Lawmaker plans 3 bills on blockchain development | Central banks unprepared for next downturn, BIS warns | US bank could re-enter Chinese interest-rate swaps market
September 24, 2018
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Lawmaker plans 3 bills on blockchain development
Rep. Tom Emmer, R-Minn., co-chairman of the Congressional Blockchain Caucus, says he will introduce three bills that call on the US to "prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth." The bills urge regulatory clarity and government support for the blockchain industry.
Bitcoin Magazine (9/22),  CoinDesk (UK) (9/23) 
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Central banks unprepared for next downturn, BIS warns
Central bankers will be unable to head off another crisis in financial markets because they have exhausted the twin policy responses of quantitative easing and interest-rate reduction, says Claudio Borio, head of the Monetary and Economic Department at the Bank for International Settlements. Fallout is inevitable from turmoil in emerging markets, Borio says, and public anger about globalization has made a response difficult.
Bloomberg (tiered subscription model) (9/24) 
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On-Demand Webinar | Preparing for Initial Margin
Thousands of firms are set to come in-scope for initial margin (IM) by 2019/20. The rules are complex and firms are urged to take note of the advice from phase 1 & 2 firms and begin preparing now. Join collateral and valuation experts as they discuss the challenges of IM and how to overcome them with TriOptima's seamless solution. Watch webinar now.
Industry News and Trends
US bank could re-enter Chinese interest-rate swaps market
The Commodity Futures Trading Commission's three-year exemption from registration as a derivatives clearing organization given to Shanghai Clearing House could prompt Bank of America Merrill Lynch to reappear in the Chinese market for interest-rate swaps.
Risk (subscription required) (9/23) 
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Why Bosses Cut Some Employees Slack for Bad Behavior
The same transgression can lead to different consequences for different employees. Learn more about why this happens and the ethical implications for both managers and employees from this research by the Kellogg School of Management at Northwestern University.
Regulatory Roundup
London-Japan swaps basis drops after Giancarlo speech
The drop in the basis between yen interest-rate swaps cleared at LCH and Japan Securities Clearing from 7.63 basis points to 4.13 basis points is being attributed to a Sept. 4 speech by US Commodity Futures Trading Commission Chairman J. Christopher Giancarlo. Giancarlo suggested US clients will be able to clear swaps at non-US central counterparties that have "comparable, comprehensive supervision and regulation."
Risk (subscription required) (9/23) 
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BIS wants settled-to-market derivatives accounted for
The Bank for International Settlements says banks' increasing practice of recording variation margin for cleared derivatives as settlement payments, rather than as transfer of collateral, leaves some liquidity risks unaccounted for. BIS says these settled-to-market derivatives "should be included in the calculation of the 20% of derivative liabilities."
Futures & Options World (subscription required) (9/21) 
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Australia extends deadline for foreign financial-services license
Foreign financial-services providers seeking a license to continue offering services in Australia have been given an extended deadline of Sept. 30, 2019, to apply with the Australian Securities & Investments Commission. Firms must be from countries where regulations are deemed "sufficiently equivalent to the Australian financial services licensing regime," ASIC says.
Finance Magnates (9/21) 
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Fixed Income Leaders Summit
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