samchain/econo-pairs-v1 huggingface dataset:
To which I would say, “I look at the debate going on and it isn’t so obvious any more, but it should be.”  Thank you  10  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  10

On the other hand, some consequences of central clearing may increase systemic risk: •  as a result of growing risk concentration in CCPs and in a limited number of large global dealers, which act as general clearing members as a gateway for other financial institutions to CCPs,  •  as a consequence of mutualisation, risks may spread among participants and markets more widely and the distribution of losses is more difficult to predict,  •  in order to avoid mandatory clearing, we might see migration of risk outside of the regulated universe through the artificial creation of bespoke (and hence risky) products that are not suitable for central clearing. Moreover, the systemic effect of clearing depends on whether risk is redistributed to those who are more able to deal with it, which is difficult to determine. Finally, the overall systemic effect depends on the incentives for risk-taking and central clearing that accompany risk redistribution. [slide 5] To promote central clearing and avoid regulatory arbitrage, a number of reforms have been adopted including: (i) mandatory clearing, (ii) margin requirements for non-centrally cleared trades, and (iii) higher capital requirements for non-centrally cleared trades. This highlights the crucial complementarity between the regulation of banks and the regulation of financial market infrastructures (FMIs), with the overall objective that regulation reduces overall risk, and does not shift it around the financial system.
And there are now some 1.7 million credit card transactions involving $ billion every day. It is also noteworthy that for a small city of just over seven million people, Hong Kong has around 34 million Octopus cards in circulation, with an average of 14 million transactions per day. This means on average each person in Hong Kong makes two transactions by Octopus cards daily. Anyway, there are many new developments in the mobile payment market since we granted 13 stored value facility (SVF) licences in 2016. Second, I believe it unlikely that fintech firms will displace or replace traditional banks because, in addition to speed and convenience, customers also need protection of their life savings or investments. I have previously stated my view on the future landscape of banking and finance. I’ll say it again here. On the one hand, we will see more and more tech companies venturing into finance by riding on the highly successful and popular e-commerce, payment or social media platforms that they have developed. The paradigm of these newly emerged platforms is that it is highly “customer-centric”, meaning they design everything to provide what the customers want, taking care of many practical and life-style needs of customers. However, when it comes to finance, tech companies need to realise and accept that they have to earn the trust and confidence of customers if they wish to handle their savings and investments.

We aim to finalise our policy on Open API for the banking sector around the end of the year. We believe that the wide adoption of an Open API framework would promote collaboration between banks and tech firms, a crucial element for stimulating innovations and improved services for customers in Hong Kong. (F)  Cross-border Collaboration in Fintech  As an international banking and funding centre, Hong Kong must promote the use of fintech in managing cross border financial flows. The HKMA is in close dialogue with several authorities in other jurisdictions to collaborate in this area. As the first step of strengthening our cooperation within the Guangdong-Hong Kong-Macao Bay Area, we are partnering with Shenzhen to promote fintech and talent developments. We are also discussing with other centres in the Bay Area to strengthen collaboration in fintech. More details will be announced later. Separately, the HKMA is working with the banking industry to develop a Distributed Ledger Technology (DLT) platform for digital trade finance. We also hope to be able to announce soon the details of our collaboration with Singapore in linking up our respective trade platforms. This DLT initiative, if implemented, should bring significant benefits to financiers, importers and exporters by enhancing the transparency of cross-border trade finance processes, improving operational efficiency and reducing the risk of frauds.
They have maintained, and in many cases increased, their strength during a prolonged period of financial crisis, at a time of far-reaching change to the banking industry worldwide and important regulatory reforms at home. A large part of this programme of reform has aimed at enabling our banking system to build further on its strengths and to channel them more efficiently. An important theme in the reform programme is the removal of barriers to competition with the aim of driving efficiency and energy in the banking sector. One of the outcomes has been the considerable progress made recently towards the consolidation of banks into institutions of a size and scope that can make them more capable of deploying their strengths in an increasingly globalised environment. The complementary theme in the reform programme is improving and expanding safety measures, not with the aim of sustaining weak institutions, but in order to prevent systemic contagion should a bank run into difficulties and to provide a greater measure of protection to the small depositor. In 1999 we clarified our role as lender of last resort, a measure of some importance in times of economic or financial uncertainty. We have made progress in implementing our risk-based supervisory approach, which is intended to produce a more focused and accurate assessment of the areas of greatest risk to individual institutions - and to take pre-emptive actions.

Let me now wrap up my presentation and add a few words about our current monetary policy. 5. Concluding remarks  Switzerland has a long history of political independence. At the same time the country has consistently pursued prosperity via strong integration in the world economy in general and the European economy in particular. Through this active international integration into the global economy, the country has achieved and maintained a high level of affluence. However, the notion that Switzerland is a sheltered island in the midst of a stormy sea could not be further from the truth. For a small open economy like Switzerland, the international environment is source of both opportunities and large destabilising shocks. The unavoidable discontinuation of the minimum exchange rate against the euro is a powerful example. It provoked a strong reaction on international financial markets and, as a result, the Swiss franc appreciated sharply. The significant overvaluation of our currency means that the Swiss economy, notably the sectors exposed to international competition, is currently facing strong headwinds and a number of challenges. The SNB has lowered interest rates to unprecedented levels to cushion the effects of the currency appreciation. The lowering of interest rates means that holding Swiss francs is significantly more costly than holding foreign currency. The negative interest rate is set to have a corrective effect on the Swiss franc’s valuation. Moreover, the SNB will continue to take the exchange rate situation into consideration when formulating its monetary policy.
OFZ yields dipped on the back of improving conditions in global financial markets, as well as a result of reviewed expectations of market participants as to the future key rate path. These OFZ yield movements, while working to constrain the potential of loan and deposit rate growth, are laying the groundwork for their subsequent decrease. With due account for the totality of factors I have mentioned, we have downgraded our inflation forecast for the end of this year to 4.7-5.2%. At this point in time, it is with a certain degree of confidence that we can say: provided that the situation unfolds according to our baseline scenario, the preventive steps we have made so far to increase the key rate last year are most likely to be sufficient to ensure annual inflation returns to 4% in the first half of 2020. I will now proceed to speak on the risks, as usual. Despite the reduction in short-term risks, the overall balance of medium-term risks remains tilted towards proinflationary ones. As before, we should approach the assessment of external conditions with great caution. The risks related to geopolitical factors remain high. We continue to observe manifold sources of uncertainly in the global economic outlook. Investor sentiment is subject to rapid change in this environment, which is set to impact on OFZ yields and the exchange rate. Certainly, elevated and unanchored inflation expectations, as I have said, also remain a material risk.

The problem of which decisions belong to the government sphere as opposed to markets is not confined to the nation state. At the international level there are also differences of opinion as to what should be left to individuals and nations to decide instead of being settled in joint political assemblies. The global level lacks overriding democratic structures that could help to establish common rules that are broadly supported. In the debate on the globalisation process there are also many who consider that the global market is not sufficiently ‘democratic’ and that ‘the struggle is about securing the shared values that transcend economism’. Another criticism is that the poor countries have too little say in the global markets. So what do we mean by ‘globalisation’? Pope John Paul has said that “globalisation is something that is present in every aspect of our lives”. Others see globalisation as the emergence of a common global culture, perhaps at the expense of national and local cultures. One is inclined to agree with His Holiness — globalisation is not a straightforward phenomenon that is easily explained. I would say that globalisation stands for the growing interdependence of individuals and countries that is resulting from the increasingly comprehensive exchange of everything from goods, services and capital to ideas and know-how. Defined like that, globalisation is not something anyone would want to abolish but a fundamentally positive process that contributes to an increasingly prosperous world, as well as to the democratisation of a great many countries.
Ajith Nivard Cabraal: Management Accountants – focusing on the repositioning of the profession Special address by Mr Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka, at the Global Summit, organised by The Institute of Cost and Works Accountants of India on “Repositioning the Management Accountant”, New Delhi, 12 January 2008. *  *  *  The theme of the Conference suggests that the Management Accountants of today are de facto doing something different to the traditional role of the Management Accountant. The new de facto role seems to be more of that of a strategist and a performance management specialist, rather than a historical “information supplying” or even a “decision facilitating” role of an accountant. If one were to drill down, we may perhaps note that the education and training of those who have become strategists and performance management specialists may not have necessarily been intended that way. But yet, it happened. How did this happen? •  Perhaps the training, although intended to create management accountants, was appropriate to create a strategist. •  Perhaps the training, coupled with business developments and public expectations, shaped management accountants to become strategists or the deliverers of outputs rather than contributors of inputs only. •  Perhaps the ability of the management accountant, as a result of his core disciplines, enabled him to respond effectively to unfolding developments and then deliver new outputs, and such abilities were recognized by the business community in the course of time.

However, supplementary training may need to be constantly kept up to date, in order that the Management Accountant has a meaningful impact on the organization. This would be made even more difficult because issues, problems and responses are no longer of a local nature. In most cases, responses need to be regional or even international. If we act together we can pool our resources, learn from our experiences and be ready for the unknown. That is what we need to be doing. In that sense, the Management Accountants of the world, seem to be on the right track. We say, we wish to be seen as Strategists and as Performance Management Specialists. If so, what should we do? (a)  As far as education and training is concerned, in addition to all what we learn now, a greater focus in communication and human resource management may be necessary. These new skills would be the tools to; (i) manage better, (ii) perform better, and (iii) deliver outputs better. (b)  Develop skills in marketing and understand the importance and the specialist nature of the subject. (c)  Develop the proper managerial attitude which focuses on outputs rather than inputs. If a person is to focus on “outputs” a few important steps would need to enter his work and life. These are very well enunciated in the 2500 year old teachings of Lord Buddha. Usually, we seek the guidance of this Great Teacher in spiritual matters.
17  Figure 10 Total corporate debt (*) (percent of GDP)  140  140 External  120  Domestic  120  100  100  80  80  60  60  40  40  20  20  0  0  09  10  11  12  13  14  15  16  17  (*) Based on administrative information at the firm level. Includes non-bank financial entities. Source: Central Bank of Chile using Achef, SBIF and SVS data. Figure 11 Real house prices and mortgage debt (*) (real annual change, percent)  16  Mortgage debt  HPI  HPI RM  16  CChC  12  12  8  8  4  4  0  0  -4  -4 11  12  13  14  15  16  17  (*) House price index (HPI), stratified method. CChC hedonic model for new homes in Metropolitan Region (RM). Source: Central Bank of Chile using SII, CChC and SBIF data. 18  Figure 12 Household indebtedness (percent of GDP)  50  Mortgage  50  Other  40  40  30  30  20  20  10  10  0  0 06  07  08  09  10  11  12  13  14  15  16  17  Source: Central Bank of Chile using SBIF, SUSESO and SVS data.

15  Figure 7 Evolution of 2018 growth outlook (annual change, percent)  3.8  World  3.8  2.2  3.6  3.6  3.4  Developed  Emerging  2.2  5.0  2.0  2.0  4.8  4.8  3.4  1.8  1.8  4.6  4.6  3.2  3.2  1.6  1.6  4.4  4.4  3.0  3.0  1.4  1.4  4.2  4.2  18  18 Apr.17  Oct.16  5.0  18 Oct.17  Source: International Monetary Fund WEO, October 2017. Figure 8 Copper price (1)  Oil price (1) (2)  (dollars per pound)  (dollars per barrel)  3.6  3.6  75  3.2  Dec.17 Report 3.2  65  65  2.8  2.8  55  55  2.4  45  45  2.4  Sep.17 Report  2.0  2.0  35  1.6  1.6  25  15 15 16 16 17 17 18 18 15 Jul. 16 Jul. 17 Jul. 17(f) 18(f)  Dec.17 Report  Sep.17 Report  75  35  25 15 15 16 16 17 17 18 18 15 Jul. 16 Jul. 17 Jul. 17(f) 18(f)  (1) The dots show projected oil and copper price for 2017, 2018 and 2019, respectively. (2) Simple average between Brent and WTI oil. Sources: Central Bank of Chile, Bloomberg and Chilean Copper Corporation (Cochilco).
If the banks also obtain a large share of their financing on the markets – as the Swedish banks do – then a crisis of confidence in an individual bank or the entire banking sector, or the economy as a whole, could also lead to the funding  5 [12]  being withdrawn, especially if the foreign share of the funding was substantial. This could also lead to acute liquidity problems for one or more banks. In other words, in a crisis, liquid funds are often in short supply. The financial markets that offer funding often function less well than usual and the declining confidence between the market participants means that the liquidity that is still available in the financial system is not redistributed in the same way as under more normal circumstances. So why have the central banks been given this liquidity supporting role? The simple reason is that they – through their right to create money – have unlimited opportunities to provide liquidity in the national currency. This opportunity is essential when managing a financial crisis. As the banks’ operations have become increasingly internationalised and their need for international securities markets has increased, however, the need to also offer liquidity assistance in other currencies has increased. But the Riksbank, like other central banks, has limited possibility to lend foreign currency. Here the central banks – for natural reasons – do not have any possibility to create liquidity.

RIX thus plays a very central role in the Swedish economy, as it is the economy's “circulatory system” through which the Riksbank acts when supplying liquidity to promote financial stability and also when conducting monetary policy. As a result of the increasing internationalisation, the rapid technological developments and the emergence of new regulations, RIX, like the central payment systems in many other countries, is currently facing strong pressure to change. One effect of these developments is that an increasing number of credit institutions and some other institutions want to be able to participate directly in the payment system, instead of through agents. With more participants in the RIX system, the concentration risks will decline, as there will be more institutions that have the possibility to borrow directly from the Riksbank, which is positive. But a larger number of institutions, and new types of institutions, becoming participants in RIX could also lead to the risks of other problems increasing, such as operational problems, money laundering, financial problems and cyber threats. It is therefore important that the Riksbank regularly oversees the participants in RIX and has the power of authority to make strong demands of them. Thus it is essential that the Sveriges Riksbank Act provides sufficient flexibility in this respect. Function as Lender of last resort – emergency liquidity assistance A third important part of the central banks’ responsibility for the efficiency and stability of the financial system is the task of providing emergency liquidity assistance.
In an increasingly competitive environment, efforts also need to continuously aim at enhancing efficiency and cost effectiveness. This will not only bring benefits to the consumers and businesses but to the overall economy. Ladies and gentlemen, One crucial element of the safety net for consumers is deposit insurance. Work in this area is at an advanced stage and will be operational soon. The deposit insurance system will further strengthen incentives for financial institutions to adopt sound financial and business practices and enhance public confidence in the financial system by providing explicit protection on deposits. This represents an additional enhancement to the consumer protection framework to promote confidence in, and the soundness of the financial system. BIS Review 4/2005  3  Tuan-tuan dan puan-puan, Pembangunan masyarakat pengguna yang berpengetahuan dan mampu menguruskan hal ehwal kewangan peribadi masing-masing dengan baik memerlukan usaha dan kerjasama erat di antara institusi kewangan, pengguna dan persatuan pengguna serta pengawal selia. Bank Negara Malaysia akan mempastikan industri kewangan memainkan peranan secara aktif dalam usaha ini. Namun demikian, proses ini wajar dipacu oleh institusi-institusi kewangan. Persatuan-persatuan pengguna juga mempunyai peranan penting dalam memberi pendidikan dan penerangan kepada pengguna tentang hak dan tanggungjawab mereka, termasuk saluran untuk pengguna mendapatkan pem-bela-an. Walaupun inisiatif yang diambil akan meningkatkan perlindungan pengguna dan tahap celik kewangan, pengguna juga perlu lebih bersikap proaktif untuk memahami hak dan tanggungjawab mereka serta lebih berhemat dalam memilih produk dan perkhidmatan kewangan.

Panicos Demetriades: The pros and cons of having a separate and independently managed asset management and development bank Welcome remarks by Mr Panicos Demetriades, Governor of the Central Bank of Cyprus, at the Institute of Directors (IoD) Open Panel Discussion, Nicosia, 27 August 2013. *  *  *  Good evening ladies and gentlemen. I think tonight’s panel discussion is very important. The Bank of Cyprus is our largest bank and it will shortly hold its Annual General Meeting. At the AGM shareholders will choose the Board that will run the bank. The strategy that the new Board approves will need to be aggressively pursued. The Bank of Cyprus in the future will have a greater focus on its core Cypriot business, serving personal, SME and corporate customers. It will also have to deal with the legacy of historic expansion and growth in non-performing loans. The Central Bank of Cyprus does not have a fixed view as to whether the Bank of Cyprus should be split into two or not. This is a decision for shareholders and the Board. The question is whether separating certain assets is the right answer today. Opinion is divided – some say that this would be damaging to borrowers, others that it is the only way to manage the assets and restore the bank to health. I believe that we need to confront this issue and the bank should investigate all options. Any decision should be based on the facts and merits.