samchain/econo-pairs-v1 huggingface dataset:
More recently in April, the Bank published the Code of Conduct for the Malaysian Wholesale Financial Markets to promote high standards of conduct and transparency in the domestic wholesale financial markets. The code is a binding obligation and it sets out the Bank’s 3/5  BIS central bankers' speeches  expectations for market participants to adhere to professional and ethical standards of conduct. The Bank views this standard as critical and timely in light of the incidences of ringgit-rate fixing misconduct and also involvement in the opaque NDF market. Another important aspect of preserving the integrity in the industry is by maintaining strict membership requirements for all participants. As an industry riding on trust as the main vehicle for business, the financial sector cannot afford to be tainted by the actions of a few bad apples. Any unscrupulous behaviour exhibited by a player should not be tolerated and be weeded out immediately from the industry. To protect the financial ecosystem, each organisation has the responsibility to investigate any misconduct and record the outcomes to allow other institutions in the market to make informed decisions on the ability of a person to serve with professionalism and integrity. In this regard, the Bank is currently pursuing an initiative that will mandate the sharing of employment references with future employers to mitigate the problem of ‘rolling bad apples’ within the Malaysian financial industry.

We know that the ability of a country to benefit from globalisation very much depends on the quality of its institutional and structural environment. All economies – including advanced ones such as the euro area – have to adapt to the changing needs of the world economy. Structural reforms in the labour, goods and capital markets are a key element of any long-run strategy to improve investment, growth and employment prospects, and are essential in order to face successfully the challenges ahead of population ageing, technological change and globalisation. The euro area has indeed undergone and will continue to undergo substantial structural changes, all of which are necessary and beneficial if the euro area is to secure a leading role in the global economy. Member States, therefore, need to stick to the implementation of their agreed reform agendas. The impact of globalisation is also apparent in the sharp increases in cross-border portfolio flows observed since the beginning of the 1990s, a process that continues to be encouraged by the substantial number of bilateral investment treaties, the liberalisation of capital accounts, and technological advances in payment, settlement and trading systems as well as financial information systems, which tend to reduce information asymmetries. Since the beginning of the 1990s, countries have accumulated foreign portfolio assets equivalent to almost half of the annual world GDP, up from just one-third in 1997, and a small fraction in the 1970s and 1980s.
This is also a perspective that needs to be included in the discussion of distributional effects and monetary policy. Finally, my view is that overall resource utilisation in the Swedish economy has now passed normal levels and can be expected to rise even higher in the coming years. At the same time, we see ahead of us that inflation will rise towards the target. It is therefore probable that the Riksbank sooner or later will first ease up on the accelerator and then begin using the brake. In my opinion, it is wise to start thinking now about how such a scenario will play out. Monetary policy will then be unable to stimulate activity and the labour market in the same way as in recent years and this will of course also have distributional effects. It is important that focus is then aimed at other policy areas, where the responsibility for distributional issues is more natural. 12 [14]  References Amaral, Pedro (2017), Monetary Policy and Inequality. Economic Commentary, 2017-01, Federal Reserve Bank of Cleveland. Bank of England (2012), The distributional effects of asset purchases. Quarterly Bulletin 2012Q3. Bengtsson, Niklas, Edin, Per-Anders and Holmlund, Bertil (2014), Löner, sysselsättning och inkomster – ökar klyftorna i Sverige? (Wages, employment and income – are the gaps increasing in Sweden?) Report to the Swedish Fiscal Policy Council 2014/1. Dir.2016:114, Review of the monetary policy framework and the Sveriges Riksbank Act, committee terms of reference. Ministry of Finance. Domanski, Dietrich, Scatigna, Michela and Zabai, Anna (2016), Wealth inequality and monetary policy.

People who receive unemployment benefit are mainly found in the lower part of the distribution, as are those with sickness benefit and other benefits such as activity compensation and financial support. 9 It is also clear that the group with the lowest income includes people who according to the Swedish Public Employment Service have a vulnerable position on the labour market, for instance, those born outside of Europe. The strong economic activity in recent years has meant that demand for labour has increased, which has meant that employment has shown a rising trend. Unemployment has also fallen, which is impressive given that the number of people in the labour force has at the same time increased. This development has reasonably, all else being equal, had a levelling effect on the distribution of income. An observation supporting this argument is that employment among those born outside of Europe has actually also begun to increase, albeit from a much lower level than for the other groups. Of course, it is not possible to ascribe the whole of this distributional effect to monetary policy – in the same way as it cannot account for the whole distributional effect of rising asset prices. But it is quite clear that the expansionary monetary policy has contributed to the strong development of the labour market in recent years. Another aspect of the improvements in the labour market that is relevant here is the link to future pensions.
[catalyst role:] •  in order to avoid DLT silos and jeopardizing market integration achievements, we also attach great importance to standardisation and interoperability both in the payments and in the post-trade domain;  •  we very much welcome the ongoing industry’s efforts in these areas and have already offered our support in facilitating this market-driven process. [oversight role:] •  in our capacity as overseer of market infrastructures, we need to keep abreast of market developments in the FinTech arena and study the appropriateness of our oversight framework with a view to ensuring efficiency and safety.

BIS central bankers’ speeches  1  B)  Person-to-person mobile payments  •  Another innovative service that will impact the underlying financial market infrastructure is person-to-person (P2P) mobile payments;  •  One key component of pan-European P2P mobile payments is the so-called standardised proxy lookup (SPL) service;  •  This is a database service that can link the mobile number of the payment recipient to the IBAN;  •  this would greatly add to the convenience of mobile payments as it would free users from having to know and use the IBANs of the payment recipients;  •  Such database services are already available at the national level;  •  the Euro Retail Payments Board has called on the market to develop a pan-European solution.
The consultation we conducted indicated that there was quite widespead support for such an agency, although having said that it is fair to say that there was quite a diversity of opinion on various aspects. The working group will investigate this further and try to arrive at a recommended way forward. But we hope that something can be done in this area, as most seem to agree that such an agency would be beneficial. 10. So that brings me to the end of what I see as the three main initiatives, but let me also comment on a few other outstanding matters. First is the vexed question of the approval of managers. I must confess we have been a little taken aback by some of the reaction to this proposal, which seems to question our motives for seeking such a power. All I can say is that we have no ulterior motives. We simply feel that if individuals are to fill important positions in banks then steps should be taken to ensure that they are fit and proper for the position. Clearly it is the banks’ responsibility to select individuals and satisfy themselves as to their credentials, and you can be assured that we have absolutely no desire to second-guess these decisions. However, it is a fact that we may, on occasion, have access to information on an individual which the bank does not have. We would see ourselves, therefore, as acting as very much a second line of defence – and only in exceptional cases.

As regards the European Union, the integration of national financial systems within a large, efficient market is the ultimate objective of the regulatory harmonisation. Since 1977, when the first banking coordination directive was laid down, two key principles have constantly been applied: •  On the one hand, the “European passport” gives the right of establishment and freedom to provide services within the area. •  On the other hand, supervision on a consolidated basis entrusts the consolidated supervision of banking groups to the home country, in cooperation with the host country. These are the two pillars of our European prudential framework. They are the basis for a clear definition of the respective roles of and close cooperation between national supervisors. Thanks to these principles, prudential supervision within the EU has for many years been conducted in a decentralised and cooperative manner which has proved its worth. In this respect, national supervisors are well prepared for the integration of the different national financial systems. BIS Review 85/2000  6  The same principles broadly apply for the supervision of insurance companies and insurance firms. As for cross-sector pan-European complex institutions, we believe that a similar combination of specialisation and intense cooperation is the best solution.
This has contributed to the development of a deeper and more liquid, efficient, transparent and effective sukuk market. Challenges in the development of the global Islamic capital market While much has been achieved, much remain to be done. Let me turn to some of the challenges and initiatives taken to address them. A vital ingredient for the development of capital markets, including the Islamic capital market, is the creation of a secondary trading platform for the capital market instruments. This will provide investors with the flexibility in managing their liquidity requirements. In this respect, more needs to be done in terms of the creation of a continuous supply of Islamic papers and instruments that would promote the secondary trading of instruments and add greater depth to the market. There also needs to be greater diversity in the type and maturity of the sukuks in the market for Islamic financial institutions and portfolio managers to manage their funds effectively. As part of the efforts to address these issues, the Malaysian government regularly issues sukuk with different maturities in order to create a benchmark yield curve. Since the year 2000, the government has developed an  BIS Review 74/2007  3  auction calendar for both the conventional and sukuk government issues. In 2005, the government commenced issuing shorter term Islamic treasury bills and longer-dated sukuk, with a maturity of 10 years, to further diversify the instruments available to investors.

In the Malaysian sukuk market, Islamic private debt securities now account for 50 per cent of the total private debt securities market. Another challenge to the growth of the market concerns pricing issues. For the Islamic security to be efficiently priced and credible, further initiatives need to be undertaken to develop its own indicator. For example, if a sukuk is issued based on the Ijarah principle, and uses the property as its underlying asset, the actual rate of rental may be explored to be used to determine the rate of return on the instrument. It would then fluctuate depending on the demand and supply for that property. It will then give a true reflection of the price of the underlying asset. Shariah experts, who have a full understanding of the mechanics of sukuk, are key to ensuring its proper governance. And shariah decisions, when made, should be transparent and disclosed. This will allow others to appreciate the juristic reasoning, which in turn should lead to wider acceptance of shariah decisions, particularly if they have implications on cross-border transactions. In relation to this, a guide for issuers and investors to refer with regards to shariah decisions would facilitate the development of the market. Of further importance is the attainment of the convergence of Shariah principles and interpretation to ensure market confidence among investors from different parts of the world. To achieve this, there needs to be continuous investments in intellectual capital and greater engagement among Shariah scholars.
The MPC has used that flexibility to the full in recent years: it has been at the forefront of providing support to our economy in the aftermath of the financial crisis and it will continue to be so. But we must remember our mistakes of the past. Without credibility there can be no flexibility. And ultimately, the best contribution that monetary policy can make to sustainable growth and long-run prosperity is to deliver enduring price stability. That is important to remember in the face of suggestions that inflation is somehow yesterday’s battle and that the focus of monetary policy should be turned even more firmly towards growth. It should also be remembered when making difficult judgements about the likely trade-off between growth and inflation and about how far to push the MPC’s flexibility. 9  This consensus is a reflection of the belief that the long-run Phillips curve is vertical. Taken literally, the suggestion that it is possible for monetary policy to stimulate increased output with little or no increase in inflation points to a near horizontal long-run Phillips curve, at least over some range of output expansion.

Actions will be taken to amend/repeal Financial  23  Transactions Reporting Act No 6 of 2006 (FTRA) and Prevention of Money Laundering Act, No. 05 of 2006 (PMLA) in line with international recommendations. We will also facilitate and coordinate with stakeholders to amend the Mutual Assistance in Criminal Matters Act (MACMA), NGO Act and Trust Ordinance. In 2014, an AML/CFT National Risk Assessment (NRA) was conducted by the Central Bank with the support of more than 70 professionals representing key stakeholders. In 2018, we will take actions to update this NRA report. We will also coordinate with the Information and Communication Technology Agency of Sri Lanka (ICTA) to assist stakeholders to develop individual databases to maintain statistics in relation to AML/CFT. Moreover, we will coordinate with the Ministry of Foreign Affairs (MOFA) and other stakeholders to implement UN Resolutions on proliferation financing (UNSCR 1718 and UNSCR 2231). Further, we will continue to coordinate with the international community, including the Egmont Group, to fulfil our international obligations and to strengthen cooperation. During the year 2017, the Central Bank continued to strengthen the regulatory framework for the microfinance sector by issuing directions to licensed microfinance companies and principles, standards and guidelines to the Registrar of Voluntary Social Service Organisations, for the regulation and supervision of Microfinance NGOs.
4 In an RTGS system, each payment is settled individually in central bank money and in real time. A payment is executed precisely if – and only if – the paying commercial bank has sufficient sight deposits. The receiving commercial bank can therefore be assured that it is receiving risk-free money. Payments in the SIC system are thus final and irrevocable and contribute to confidence in the payment system. Settlement in central bank money creates a stable core in the payments system, around which innovative customer solutions and new technologies can flourish. The third principle is that payment systems, payment solutions and forms of money should be integrated as seamlessly as possible (cf. slide 3). This means there needs to be a high degree of interoperability: It must be possible to exchange Swiss francs seamlessly and one-to-one across different forms of money and payment systems. A lack of interoperability leads to frictions which result in higher costs and time delays and thus limit the usability of money. The three principles – a two-tier system, settlement of payments in central bank money, and seamless integration within the ecosystem – are well-established and, at the same time, necessary requirements for a well-functioning payment system. Payments are currently undergoing extensive change, both in Switzerland and around the world. What are the main challenges posed by this transformation? Challenges arising from innovation and change The first challenge is the increased speed demanded for payments (cf. slide 4).

And from August 2024, the largest commercial banks active in retail payment transactions will be offering their customers the possibility of receiving instant payments. However, for instant payments actually to be available to commercial banks’ end customers, private sector solutions are still needed. According to surveys, many commercial banks are also planning to offer the possibility of sending instant payments from August 2024 onward. Competition among commercial banks should ensure that efficient payment solutions are offered to end customers, for example in ebanking. What do instant payments mean for the two-tier financial system? Instant payments settled in central bank money are an example of how our first principle – the division of labour between the central bank and the private sector in the two-tier financial system – enables successful implementation of innovations. With the introduction of instant payments, the end customers of SIC participants will also be able to settle their payments securely, quickly and in central bank money. In Switzerland, the irrevocable and secure transfer of value in central bank money in real time has to date only been possible for participants directly connected to the SIC system. This expansion of the group of participants brought about by instant payments corresponds to our second principle: the secure settlement of payments in central bank money. What about our third principle, the seamless integration of payment methods and forms of money? It is precisely here that we find the most significant innovation prompted by instant payments.
Fortunately, all political parties recognise the need to put in place a credible plan for the consolidation of the public finances over the medium term, even if their preferred routes to doing so differ. Finally, question marks remain about the durability of the recovery in the rest of the world and particularly in the UK’s main export markets. Some of the advanced economies face headwinds similar to those facing the United Kingdom. The fate of the euro area, the destination of more than half our exports, is particularly important. The recovery there all but stalled in the fourth quarter and business surveys point to only moderate growth in the first part of this year. Moreover, Greece and some other euro-area countries face significant fiscal challenges. The necessary fiscal consolidations are likely to depress overall euro-area demand unless offset by demand expansion elsewhere. But as I noted, there are also reasons to be cheerful. Two factors in particular should provide a boost to the demand for UK goods and services. First, there is a substantial policy stimulus still working through the economy. Bank Rate remains at a historical low of 0.5%, while the Bank has bought some £ billion of assets, mainly gilts, financed by the issuance of central bank reserves (think of these as Bank of England IOUs that are held by the commercial banks) – so-called “quantitative easing”.

Simon M Potter: The Federal Reserve and central bank cooperation over the past 100 years Remarks by Mr Simon M Potter, Executive Vice President of the Markets Group of the Federal Reserve Bank of New York, for the Commemoration of the Centennial of the Federal Reserve's US Dollar Account Services to the Global Official Sector, New York City, 20 December 2017. * * *  Introduction Distinguished representatives of the global central banking community and official sector, current and former central bank account operations staff of the Federal Reserve Bank of New York, Federal Reserve System colleagues, I am honored to speak at this commemoration of the 100th anniversary of the opening of the first dollar accounts for central banks around the world on the books of the Federal Reserve.1 And it is, of course, very apt that we gather here in a room whose namesake, Benjamin Strong, was more than anyone else responsible for their establishment. On May 3, 1917, the Federal Reserve signed its first reciprocal account agreement with a foreign central bank, the Bank of England, entailing the establishment of nostro2 and custody accounts on each other’s books. This was soon followed by agreements with several other central banks, including the Banque de France, Bank of Italy, and Bank of Japan. These early agreements were instrumental in helping the newly-established Federal Reserve forge a global role for itself as an institution and for the U.S. dollar as a reserve currency.