which more than offset the current account deficit. A combination of substantial inflows of FDI and inward portfolio investment flows provided strong support to the Maltese lira. The Central Bank of Malta’s credibility - based on its track record in delivering exchange rate and price stability - as well as the small size of Malta’s financial market probably also helped to ward off any unwanted attention. The absence of volatile short-term capital flows into and out of the country during this period supports this impression. Finally, Malta’s experience points to the importance of a shared vision between the government and the central bank on policy objectives, as well as of a holistic approach to achieving them. In this regard, the continued acceptance by economic operators of the need to support the fixed exchange regime facilitated the authorities’ task in imposing the fiscal and monetary discipline necessary to meet the nominal convergence criteria.
Looking ahead, this boost to public finances is likely to be reversed when  4/8  BIS - Central bankers' speeches  inflation comes down, at which point deficits will creep up again. This is something that politicians should keep in mind as they plan their government's spending and taxes for the years ahead. The monetary policy response Times are clearly challenging for central banks. It is difficult for monetary policy to address supply-side shocks that are both inflationary and recessionary at the same time. If such shocks do not last for long, it might be appropriate to wait and see whether inflationary pressures will recede by themselves without any additional strain being put on the economy by higher interest rates. This was not the case this time however, and central banks were not able to just wait and let inflation spread through the economy. Because once the inflationary mind-set has taken hold, it is very difficult to change. Businesses and consumers must have confidence that central banks are determined to bring inflation down to its target, even if they cannot do it overnight. Before I discuss the latest monetary policy decisions of the Governing Council of the ECB, let me take a brief detour into not-so-distant history. Late in autumn of 2021, we were quite confident in the Governing Council that most of the supply-side inflation pressures caused by the pandemic would fade by the coming spring.

Ben Broadbent: The economics of deflation Speech by Mr Ben Broadbent, Deputy Governor for Monetary Policy of the Bank of England, at Imperial College Business School, London, 27 March 2015. *  *  *  The CPI in February this year was no higher than in February 2014. This is the first time the UK has failed to record positive annual inflation for over 50 years. Inflation was briefly negative in late 1959 and early 1960. Before then, you have to go back to the early 1930s, and the agonies of the Great Depression, to find a period when UK consumer prices fell over a sustained period (Chart 1 plots three-year rolling averages of inflation). Because of the depth of the economic downturn at that time, and the more recent stagnation of Japan, the weakness of price inflation today has raised fears in some quarters about the risks of sustained deflation in this country. The MPC’s objective is not simply to prevent prices from falling: it is to ensure they rise at the target rate of 2% a year. Because of the attention it’s been getting, however, I’m going to focus today on negative inflation specifically. I’ll divide the substance of my remarks in two. One part will discuss the basic economics – how and why it matters if prices decline over a protracted period – the other, the frequency and implications of deflation in the historical data. Chart 1 Deflation last seen in 1930s  Source: ONS and Hills,Thomas, Dimsdale (2010).
In my few months so far as General Counsel at the New York Fed, I am increasingly mindful of the value of cognitive diversity and inclusiveness within the Bank’s Legal Group. Former prosecutors may view an enforcement matter differently than former defense lawyers. A regulatory lawyer who studied economics might not have the same insight as a lawyer whose background is in political science. A compliance officer may spot a problem in our policy that a regulatory lawyer would not have considered. Managers—myself included—whose tenure at the Bank spans decades, may not see shortcomings in communication or organization that are glaring to newer arrivals. When different views are brought to the table, risks are better understood and better decisions get made. As you progress in your careers, I encourage you to seek out other views. One way to do this is to expand your professional network to lawyers in other countries. We are likely to face similar problems and it can be enlightening, as my meetings this week in Beijing have been, to learn from each other about possible solutions. Conclusion The circumstances of modern corporate practice demand increased attention to risk and professionals mindful of managing risk with a view to promoting broader organizational and public purposes. Whether or not you practice law, the virtues of issue spotting, listening to your clients, and speaking up will serve you well in your professional careers. They are invaluable tools for the task of risk management—a shared task of corporate officers, and one that extends beyond professional bailiwicks.

3, A "353 9 33 3 3 93  9  4 4 6752 554     465477 752 -0  75  752 901 74:  2 1" 4 752 W 57  47   74752 552 712 2 1 714 552   $  6    4 53 ! 5  4 437 53  2 $ &7'1 74 " 1 +,,-.-/ %973  4  !23(%&  2 7 %3 5332 3279  +6*9 A6(4)9 1 f 34,4/.4( &9(04 (7/4*   0C')0)    T T T T  ? @ 5Z!412
And at times of heady growth, this entails very bad press and is difficult for the bank to assume, particularly if the competition is lax in its lending standards. Naturally, it is tempting to imitate the competition when a strategy produces short-term profit. Those banks that decide not to follow this path will undergo pressure from the market and shareholders to imitate their rivals and boost those business areas that are proving profitable at that time. Risk culture plays a crucial role in being able to withstand such pressure. 6/13  Let us not forget that runaway credit growth and the subsequent build-up of structural imbalances on the balance sheet do not produce evident negative effects during an upturn. On the contrary. Such growth enables banks to increase their profitability, entailing a false sense of security and of good times that – mistakenly – warrants growing risk-taking. Even the supervisor itself may succumb to this false sense of security. However, this strategy is heading for disaster if there is a change in cycle. The scale of potential losses will be directly proportionate to the volume of lending irresponsibly granted. Both supervisors and banks must be fully aware of the road ahead in this situation, looking always to the long term. As I said earlier, supervisors and supervisees have an interest in common: for banks to continue servicing their customers in the future.

And it introduces a cooperative approach to CCP supervision, involving all relevant supervisors and central banks in “supervisory colleges” to ensure that CCPs are properly overseen across Member States. The global regulatory push towards central clearing has contributed to making CCPs extremely important parts of the global financial system. In 2009, just 40% of all interest rate derivatives contracts were cleared through CCPs, but by 2017 this had increased to 83%1. New developments and current challenges The rising importance of CCPs means that their supervisory framework needs to be reformed. Most clearing is now done across borders and is strongly concentrated in a limited number of EU CCPs, which have become systemically important for the EU as a whole. Two of these CCPs are based in the United Kingdom. Currently, they clear around 95% of eurodenominated interest rate derivatives and around 30% of euro-denominated repos. Thus, a significant disturbance involving a major UK CCP could affect financial stability and market functioning across the EU. On top of this, most of the liquidity provided by central banks tends to be channelled through the repo market. The United Kingdom’s withdrawal from the EU means the supervisory framework for non-EU countries must be adapted. EU authorities must continue to be able to not only closely monitor UK CCPs but ensure they comply with EU regulations.
Why are downturns after financial crises more likely to result in a prolonged period of weak activity and elevated unemployment – a slump, in other words? There are, I believe, two main reasons. The first is the unduly sharp and sustained decline in confidence. Over-confidence and underestimation of risks during the pre-crisis boom gives way to extreme caution and a preference for safe, rather than risky, assets – a shock to “animal spirits”, if you like. When investment is costly to reverse, that is likely to result in a sharp reduction in capital expenditure (e.g. Dixit and Pindyck, 1994). Similar arguments apply to durable expenditures by consumers. The near-seizure of the international financial system after the collapse of Lehman Brothers administered a particularly large adverse shock to animal spirits. Although that event is gradually receding into the past, it has been superseded by uncertainty surrounding the ability of the euro area to resolve the indebtedness and competitiveness problems of the periphery. Substantial policy steps have been taken since the summer, including the launch of the European Stability Mechanism, steps to set up a banking union, and the ECB’s announcement of its willingness to purchase the short-dated debt of troubled sovereigns. But it will be a long time before a resolution is complete and the consequent uncertainty is likely to weigh on demand for some time yet.

Zeti Akhtar Aziz: Unlocking finance, expanding impact Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Responsible Finance Summit “Unlocking Finance, Expanding Impact”, Sasana Kijang, Kuala Lumpur, 30 March 2016. *  *  *  It is my distinct honour and pleasure to welcome you to Malaysia and to this Responsible Finance Summit for 2016, with the theme "Unlocking Finance, Expanding Impact". The theme gives strong recognition to the essential role of finance in driving sustainable development and growth in the world today. It is now almost a decade since the eruption of the global financial crisis. Despite the challenges, much progress has been made to forge a vision for a stronger post-crisis world. Whilst having to strike a balance between pursuing financial stability and the potential increased costs to financial intermediation, efforts have been made through the global financial reforms towards more sustainable financial systems. This includes the recalibration of financial regulations to curb tendencies for excessive leveraging, strengthened regulatory and supervisory systems that are forward looking and responsive to risk, as well as provisioning standards that reduce procyclicality and that restrain the build-up of risks. In addition, advancing consumer protection, furthering financial education and literacy as well as improving access to financial services have remained important long-term items on the agenda. In tandem with these efforts to strengthen financial stability, the role of finance is also being re-examined to enhance its positive impact.
Speech  Embargo 26 September 2016, 11:30 am  Financial market infrastructures: Walking the line between stability and innovation Sibos 2016  Thomas J. Jordan Chairman of the Governing Board, Swiss National Bank * Geneva, 26 September 2016 © Swiss National Bank, Zurich, 2016  ∗ The speaker would like to thank Giuseppe D’Alelio and Andreas Wehrli for their valuable support in preparing this speech. He also thanks Simone Auer, Petra Gerlach, Sébastien Kraenzlin and SNB Language Services for their assistance. Page 1/6  Introduction I am delighted to open Sibos 2016 and welcome you all warmly to Geneva. Sibos is the annual gathering for financial market service providers. This sector, which is responsible for nothing less than the backbone of the financial system, is currently experiencing a surge of innovation. It is therefore a great honour for Switzerland to be hosting this important conference at this time of transformational change. Around the world, Switzerland is often seen as a haven of stability and continuity. The highly international Swiss financial sector benefits from the exceptional stability of our country’s political and legal structures. At the same time, Switzerland manages to be innovative; it is regularly among the top performers in global innovation rankings. 1 The Swiss financial industry plays an important role here. You will not find the ‘Crypto Valley’ on any map, but a financial technology (fintech) cluster going by this name has sprung up in the Canton of Zug.

Recent developments in the SIC system Amid all these longer-term visions, we should be careful not to overlook changes that are just around the corner – or indeed, have already been introduced. So let me return to the present and talk about developments in cashless payment transactions that are already having a tangible effect on central banks around the world. For obvious reasons, my remarks will be based on the situation in Switzerland. As I have already mentioned, one of the SNB’s statutory mandates is to facilitate and secure the operation of cashless payment systems. One of the key ways in which we perform this duty is through our strategic guidance of the SIC payment system. This includes approving technical changes to the system and the rules of conduct for system participants, fixing operating hours and rates, and deciding who is granted access to the SIC system. At the same time, the SIC system is operated not by us, but by SIX Interbank Clearing; system participants are involved in the decision-making process and therefore play a direct part. This configuration makes SIC a market solution. Another feature is that the SIC system is used to settle not only interbank payments, but also a large proportion of retail payments. 8 By virtue of its role in SIC, the SNB has a substantial influence on retail payments in Swiss francs and is, in turn, also impacted by dynamic forces at work in this area.
This was a commercial dispute between AIA and policyholders, which had to be resolved bilaterally between them, whether through negotiations, industry-based dispute resolution mechanisms or the courts as a last resort. MAS could not intervene. But MAS had a responsibility to ensure that policyholders had full information of what AIA was offering them, what this was worth, and what other alternatives they had. MAS also had a strong interest in seeing IDRO, the industry based dispute resolution mechanism, work. Thus what MAS did was to ensure that information was disseminated promptly, accurately and adequately, so that policyholders could make a considered decision. We issued a policyholders’ guide to help affected policyholders understand their own policies and the options available to them. AIA was asked to issue a public statement to explain fully and clearly its support package and adjudication process. MAS also made it clear to the industry that if any dispute arose over the jurisdiction or authority of IDRO, it would have had to contemplate introducing statutory and regulatory mechanisms for dispute resolution. Full disclosure and working dispute resolution mechanisms are preconditions for a disclosure-based regime and self-reliance to work. The AIA dispute simmered for many months. Eventually AIA responded to the concerns of policyholders, including those raised by CASE on their behalf, by revising and substantially improving its offer. As this offer addressed many of the earlier concerns, MAS welcomed it publicly.

Anita Angelovska Bezoska: Journalists are one of the main transmitters of monetary policy messages Address by Ms Anita Angelovska Bezhoska, Governor of the National Bank of the Republic of Macedonia, at the Journalist Workshop - 2018, organized by the National Bank of the Republic of Macedonia, Skopje, 25 December 2018. * * * Distinguished media representatives,  Welcome to the fourth Journalist Workshop hosted by the NBRM. I am glad to see you in greater numbers this year, which is confirmation of your interest in the topics that will be the focus of today’s event. Allow me to take a brief look at several basic, yet important aspects of central bank communication: 1. Why is central bank transparency and communication important and needed? 2. How has central bank communication evolved over the years? What were the challenges in the period after the outbreak of the global crisis and how were they addressed globally? 3. Challenges in central bank communication in the Republic of Macedonia. A comparison between the current and the past transparency level and central bank communication shows an exceptional transformation in this segment. The need for strengthening central bank transparency was brought to the fore for the first time in the 1990s, implying enhanced communication with the public, including the media. This change is associated with the concept of central bank independence, or the independence of the monetary policy from fiscal policy.
As a result, dealers were, it is true, able to carry high levels of inventory and to accommodate easily shifts in the demand for market-making. But they were also vulnerable to falls in asset prices and tightening in wholesale markets conditions. When faced with severe stress, they were forced to withdraw from market-making altogether. In short, when conditions became really testing, market liquidity, like bank capital, proved to be an illusion. With regulation tighter, it may well be harder for market-makers to absorb inventory when end investors wish to off-load assets; market liquidity may start to fall away at an earlier point. The risk of another complete failure of market liquidity should be much reduced. But market participants will not always be able to sell what they want, where they want and when they want. BIS central bankers’ speeches  5  Investors need to recognize this change in market structure and adjust accordingly. In this respect it is perhaps worth observing that it is currently quite puzzling that, when market participants seem to be worried about market liquidity and the impact of regulation on market making, liquidity risk premia seem to be so compressed. It does raise questions over whether liquidity risks have been properly priced. Central bankers are, of course, supposed to worry about new risks. But I would not want to leave you with the impression that nothing has improved in the financial stability world.

Gent Sejko: Address at the “Neither old nor new, I am simply Lek!” awareness campaign launch Address by Mr Gent Sejko, Governor of the Bank of Albania, at the launching of awareness campaign: “Neither old nor new, I am simply Lek!”, 17 November 2021. * * * Honourable Professor Civici, Honourable Dr. Treska, Dear participants, colleagues, and media representatives, I have the pleasure to welcome you in this very important day for the Bank of Albania on the occasion of launching the awareness campaign: “Neither old nor new, I am simply Lek!”. This new initiative of our institution in the field of financial education is part of a broad corpus of programmes and projects in the framework of comprehending and taking care of the national currency and banknote. It is the materialisation of the Bank of Albania’s efforts to fulfil the recommendations of the Albanian Parliament embodied in the resolution on the assessment of our institution activity, for eliminating the use of outdated terms “new lek” -“old lek”. We are conscious, that unfortunately, this happens perpetually, not only in day-to-day communication amid citizen, also in their economic and financial interactions, thus becoming either intentionally or not a source of misunderstandings. Before presenting this campaign, allow me to briefly address this phenomenon on the historical perspective, how it has arisen.