samchain/econo-pairs-v2 huggingface dataset:
with bank resolutions in various jurisdictions. thank you for diligently delivering this workshop and for your hands - on approach in guiding the participants through the simulation exercise. we look forward to continuing this productive engagement with you. 1 / 2 bis - central bankers'speeches thank you and a nice weekend to you all. 2 / 2 bis - central bankers'speeches

christophe edmond : risk - based supervision for digital financial services, money value transfer services, money remittances and bureau de change sectors closing remarks by mr christophe edmond, first deputy governor of the central bank of seychelles, at the regional workshop on “ risk - based supervision for digital financial services, money value transfer services, money remittances and bureau de change sectors ”, mahe, 30 may 2019. * * * governor representatives of the esaamlg secretariat, distinguished speakers and participants, ladies and gentlemen, good afternoon. i address you at the end of what has been four days of insightful and knowledge - fuelled interactions on risk - based supervision, particularly for the digital financial services, money value transfer services, money remittances and bureau de change sectors. we leave here with no doubt that the risk - based approach to supervision is central to the implementation of the financial action task force ’ s international standards on combating money laundering, and the financing of terrorism and proliferation. the discussions and sharing of experiences that have taken place over the past few days have helped us ascertain the level that has been reached by the different regulatory and supervisory authorities in the region, as well as the global trends and expectations. we now have a broader perspective of the effectiveness of such an approach to supervision, as well as the challenges it brings. some of the key takeaways include the need to have well - designed and effective aml / cft policies and supervisory frameworks, to help foster greater financial inclusion, and the importance of having a continuous risk assessment process. limitations of the different regulatory and supervisory entities, in particular the cost, the availability and the allocation of resources, were also highlighted, with a specific focus on the need for such challenges to be understood both at the institutional and national levels. increased awareness, collaboration, and cooperation between the different entities and the buy - in of government, are all essential factors that will contribute towards sound policy formulation and assist jurisdictions in understanding the cost of aml / cft compliance. while the supervisory challenges posed by the specific sectors of the financial system may vary, devoting more time to sectors and activities perceived to be of highest risk should be prioritised. risk - based supervision provides a rigorous framework for assessing and addressing risks and efficient allocation of resources, which can improve the efficiency and effectiveness of all supervision. although there are several important principles and approaches to risk - based supervision, it is essential to be mindful that there can
banks to be able to absorb losses and maintain lending during periods of severe economic and financial stress. the committee will continue to provide global leadership on what the key elements of a strong capital base should be, reflecting the lessons of recent developments. such an effort will ensure that both prudential and competitive equity objectives are maintained in the future. procyclicality the crisis shows that banks need to build strong capital buffers and provisions in good times so that they can be drawn upon in periods of stress. this in turn dampens the risk of spillover from the financial sector to the real economy. reflecting the lessons of the crisis, there are a number of steps the committee is considering to dampen the potential procyclicality of the basel ii framework. it is important to note that the crisis built up under the basel i regime, while basel ii only became effective in most countries at the beginning of this year. we will explore promoting strong capital buffers above the minimum levels and how those can be used during a downturn to dampen shocks and encourage continued lending. the committee also is assessing ways to strengthen prudential filters, promote through - the - cycle provisioning, and contribute to efforts to strengthen accounting standards for financial instruments. finally, the introduction of the incremental risk charge in the trading book should help dampen the cyclicality of trading book capital. supplemental measures supervisors are reviewing the need to supplement risk - based prudential and risk management approaches with simple, transparent gross measures of risk. in combination, such risk - based and gross measures may provide a further check on the build - up of leverage at financial institutions and the underestimation of risk during rapid periods of credit growth or in new business lines that have not experienced a downturn. moreover, in periods of stress a large gap may open between what the risk - based metric requires, and what the market expects through simpler metrics. i hasten to add that simple metrics alone can and will be gamed, as the recent experience under basel i has shown, particularly related to the growth of exposures to off - balance sheet vehicles. both risk - based and simple measures therefore may be needed going forward. strengthen liquidity risk management and buffers a second key building block of our strategy is raising the bar on liquidity risk management and supervision. the committee recently issued principles for sound liquidity risk management and supervision. this guidance sets a higher soundness standard for banks and supervisors to meet.

keeping inflation low, stable, and predictable.
maintaining financial system stability as well as to prevent international systemic risk from emerging, mutual cooperation and coordination have become increasingly essential among central banks in the region. in this context, a forum called emeap, composed of central banks in the east asia and pacific region, was established in 1991. in this forum, member central banks have been exchanging views and information regarding economic, financial market, and foreign exchange market developments. they have also been studying ways to make improvements in such areas as financial markets, settlement systems, and bank supervisory methods. conclusion in closing, let me briefly touch upon japan ’ s role in asia. given the size of its economic presence and close relations with countries in the asian region, japan should make an appropriate contribution to regional development. to this end, first of all, japan itself must aggressively implement structural reform to realize robust economic fundamentals. at the same time, japan should promote further opening and improvement of its domestic markets to contribute to the efficient and fair allocation of world resources. particularly in financial markets, various measures for improvement have been effected. for example, in the benchmark government bond market, the maturity of bonds has been diversified and the withholding tax on non - residents lifted. we should continue such efforts to make domestic markets more attractive for overseas investors. through such efforts, i believe and sincerely hope that countries both within and outside the asian region will come to have greater confidence in japan, which, in turn, will contribute to closer and stronger cooperation in asia.

##sai region, corporate activity has increased due partly to strong exports, and a resulting improvement in corporate profits is being observed, not only at large firms but also at small firms. in order for japan's economy to continue sustainable growth in the face of various challenges including the declining population, it is crucial for all regions and industries to persist with their efforts to innovate. since, along with the tokai and kanto regions, the kansai region is pulling japan's economy forward, i fully anticipate that your originality and inventiveness will continue to play a leading role. as for the bank, it will continue to support the economy from the monetary side to achieve sustainable economic growth with price stability.
emmanuel tumusiime - mutebile : promoting the primary dealer system in uganda remarks by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the annual primary dealer award ceremony, bank of uganda, kampala, 22 february 2016. * * * distinguished guests chief executive officers of primary dealer banks members of the press ladies and gentlemen good morning. it is my pleasure to welcome you to the 12th annual primary dealer award ceremony. the main purpose of the primary dealer system is to promote the participation in government securities, to foster the development of financial markets, to improve secondary market trading system as well as to ensure efficiency in the market operations of the central bank. primary dealers have contributed to the growth of the securities market by ensuring high demand during primary market auctions. in 2015, the ratio of primary dealer successful bids in the primary auction relative to the rest of the market was 61. 33 percent. while we had some under subscriptions at the beginning of this financial year, the auction bid to cover ratio of treasury bills and bonds for the calendar year 2015 was recorded at an average of 1. 21 ; indicating that demand for government securities remains significant. primary dealers have also continued to enhance liquidity in the secondary market. the total turnover in the secondary market increased in the year 2015 by 12. 5 percent to ugx 3. 6 trillion from ugx 3. 2 trillion in the year 2014. with the continual achievements of the primary dealer system, we note that the system still has some shortcomings that we continue to endeavor to resolve : as observed, the volume of secondary market trading has continued to increase but still falls short of our expectation ; the subscription levels in the primary market are high but we occasionally observe undersubscriptions in some tenors at auctions ; and the spread in pricing at some auctions is significantly wide and out of prevailing quoted market price ranges. the bank of uganda will maintain its consultative approach with the market and other stakeholders to bring on board vibrant and broad based initiatives that will ensure an attractive, efficient and competitive government securities market. at this point, allow me to recognize all the primary dealers present here today. i applaud their contribution towards the development of the government securities market, and, more specifically, the financial markets in uganda. i also wish to acknowledge the role this year ’ s award winner has played especially in their participation in the primary auctions, market making capabilities, consistent pricing as well as

timely market intelligence. ladies and gentlemen, it is with great pleasure that i announce that for the fifth consecutive year, stanbic bank uganda ltd is the primary dealer of the year 2015. i now invite the managing director to receive the award. congratulations and i thank you. bis central bankers ’ speeches
, in order to obtain maximum benefits, sophisticated financial techniques backed by financial innovation have to be highly leveraged. while it is true that such high leverage contributes to improving efficiency as long as forecasts turn out to be accurate and the financial system is smoothly operating, once an unexpected shock hits the market and profit opportunities are lost, a sudden reversal of prices could occur through position rebalancing and leverage rewinding. in such a situation, the very activity of individual financial institutions based on sophisticated risk management techniques aggravates market price instability. for example, market wisdom created the use of collateral in otc derivative transactions as a self - defense measure to deal with counterparty risk. at the same time, as experienced during the russian crisis, such collateral potentially has the negative aspect of triggering a vicious circle in times of stress where a decline in collateral value could, by converting counterparty risk to spread risk, induce margin calls and the unwinding of positions, thus leading to further declines in collateral value. of course, from the managerial viewpoint, each market participant would naturally try to contain risk and losses within a certain limit. however, in a stress situation, this kind of individual activity could change prices in a non - linear and discontinuous manner and cause the evaporation of market liquidity at a macro level. thus, we may be able to conclude that the depth and ample liquidity of markets created by technological innovation and globalization in normal times could be immediately lost in times of a financial crisis accompanied by enormous stress, and there is an inherent risk that it would further amplify the crisis. let me now discuss the financial crisis caused by the asset bubble that japan experienced in the 1990s in relation to financial innovation. a bubble in the form of rapidly rising asset prices is a phenomenon that has repeatedly been observed in history. in a period of euphoria, asset prices become inflated along with the credit expansion of financial institutions. and, in the subsequent period of adjustment, a decline in asset prices impairs the balance sheets of financial institutions and has a substantial adverse impact on the economy as the credit provision function of such financial institutions weakens. with the benefit of hindsight, such a process is nothing new. having said this, however, in japan we cannot deny the possibility that because the regulatory framework in the late 1980s did not keep up with rapid changes in the financial system, the activities of financial institutions became more risky than otherwise, thereby amplifying the extent

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office is likely to get very busy. but we think that we are well prepared. in terms of the organizational arrangements for the financial services ombudsman ( fso ), the current staff from the banking services ombudsman office will be supplemented, at the beginning, with two transfers from fisd. in addition, technical assistance will be sourced from a panel of insurance experts with the required knowledge and experience. we intend to continue to provide extensive training to the staff both on banking and insurance matters. mrs. judy chang will, in her presentation give you the detailed operating modalities of the financial services ombudsman scheme. i would, however, like to underscore a few of its most salient aspects. firstly, the main purpose of the scheme is to seek to resolve complaints by individuals and small businesses about the provision of banking and insurance services, using the criteria of law, industry, best practices and basic fairness. secondly, once a bank or insurance company has voluntarily signed to participate in the scheme, the decision of the ombudsman is binding. thirdly, the proper operation of the scheme requires that insurance companies set up their own formal complaints mechanisms ( as the banks have done ). this is so, since the complaint must first have gone through internal processes before it is referred to the ombudsman. fourthly, as in the case with the banks, the financial services ombudsman will have a specific terms of reference for insurance complaints, and there will be some matters that will be outside the authority of the ombudsman. there will also be a cut - off date so that the ombudsman does not get lost in trying to resolve long - standing complaints. i would like to assure you that the office of the financial services ombudsman, which comes under the governor ’ s office is committed to : • • providing responsive service based on fairness, integrity, equity and respect. your customers should know that : • we are committed to maintaining our independence from member financial services providers, and • we are committed to upholding the highest standards of excellence, in both our decision - making process and in the timely response to their complaints. insurance companies, the banks could vouch for our integrity. they could tell you that the fso is completely independent, including from the regulator. it is not a consumer champion. its role is to settle disputes without taking sides. also, the fso, is not a court :

rather it is a free informal alternative to going to court. over the next several months the ombudsman ’ s office will intensify its education and outreach programs through direct contact with the public and through its new website. i would like to invite the financial sector to join us in educating the public on financial matters. let me once again thank you for joining us at this ground breaking event. i have full confidence that all parties present here today will ensure the success of the operations of the office of the financial servicesombudsman which will redound to the benefit of our society as a whole.
a real possibility. today we live the 107th day of war in ukraine. this russian war, combined with the still troublesome aftermath of the pandemic, not only added pressures to price evolution in the short term, but also might have implications for long - term structural developments that drive neutral rate. now is the time to discuss how the main findings of the ecb strategy review were altered by this war. might these recent shocks change the decades - long trend of declining neutral rate? in my view, these shocks will most probably not fundamentally reverse this trend. there are some questionable aspects, however, regarding productivity, potential growth and how they change with globalization. allow me to elaborate. potential output growth has been significantly negatively impacted by the global financial crisis and has not fully recovered since. the recent shocks – the covid pandemic and the russian war – might further depress potential growth. we probably must get used to shorter and less - profitable global value chains, extension of bottlenecks and never - ending supply shocks. the most pressing issue for central bankers today therefore is how to react to these global supply shocks. it seems that these shocks are emerging constantly and have become more persistent. it seems inevitable that global trade and supply chains will undergo some structural changes. foreign trade relations in future may be increasingly shaped by resilience and risk management considerations. we also live through times of elevated uncertainty - both in the financial markets and in the private sector – and this uncertainty might not go away easily. for european economies, we are likely moving towards less trade with non - democratic or geopolitically more risky countries and a goal for greater independence in the production of essential goods, such as pharmaceuticals, military equipment, and high - technology goods. at the same time, we should avoid protectionism, aiming for an “ open strategic autonomy ”. such a diversification of trade flows and reorientation of suppliers of sensitive or critical products towards producers within the eu and other geopolitically less risky countries – the so - called regionalization and “ friend - shoring ” - would enhance the resilience of european economies to global geopolitical or pandemic - like shocks. at the same time, an evolution in this direction would likely increase production costs and suppress profitability and productivity growth in normal times due to reduced use of global comparative advantages. at the same time, there are structural factors that push back against the effects of retreating globalization. i believe that the nextgeneration

. 2006. http : / / www. nepad. org. site accessed on 1 november 2006 • wegner, l & lecomte, h s. 2006. african economic outlook 2006 “ moving towards political stability? ” policy insights no. 20. oecd development centre, may 2006.
08. html 1 / 5 08 / 09 / 2017 interest rate benchmarks | speeches | rba beyond that point, there is no guarantee that libor will continue to exist. the fca will not compel banks to provide submissions and the panel banks may not voluntarily continue to do so. this four year notice period should give market participants enough time to transition away from libor, but the process will not be easy. market participants that use libor, including those in australia, need to work on transitioning their contracts to alternative reference rates. this is a significant issue, since libor is referenced in around us $ 350 trillion worth of contracts globally. while a large share of these contracts have short durations, often three months or less, a very sizeable share of current contracts extend beyond 2021, with some lasting as long as 100 years. this is also an issue in australia, where we estimate that financial institutions have around $ 5 trillion in contracts referencing libor. finding a replacement for libor is not straightforward. regulators around the world have been working closely with the industry to identify alternative risk - free rates that can be used instead of libor, and to strengthen the fall - back provisions that would apply in contracts if libor was to be discontinued. the transition will involve a substantial amount of work for users of libor, both to amend contracts and update systems. ensuring bbsw remains a robust benchmark the equivalent interest rate benchmark for the australian dollar is bbsw, and the council of financial regulators ( cfr ) is working closely with industry to ensure that it remains a robust financial benchmark. bbsw is currently calculated from executable bids and offers for bills issued by the major banks. [ 3 ] a major concern over recent years has been the low trading volumes at the time of day that bbsw is measured ( around 10 am ). there are two key steps that are being taken to support bbsw : first, the bbsw methodology is being strengthened to enable the benchmark to be calculated directly from a wider set of market transactions ; and second, a new regulatory framework for financial benchmarks is being introduced. the work on strengthening the bbsw methodology is progressing well. the asx, the administrator of bbsw, has been working closely with market participants and the regulators on finalising the details of the new methodology. this will involve calculating bbsw as the volume weighted average price ( vwap ) of bank bill transactions. it will cover a wider

##logy / compliance. html >. © reserve bank of australia, 2001 – 2017. all rights reserved. http : / / www. rba. gov. au / speeches / 2017 / sp - dg - 2017 - 09 - 08. html 4 / 5 08 / 09 / 2017 http : / / www. rba. gov. au / speeches / 2017 / sp - dg - 2017 - 09 - 08. html interest rate benchmarks | speeches | rba 5 / 5