samchain/econo-pairs-v1 huggingface dataset:
TerraForm Labs and Luna Foundation Guard are not licensed or regulated by MAS, nor have they applied for any licence or sought exemption from holding any licence. Three Arrows Capital was not regulated under the Payment Services Act. It had operated under the registered fund management regime to carry out limited fund management business, but had ceased to manage funds in Singapore prior to the problems leading to its insolvency. Vauld is currently not licensed by MAS nor has it sought any exemption from holding a licence under the Payment Services Act. It has submitted a licence application, which is pending review. MAS and relevant government agencies will take firm enforcement action if any entity is found to be conducting illegal activities or performing regulated activities without a licence. The crypto industry globally is still evolving and regulation is still catching up with industry trends. Singapore is often seen as being at the forefront, with a clear licensing and regulatory framework. But the focus of crypto regulation to-date in Singapore, as well as in most major jurisdictions, has been on containing money laundering and terrorist financing risks. Most regulatory regimes today do not cover areas such as consumer protection, market conduct, and reserve backing for stablecoins. This is changing. Reviews and public consultations are underway, among international standard-setting bodies and regulators, to strengthen regulation in these areas. MAS is targeting to consult on proposed measures in the next few months.

If there are fresh shocks to global energy and food supplies arising from the ongoing conflict in Ukraine or a significant overheating of the domestic labour market, inflation  may end up being higher and more persistent. TAMING INFLATION MEANS SLOWER ECONOMIC GROWTH  The outlook for a gentle easing of inflationary pressures globally is also premised on strong monetary policy actions by central banks. Monetary policy dampens inflation by reducing aggregate demand to be in line with aggregate supply. In most countries, this is achieved through higher interest rates that dampen consumption and investment demand. A slowdown in economic growth is necessary to restore macroeconomic stability and balance. The central banks of the major economies have been tightening monetary policy. The US Federal Reserve has raised interest rates three times since March 2022. The European Central Bank has yet to raise rates but has indicated it will do so this month. The Bank of England as well as the central banks of Canada, Australia and others have also been withdrawing monetary policy accommodation. Central banks are expected to further tighten monetary policy substantially over the next 6 months. Global economic growth in 2023 is likely to be slower. Tighter financial conditions, coupled with a squeeze in real incomes as a result of rising prices, will exert a drag on growth. It is difficult to forecast the extent of the growth slowdown next year given the complex interplay of multiple factors. It may be more instructive to think of possible scenarios.
Central banks whose currencies appreciated, like the Swiss National Bank (SNB), recorded negative currency translation effects. Central banks with large investment portfolios, like the SNB, Hong Kong Monetary Authority, and Norges Bank, were negatively impacted by the sell-off in global bond and equity markets. Notwithstanding the financial loss, MAS' OFR position remains strong and we transferred $ billion of excess OFR to the Government in this financial year. MAS transfers OFR above what it needs to conduct monetary policy and support financial stability, to the Government for longer-term management by GIC. In FY22/23, MAS transferred a total of $ billion of OFR to the Government. Even after the transfer, the OFR stood at $ billion (or $ billion) as at end May 2023. This is over two-thirds of GDP, much higher than in almost any other country. How does the loss recorded by MAS affect the Government Budget? First, MAS will not accrue a contribution to the Government's Consolidated Fund in FY22/23 but will make a contribution of $ billion based on past profits. Like other statutory boards, MAS makes a contribution to the Consolidated Fund based on 17% of the net profit for the year, after offsetting cumulative losses from previous financial years. In the case of MAS, as our net profits vary considerably from year to year, our annual contributions to the Consolidated Fund are paid in equal proportions over three years, so as to smoothen Government's revenue volatility.

I should add that we will also expect individual financial institutions to design and implement appropriate programs for transitioning employees affected by digital disruptions, beyond compensation arrangements. Preparing society for digital finance My final point has to do with preparing society for digital finance. The consumer experience of financial services is changing dramatically. This is happening on several levels. Customer interfaces are shifting online. The basic commodity of finance – money – is being replaced by electronic forms. Financial products are offered as part of a seamless solution for customers buying property, subscribing to a mobile phone or data package, going on a holiday or enrolling in university. This in turn alters the relationships that a consumer develops, which can be several 4/5  BIS central bankers' speeches  layers removed from the entity that is ultimately providing a financial product or service. Frameworks and business practices designed to protect consumers have not fully kept up with these changes. This can increase risks to consumers – from a lack of transparency, misrepresentations, the inappropriate use of data to unfairly discriminate against consumer segments, legal loopholes, and financial fraud. Greater access to financial services itself through the entry of new and unconventional players can also contribute to overindebtedness. More needs to be done to better prepare society for digital finance.
Because it is more common for US households to fix the interest rate on their home loans for very long periods, they are mainly affected by changes in long-term interest rates. Moreover, the pick-up in inflation in the US has meant that real rates of interest have not increased in line with the rises in the Federal Funds rate. Estimates at the Riksbank suggest that the upswing in Swedish house prices to date is largely attributable to rising incomes, low interest rates and low construction activity. Since house prices began to increase in the mid-1990s, nominal disposable incomes have risen by around 40 per cent and interest rates have dropped sharply. In 1996 the average nominal mortgage rate for households was just over 9 per cent. In June this year it was a little less than 4 per cent. Meanwhile, construction of new homes has been very low, even though low interest rates and rising prices have meant that construction has picked up relatively well in recent years. My assessment is that so far there are no indications of any significant overvaluation of house prices on average in the country at current interest rate levels. Furthermore, Sweden essentially has no buyto-let market, i.e. a market in which private investors buy homes solely with a view to letting them. That limits speculation in housing.

from 4.5% to 3.6% of GDP, with the deficit being predominantly financed by foreign borrowing, would slow down government demand for domestic borrowing. The growth in government demand for credit could decrease from this year’s 32.7% to about 6%. However, even with this relatively low growth rate, there will be little room for the rechannelling of banks’ domestic credit potential towards the private sector. The situation can be further aggravated by shipbuilding, which is not included in these estimates, but can nevertheless affect the budget and its borrowing in 2010. BIS Review 2/2010  1  (X) Under such circumstances, monetary policy will have to balance between reducing the current account deficit and providing for the aggregate domestic credit growth accompanied by exchange rate (foreign exchange reserves) stability. Consequently, we expect to continue implementing the existing instruments (foreign exchange interventions and open market operations), for now, without changing the reserve requirements (because of the favourable liquidity situation in the banking sector), or relaxing the prudential measures, as well as without raising regulation costs. We anticipate that total liquid assets, money supply and bank placements will increase by about 7%, 4.5% and 4.4% respectively.
The Bank of England and Islamic finance My Deputy Governor responsibilities for the Bank of England's £ trillion balance sheet and all of our market operations gives me a particular perspective of the Bank's role at the heart of the UK's financial sector in pursuit of our remit for monetary and financial stability. When considering how we might best carry out our role my approach is framed by four practical steps that I will refer to as the four Cs. First, assessing whether the Bank might be able to provide a solution to the challenge in line with its remit of monetary and financial stability. If this is the case, then the remaining three Cs, to work to convene, collaborate and create to help find a solution. I want to use my remarks today to apply these four Cs to the subject of this panel and show how a range of institutions and interested parties might contribute, in this case to leveraging sukuk, including for sustainable finance. The Bank of England has worked for many years to create a more equal footing for firms in the UK's Islamic finance sector. Islamic Banks have been established in the UK for 40 years, going back to 1982.

While patient behaviour is associated with activity in the pre-frontal cortex, impatient behaviour is associated with a distinct part of the brain – the limbic (or midbrain dopamine) system. 9 Humans have distinct patience and impatience “genes”. When making difficult inter-temporal decisions, we are quite literally in two minds. Impatience is no stranger to economics. It was discussed by Neo-Classical economists, such as Marshall, Fisher and Pigou writing over a century ago. Pigou memorably described the tendency of humans to discount excessively future outcomes as a “defective telescopic faculty”. Today, research has gone one step further: discounting is not just myopic but inconsistent through time. This has been given a somewhat less memorable, if mathematically more accurate, moniker by economists – “hyberbolic discounting”. 10 Hyperbolic discounting describes how people’s preferences alter as distant outcomes become closer to the present. Concretely, imagine a person who prefers $ in ten years’ time to $ in nine years’ time. With hyperbolic preferences, this same person would also favour $ in one year’s time to $ in two year’s time. They exhibit inconsistencies in decision-making across time, or so-called preference reversals. The implications of such behaviour are potentially far-reaching. The patient planner becomes a spontaneous doer when outcomes are within reach. The cautious saver becomes a reckless spender when nest eggs are close to hatching. The long-term investor becomes a short-term speculator if assets can be cashed. As temptation beckons, the devil on one shoulder whispers more seductively than the angel on the other.
We all are aware from our own history that some kind of instrument and mechanism has always existed to  BIS Review 36/2007  1  facilitate trade and other endeavours. What is abundantly clear, however, is that given the increased mobility of the citizens within the respective SADC member countries between cities and rural areas and at times between member countries, the need for payment instruments and the attendant mechanisms to facilitate safe and efficient remittances is arguably the relatively newer phenomenon. It is therefore the expectation of the Bank of Zambia that the 2007 SADC Payment Systems Regional Conference will discuss some of the most important trends and other strategic priorities confronting banks, payment system businesses, merchants and other service providers involved in the delivery channel for payment and other financial services. This is imperative as it would facilitate the drawing up of a development agenda of future priorities and contextualise the future of payment system oversight. Ladies and Gentlemen, since the establishment of the CCBG a decade ago, methods of effecting payments and other financial transactions have quickly become sophisticated with a trend towards execution in real time electronic media. All this is taking place because consumer confidence is growing in these instruments and mechanisms, which have been supported by growing confidence in SADC member countries’ economies in general and stability of the national financial systems in particular.

It is therefore the expectation of the Bank of Zambia that this Conference will discuss this trend and its implications, particularly with regard to limited accessibility to technology and technicalknow how of consumers in SADC member countries. Other themes I am sure you will deliberate upon include confidentially of financial information, money laundering and terrorist financing. Effective payment system oversight needs to be promoted so that public confidence in the safety and soundness of the national payment systems is maintained. Understandably, this is a new area and in most member countries work is still exploratory. I therefore urge you all to double your efforts in this regard and deliver on this very important central bank responsibility. Ladies and Gentlemen, another new area is that of mobile phone enabled payment services. This development has a huge potential to help the SADC region leap frog a number of financial sector development challenges particularly those related to improving access and availability of financial services. This is because mobile phone based services, particularly those focused on low-value payments where swift and convenient service is the primary goal could be a practical solution for SADC member countries. The challenge therefore is how well we all respond without damaging this sprouting and potentially cost-effective delivery channel for financial services, which can be damaged with over regulation or lack of mitigation for the risks its poses.
Additionally, all intermediaries now have to provide a service guide to help insurance buyers better understand the advice and services to which they are entitled. Instead of viewing these as requirements to be complied with, I would like to encourage financial advisers to take advantage of these disclosure tools to help customers fully understand what they are paying for. This will go a long way in establishing yourselves as trusted advisers. Upholding independence The second feature of a trusted adviser is independence. When consumers seek financial advice, they expect to get an objective point of view that places their best interest above all else. And rightly so – the individual’s hard-earned savings are at stake. Yet, the reality today is that the practice of commission-based compensation for financial advisers may not be fully aligned with the principle of rewarding quality advice to customers. Certainly, commission-based compensation has its advantages. It is effective in ensuring that products are actually bought. It is also appealing to consumers who may not be able to afford to pay for advice. But there is a world of difference between sales and advisory. While sales seeks to maximise transaction volume, advisory seeks to maximise the consumer’s welfare. With the prevalent practice of commission-based compensation, it is not surprising that the industry is still often perceived as one that pushes products, rather than provide solutions. The introduction of the balanced scorecard, which is currently being piloted among financial advisers, is to help address this perception.

Marzunisham Omar: Financial advisers, trusted advisers Keynote address by Mr Marzunisham Omar, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 6th Annual Conference of the Association of Financial Advisers 2017 "Financial Advisers, Trusted Advisers", Kuala Lumpur, 9 October 2017. * * * It is indeed a great pleasure to be here this morning. I would like to thank the Association of Financial Advisers for inviting me to speak, and allow me first to congratulate the team on the successful organisation of this year’s conference. The future is as promising as it is unpredictable. As I reflect on the theme of the Conference, I am reminded of a quote from Confucius, the ancient Chinese philosopher – “I used to take on trust a man’s deeds, after having listened to his words. Now, having listened to a man’s words, I go on to observe his deeds.” This morning I would like to talk about trust – financial advisers as trusted advisers. Indeed, trust is at the heart of the financial advisory industry. While customer service and technology are increasingly the key differentiators, the most essential element has been, and will always be, trust. In an industry where the very foundations are dependent on the strength of personal relationships, trust is not only a necessary feature – it is its strongest advantage, its defining value proposition.
chart 12).4 The negative interest rate affected the entire banking system, and Danmarks Nationalbank found itself in uncharted monetary policy terrain.5 The introduction of negative interest in Denmark showed that moderately negative deposit rates are a viable monetary policy instrument. Concerns that lowering interest rates into negative territory could potentially precipitate a flight to cash had previously dissuaded central banks from using this measure. When interest must be paid on bank deposits or money market instruments, holding cash in a vault may appear more advantageous. However, this too entails high risk, and, in the case of large sums, sizeable costs in terms of logistics, storage and insurance. Such costs can outweigh those of moderately negative interest rates; in Denmark, a flight to cash did not take place. What is my interim conclusion for this second phase? Once the interest rate instrument had come up against its limits, the euro crisis forced central banks in neighbouring countries to deploy unconventional measures. In doing so, these central banks were able to regain a certain room for manoeuvre in influencing monetary conditions. At the same time, they had crossed into uncharted monetary policy terrain, since practical experience of calibrating these unconventional measures and of gauging their effects was still limited in comparison to that of the conventional interest rate instrument. This second phase shows that unconventional measures can have a role to play in influencing monetary conditions.

While the economy was tentatively getting back on its feet, inflation in the euro area dipped below 2% at the end of 2013 and continued to fall from there. At the beginning of 2015, it slid into negative territory, giving rise to concerns about whether inflation expectations were well anchored (cf. chart 13). In June 2014, the ECB lowered its main refinancing rate to 0.15% and its deposit rate to below zero. Today, they are at 0.05% and –0.3% respectively. In lowering the interest rate into negative territory, the ECB followed the example of Danmarks Nationalbank, which had already introduced negative deposit rates for banks in 2012. The primary goal of the ECB was, however, not the same as that of Denmark (which was to reduce capital inflows); instead, it sought to increase inflation by stimulating lending.6 From mid-2014, the ECB sent ever clearer signals that it would be substantially easing its monetary policy. At the same time, there were increasing signs that the US Federal Reserve would be exiting its zero interest rate policy. Against this backdrop, the euro began to depreciate considerably not only against the US dollar, but also against the pound sterling. Between mid-2014 and the beginning of 2015, the euro lost almost 15% against the pound and more than 20% against the US dollar (cf. chart 14). A phase of general euro weakness set in.
Prices for domestically produced goods and services rose by 2.1 per cent in the twelve months to July this year. Higher capacity utilisation is providing the basis for higher margins in some industries. Service prices, which showed little rise last year, have increased again this year. In many industries, including the airline industry, where price competition is strong, low profitability has led to an increase in prices. High oil prices have also resulted in price increases, for example in the transport industry. On the basis of the pay increases agreed upon in this year’s wage settlement, combined with the estimates for wage drift and wage carry-over, annual wage growth is projected at around 3½ per cent this year. Lower-than-projected wage growth may be related to the fact that there were few signs of improvement in labour market conditions prior to this year’s wage settlement. Lower-than-projected consumer price inflation last year may also have contributed to restraining wage demands this year. Low wage growth will contribute to dampening the rise in prices for domestically produced goods and services. Information from Norges Bank’s regional network is important for Norges Bank’s analysis of the Norwegian economy. Information about the state of the Norwegian economy is available earlier than information provided by official statistics, and it is informative to have closer contact with the labour market and business and industry. The situation in Region North, as in the rest of the country, is favourable. In the May round of interviews, all sectors in the region reported continued growth.

There is, unfortunately, a great deal of painful experience of the negative impact of high and volatile inflation on investment. And the adverse impact of the recent financial crisis on investment is clear. Indeed, as I have noted, it may still be with us in the form of higher hurdle rate risk premia. It is also important for the Bank to understand the drivers and obstacles to productive investment, even if the policy responses to obstacles are no longer primarily for us. Our monetary policy benefits from a better understanding of productivity and the supply side of the economy. Investment is an important channel through which monetary policy is transmitted. Understanding how businesses make investment decisions informs our understanding of the monetary transmission mechanism. On the financial stability side, our aim is a resilient financial sector that can support the economy even in times of stress. Diversity and robustness in the channels of finance to the real economy increases resilience. That is why we are interested in the way firms finance investments and the constraints they may face. And, of course, we have a secondary objective to support the economic policy of the Government. The work I have been drawing on today is part of our work to support the government’s productivity agenda and will I hope be helpful in developing policy responses that go wider than the Bank’s primary objectives.