Latest articles from Justin Pugsley

CFTC thanks UK’s FCA for co-operation on investigation

The UK Financial Conduct Authority (FCA) has been praised by the Commodity Futures Trading Commission (CFTC) for helping it in an investigation related to oil derivatives trades, saying that the move demonstrated the criticality of cross-border co-operation to ensure the integrity of US and foreign markets.

OFR harmonises users understanding of financial data through FERD enhancement

Users will be able to compare more international data covering commonly used asset classes, such as equities, debt, options, warrants and futures following an enhancement to the Office of Financial Research’s (OFR) Financial Instrument Reference Database (FIRD).

CFTC launches two consultations on reporting and substituted compliance

Two proposals open to public comment related to derivatives have been put forward by the Commodity Futures Trading Commission (CFTC). 

GET Michael Barr

Fed gears up to ensure banking system can withstand new threats

US banks face threats that barely existed or were not even thought of five to 10 years ago, said Michael Barr, vice-chair for supervision at the US Federal Reserve, who is nonetheless confident that banks are well capitalised enough to withstand the current challenges.

FSB warns over financial stability risks related to withdrawing economic support measures

When jurisdictions amend or exit economic support measures they should take into account the potential for negative spillovers that could trigger financial instability, the Financial Stability Board (FSB) warned. 

Financial firms call on UK and Switzerland to speed up trade negotiations

UK and Swiss financial firms are calling on their respective governments to forge a ground-breaking deal on financial services to spur more cross-border business between the two jurisdictions.

IOSCO works with other standard setters to narrow scope for ‘greenwashing’

The availability of high standards of disclosure that firms can use in their end-2024 accounts to curb ‘greenwashing’ is a top priority for the International Organization for Securities Commissions (IOSCO). 

FSB warns G20 that co-operation as important now as after global financial crisis

The Financial Stability Board (FSB) warned the G20 in a letter dated November 11 that vulnerabilities in the financial system are being threatened by higher interest rates, record debt levels and geopolitical tensions.

Credit Suisse ups forecast for UK bank bad debts as economy deteriorates

The UK’s leading banks face racking up to £47bn in bad debts, warned Credit Suisse in a report, as the economy is expected to sink into a protracted recession. 

GET quantum computing

The quantum threat to financial services

Quantum computers could pose an existential threat to the heavily used encryption solutions that underpin the internet, including activities such as online financial services, which could see bank accounts drained in a flash.