samchain/econo-pairs-v1 huggingface dataset:
one, building interoperable networks that enable digital assets to be bought and sold across multiple trading venues; two, using regulated financial institutions as trust anchors to screen, verify and issue credentials to entities that wish to participate in these networks; three, creating a common pool of digital assets that can be exchanged directly without intermediaries; and  7/11  BIS - Central bankers' speeches  four, establishing institutional grade security and compliance measures within DeFi protocols to mitigate against market manipulation and operational risks. Project Guardian's first pilot has demonstrated the potential for reducing costs in executing trades. DBS Bank, JP Morgan and SBI Digital Asset Holdings, conducted transactions in tokenised foreign exchange and government bonds. If we can scale this, it means freeing up costs involved in executing trades through clearing and settlement intermediaries and managing bilateral counterparty trading relationships. Project Guardian has launched two new industry pilots to broaden the set of tokenised assets in play. The first, led by Standard Chartered Bank, is about issuing tokens linked to trade finance. The second by HSBC and UOB involves tokenising wealth management products. These projects strive to increase efficiency in the product value chains, lower issuance and servicing costs, and improve transparency and accessibility.

Ravi Menon: FinTech in its element - water, metal, fire, wood, earth Speech by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Singapore FinTech Festival 2022, Singapore, 3 November 2022. ***  Good morning, and welcome to Day 2 of the Singapore FinTech Festival. It's great to be able to meet in person after three long years. Pandemic and lockdowns notwithstanding, FinTech innovation has marched on briskly. If anything, digitalisation has gathered pace and become more pervasive. Yes, in the realm of a crypto assets, a harsh winter has set in, even fears of an Ice Age. But I believe it is an overdue cleansing of unsustainable business models, highly risky practices, and unviable use cases. The digital asset industry will emerge leaner and stronger. But more of that later. FinTech in Singapore has continued to push new frontiers. There has been a surge in collaborations across businesses, financial institutions, FinTech start-ups, and even central banks. In 2021, FinTech investments in Singapore hit a high of $ billion, compared to $ billion in 2019. I will focus my remarks today on five key problems that FinTech collaboration in Singapore is trying to solve. These problems will resonate with many industry players as among the biggest pain points crying for a solution. But before we get into the problems, some wisdom from ancient China. According to the Chinese philosophy of Wu Xing, there are five fundamental elements that function as cosmic agents of change: Water, Metal, Fire, Wood, Earth.
Hence, a rapid boost in exports and FDI should be the 19  priority for policymakers, without which the external sector will remain vulnerable to short term domestic and external shocks. A significant growth of merchandise exports of at least 10 per cent with annual FDI flows in the range of US dollars 2 to 3 billion, supported by healthy earnings in the services sector and continuing contributions from workers’ remittances are needed to ensure a gradual rebalancing of the current account and a strong financial account. Hence, sustained measures are needed to improve investor confidence to ensure that short term vulnerabilities are not translated into long term structural deficiencies. Foreign reserve management activities of the Central Bank will continue to be based on a model based Strategic Asset Allocation (SAA) framework, which was developed with the support of the Reserve Advisory and Management Program (RAMP) of World Bank. This methodology is expected to ensure that foreign reserves are managed with the objective of ensuring an adequate level of liquidity, a reasonable return in comparison to the benchmarks and to exploit any active strategies with the view of making an excess return if the market conditions permit. Further, the Central Bank is in the process of introducing a superior alternative USD/LKR reference rate for the benefit of all stakeholders, including foreign investors.

In view of the large and persistent shortage in rupee liquidity, the Monetary Board decided to reduce SRR applicable on all rupee deposit liabilities of commercial banks to 6.00 per cent from 7.50 per cent in November 2018. The reduction in SRR released a substantial amount of rupee liquidity to the banking system, which could have led to a reduction in interest rates and excess aggregate demand. Therefore, in order to neutralise the impact of the SRR reduction and maintain its neutral monetary policy stance, the Central Bank raised policy interest rates simultaneously. Since the announcement of the transition towards FIT, we have broadly maintained low levels of inflation in spite of some occasional upticks and downturns due to various demand and supply shocks stemming from the external and domestic fronts. Benefiting from prudent and proactive monetary policy measures that were also supported by several macroprudential measures, monetary expansion was contained at desired levels, thereby supporting the maintenance of low levels of inflation during 2018. As you all know, the Central Bank has an unblemished track record of maintaining single digit inflation continuously for a decade. This also shows the Central Bank’s strong commitment to price stability, which it considers to be of utmost importance to create an enabling environment for the economy to 13  achieve an accelerated trajectory of economic growth, to uplift the standards of living of the people.
Another example of changing the way we operate was our decision in 2014 to grant broker dealers access to reserve accounts at the Bank of England for the first time. Second, empowered by strengthened regulatory frameworks and resolution regimes, we have reaffirmed our commitment to abide by Bagehot’s 19th century advice that the best way to avoid a panic is to “lend freely and vigorously...on all good banking securities.” For example, shortly after the result of the UK’s referendum on EU membership was declared we made clear that banks already had collateral positioned with us such that they could borrow more than £ and announced that our regular liquidity auctions would continue to run on a weekly basis throughout the summer. Coupled with banks’ own strong internal liquidity positions, this has helped ensure the smooth functioning of money markets. And overnight market rates have stayed close to Bank Rate throughout the period since the referendum. Third, we have taken steps to ensure that the vital infrastructure of money markets continues to remain effective. The work on risk-free benchmark rates being undertaken by both the Federal Reserve and the Bank of England is a good example of this. Building on recommendations made by the FSB 3 – which drew on the findings of a market practitioners group chaired by Darell – both central banks have convened working groups of market participants with the aim of identifying benchmarks of nearly risk-free reference rates that could that could sit alongside Libor.

There was over-investment in some sectors; much went into ambitious property development; and much went into financial assets, including short-term foreign currency claims, rather than into real assets. The hoped-for higher returns could not be maintained. Again with the benefit of hindsight, it is possible to identify a number of structural weaknesses in the mechanisms for financial resource allocation in the recipient countries. There was, for example, a general lack of reliable financial information, and a lack of transparency in relation to the financial position, of both public and private sectors. Complex and opaque links between government, financial institutions and non-financial companies made it difficult for outsiders to understand the real nature of their exposures. Financial markets were not well developed, leaving the system heavily dependent upon the banks. There was inadequate regulatory or supervisory oversight. BIS Review 49/1998  -2-  There was widespread, often informal, government influence over financial flows, which importantly also contributed to a perception that much of the borrowing was implicitly under-written by the government. The list could go on. The problem was compounded by the absence of any real perception of exchange rate risk. Borrowers were evidently confident that governments would maintain their exchange rate pegs against the dollar, even when the dollar itself began to strengthen, so that unhedged foreign currency debt, much of it at short-term, appeared to be a cheap alternative to domestic currency borrowing.
Shocks, inflation, and the policy response − speech by Dave Ramsden Given at Securities Industry Conference  Published on 07 October 2022  Dave Ramsden discusses recent shocks that have hit the UK economy, including the recent financial market turbulence, and what they might mean for inflation and the setting of monetary policy. Speech Thank you very much for the invitation to speak today. As one of the nine members of the Monetary Policy Committee (MPC) I am going to use my time today to set out my thinking on the shocks that are hitting the UK economy, what these mean for the outlook for inflation and what the MPC is doing in response to return inflation sustainably to our 2 per cent target in the medium term. Fulfilling our remit matters for everyone in the UK and for everyone attending this conference. Because history tells us that low and stable inflation provides the best conditions for durable investment and innovation, which are in turn key ingredients for sustainable growth. I gave a speech back in February also on the theme of shocks. That there is enough material for a sequel less than eight months later highlights just what an unusual period this is in terms of the number and scale of shocks and the impacts they are having. Let me start by saying what I mean by shocks. Economists, along with other professions, have lots of different ways of identifying and categorising shocks and their implications[1].

In August UK CPI inflation was 9.9%, and a third of the total was directly accounted for by energy (Chart 1). The further indirect effects are likely to be material and have been a factor in the marked pickup in CPI services inflation to 5.9% in August, contributing over 2% to the total. Chart 1: Decompositions of headline inflation rates Contributions to annual consumer price inflation  Sources: ONS for the UK, BEA for the US, Eurostat for the EA and Bank calculations. The second noteworthy development is the trend in UK labour participation. This looks like being one of the most significant economic legacies of the pandemic. Around the turn of the year there were signs that the recovery in the economy was bringing people back in to the labour market; a version of the “encouraged worker” effect which is often seen during cyclical upturns. However these signs petered out, and by July 2022 there were about 500,000 fewer people classed as participating in the labour market than pre-pandemic. In this way the UK stands out compared with most other major economies; the UK participation rate is 0.7 percentage points lower than 2019 levels whereas the median OECD country participation rate is 0.7 percentage points higher[2] (Chart 2). Chart 2: Change in inactivity rate between 2019 and Q1 2022  Sources: OECD and Bank calculations. Notes: UK inactivity rates published by ONS typically use the age band 16-64, but 15-64 are used here for international consistency.
The first pillar: maintaining stability Distinguished guests, With an increasingly globalized economy and financial markets, the world is irreversibly and ever more interconnected. As a small member in the global community, we have no choice but to take this trend as given, and focus on fortifying the economy’s resilience against currents of uncertainties. The financial environment today continues to be shaped by the legacy of the global financial crisis. As the Federal Reserve continues to scale down its unconventional monetary policy and normalization of their policy rate looms, many emerging economies may experience sporadic fluctuations of capital flows and asset prices – be they in the bond, equity, or foreign exchange markets. So-called QE taper tantrum last year did  BIS central bankers’ speeches  1  prove disruptive for some members of the emerging markets club. That experience highlights the importance of maintaining sound macroeconomic fundamentals in order to foster the economy’s resilience against shocks of external kind. Despite higher global interconnectedness, investors do differentiate at the margin. Those countries with stronger macroeconomic stability both experienced less volatile capital outflows, and are less disrupted by them. This is not to say that financial market rationality can always be counted upon. Global fund flows may also be subject to fads, speculation, and short-termism. Left on its own, the resulting financial market volatility could prove damaging for overall macroeconomic stability. The policymakers have an important task of pre-empting such excessive and unjustified volatility. Thailand has had its fair share of volatile capital flow episodes in recent years.

The first is to familiarize yourself with this new environment – to get to know new colleagues, to learn about the culture of the workplace, and basically to settle in. Some may find this phase more challenging than others, especially if they were easily shaken by cultural shocks. Once you have settled in the new place, you may discover certain shortcomings of yours are constraining your career advances. These shortcomings may already be existing, but are only exposed by the new job. Fixing these shortfalls is the second step in the transition. Finally, to make a significant progress in the career, you will have to set the bar for yourself, and strive to reach it through learning and development. This will require insights to identify one’s strengths, and skills to take advantage of them given the dynamics of the working environment. The stages of economic development may be thought of in a similar vein, consisting of three pillars. The first pillar is to ensure that the economy ‘settles in’ the new global environment smoothly, and remains resilient against new types of shocks. The second pillar is to identify and fix structural shortfalls that may have hindered economic development in the past, and could become even more binding in the future. The last pillar is to lay out a clearer long-term plan for strengthening and developing the economy, leveraging on its strength and the opportunities presented by the evolving landscape.
7 Dovern, J. and G. Kenny (2017), “The long-term distribution of expected inflation in the euro area: what has  changed since the great recession?”, ECB Working Paper No. 1999. 8 See Kozlowski, J., L. Veldkamp and V. Venkateswaran (2015), “The Tail that Wags the Economy: Beliefs and  Persistent Stagnation”, NBER Working Paper No. 21719. The authors argue that if people base their beliefs on past realisations, then extreme, albeit transitory, events can generate persistent changes in our cognitive framework. 9 See e.g. Gerba, E. and D. Żochowski (2017), “Knightian uncertainty and credit cycles”, ECB Working Paper No  2068. 10 See e.g. Benigno, G. and L. Fornaro (2017), “Stagnation traps”, ECB Working Paper No 2038. 11 See Rossi, B., T. Sekhposyany and M. Souprez (2017), “Understanding the Sources of Macroeconomic  6/7  BIS central bankers' speeches  Uncertainty”, Barcelona GSE Working Paper No 920. 12 See e.g. ECB (2017), Financial Stability Review, May and November. 13 See e.g. Draghi, M. (2017), “Accompanying the economic recovery”, speech at the ECB Forum on Central  Banking, Sintra, 27 June. 7/7  BIS central bankers' speeches

We need to enhance the level of knowledge in sustainable finance amongst industry professionals as well as companies that are reporting on their sustainability practices or looking to issue green bonds. MAS is working with partners, such as the Institute of Banking and Finance, SGX, the Asia Sustainable Finance Initiative and our universities, to introduce capacity building courses in sustainability for finance professionals and officers of listed companies. Conclusion Let me sum up. Investing – by its very nature – is an activity that focuses our mind on the future. I have sketched three probable investment themes, by no means exhaustive and by no means certain. The rise of private markets offers an opportunity for investors to achieve higher returns within the context of a well-diversified portfolio that also includes traditional assets. If we can manage the higher risks of investing in these markets, we can eat well. Ensuring financial security in old age is becoming a growing imperative amidst demographic change. If we can start saving and investing for retirement early enough and wisely enough, we can sleep well. Mitigating as well as adapting to climate change is likely to be one of the central issues in the future. If we can invest with a view to that future, recognising its risks and providing the incentive for positive change, with a heart for future generations, we can feel well. I wish you fruitful deliberations on achieving a healthy, balanced, and fulfilling investment life. And I wish you well.
The effect overall is unlikely to be large – a few tenths of one per cent on the depth of an economic earthquake. But this, for me, particularly when coupled with the clear appetite of lenders and creditors to lend, means the vulnerability level needs to be watched closely. 8  Leveraged loans are typically loans to corporate borrowers that are highly indebted (for example with net debt to EBITDA ratios greater than 4x) or that are owned by a private equity sponsor. However, there is no widely-accepted definition. 13  All speeches are available online at www.bankofengland.co.uk/news/speeches  13  The legacy effect on the balance sheets of lenders and investors could potentially be of more significance. There is a real risk of loss to those exposed to these loans. In the financial crisis, we estimate that 8% of these loans soured, twice the loss rate on loans to businesses overall.9 The shift to riskier lending matters. Since the financial crisis, underwriting standards on leveraged lending have deteriorated. Lenders have real appetite for risk, reducing the price of these loans while also shunning covenants on borrowers. Ten years ago all leveraged loans imposed some restrictions on borrowers. Now only one third have them. And companies are increasingly making use of earnings add-backs, which involves assuming future earnings improvements, to flatter their leverage at issuance. With this deterioration in standards, loss rates are probably now more sensitive to economic conditions than they were a decade ago.

Cumulative exemption thresholds come to some CHF 300 billion. When negative interest came into effect in January, thresholds were 88% exhausted. Since then, this percentage has steadily increased and is now just over 98%. There are two principle reasons for this. First, a redistribution of sight deposits between banks has taken place. Institutions whose sight deposits exceeded the exemption threshold have transferred money from their SNB accounts to banks which had not exhausted their threshold and were prepared to accept these funds at somewhat less negative interest than –0.75%. This redistribution of sight deposits can be observed, for instance, on the Swiss franc repo market. Chart 3 shows how, on that market, turnover was considerably higher than that recorded for the whole of 2014. Most of the turnover was accounted for by transactions with very short terms. This is likely to include many transactions aimed at exhausting remaining thresholds. The second reason for the higher exhaustion of the exemption thresholds is that banks’ sight deposits at the SNB have increased overall. Since negative interest came into effect in January, sight deposits have risen from approximately CHF 440 billion to some CHF 470 billion at present. The interest burden increases overall when the SNB feeds more liquidity into the system, in particular in the event of further foreign exchange market interventions. This, in its turn, makes it even less attractive to hold Swiss francs. Now that almost all exemption thresholds are exhausted, every newly-created Swiss franc is subject to negative interest.
This volatility has subsided in recent months (see the right side of Chart 7). If we look beyond the aftermath of the pegged exchange rate regime, the financial crisis, and the capital controls regime, it cannot be seen that the short-term fluctuations of the Icelandic króna have been vastly larger than other Nordic krónur that have flexible exchange rates, or commodityexporters’ currencies. These currencies also have periods of peak volatility. Long real exchange rate cycles are a well-known phenomenon, also in countries with a fixed nominal exchange rate (Chart 8). As has previously been noted, exchange rate movements have been more effective as shock absorbers in recent years than they were previously. Although more effective and more credible monetary policy plays a part in this, what is probably more important is that the capital controls – and now,  8  the capital flow management measure – have mitigated volatile capital flows, which can undermine economic stability, as experience has shown. Chart 7  Chart 8  Review of the monetary policy framework and currency and exchange rate policy options In closing, I would like to focus on the ongoing review of Iceland’s monetary policy framework and currency and exchange rate policy options. In the recent past, I have emphasised how important it is that this discussion should take into account what monetary policy can and cannot do.

This prompted Bank Negara Malaysia to document the industry’s transformation in a box article that we published in our latest edition of the Financial Stability and Payment Systems Report. Today, the industry stands among the more developed money services markets in the world and our MSB companies have a good reputation that will open doors for growth opportunities both within and outside Malaysia. The industry’s credibility has also avoided the negative impact from de-risking strategies by banks that have been experienced in other countries. We should not forget however that good reputations are hard to earn, and easily lost. So while we have come a long way, a number of priorities must continue to stay in clear focus for the industry to progress further. Let me just mention three of these priorities. First, we must continue to work at reducing transactions that are conducted through informal channels – in particular, through education and enforcement activities. Since 2012, the Bank has taken enforcement actions against 140 illegal MSB operators. This included criminal and civil actions pursued against over 70 companies. We will continue to intensify our efforts on this front. Second, we must continue to raise compliance and professional standards across the industry, regardless of size. Every company that holds a licence must be able to meet the expectations that have been set to protect the integrity of the financial system and provide a high standard of service to the public. Over the years, more companies have been given licences for longer periods.