The Board of the Bank for International Settlements (BIS) approved the establishment of a BIS Innovation Hub to foster international collaboration on innovative financial technology within the central banking community complementing the already well established cooperation within the existing committees. The role of the Hub will be to identify and develop in-depth insights into critical trends in technology affecting central banking; develop public goods in the technology space geared towards improving the functioning of the global financial system; and serve as a focal point for a network of central bank experts on innovation.

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The entry of large technology firms (“big techs”) such as Alibaba, Amazon, Facebook, Google and Tencent into financial services, including payments, savings and credit, could make the sector more efficient and increase access to these services, but also introduces new risks, the Bank for International Settlements (BIS) writes in its Annual Economic Report.
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According to NATOs Secretary Genera,l Jens Stoltenberg, Russia still has the opportunity to save the INF Treaty, there is a window of opportunity. The deadline ends on the 2nd of August and we continue to call on Russia to come back into compliance with the Treaty. If they don’t come back into compliance, we need to respond. So we also need to prepare for a world without the INF Treaty.
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The European Securities and Markets Authority (ESMA) has published a questionnaire which aims to gather evidence on potential short-term pressures on corporations stemming from the financial sector. Considering the impact of short-termism forms part of ESMA’s work on sustainable finance and relates to the European Commission’s Action Plan on ‘Financing Sustainable Growth’.
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The Financial Conduct Authority (FCA) has fined Bank of Scotland (BOS) £45,500,000 for failures to disclose information about its suspicions that fraud may have occurred at the Reading-based Impaired Assets (IAR) team of Halifax Bank of Scotland. The FCA found that BOS failed to be open and cooperative and failed to disclose information appropriately to the then regulator, the Financial Services Authority (FSA).
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During the 17th Public Debt Management Forum in Tokyo, participants discussed the trends and associated challenges and opportunities they now face in sovereign debt capital markets. Public debt managers have been able to deal with high and rising debt levels against the backdrop of mostly benign global conditions: Accommodative policies in the major economies have kept interest rates low and contained spreads and funding risks. It remains, uncertain, however, what strains will emerge when financial conditions eventually tighten. Meanwhile, the investor base for government securities is shifting and becoming more globalized. Furthermore, market functioning is evolving under the influence of regulatory changes, technological innovation, and the introduction of new instruments.
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The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of L3 Technologies by Harris Corporation, both aerospace and defence companies based in the US. The approval is conditional on the divestiture of Harris Corporation’s global night vision business. Both L3 Technologies and Harris Corporation are suppliers of intelligence, surveillance and reconnaissance, communications and electronic systems for military, law enforcement, civil government and commercial customers.
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The ICO has joined the UK Regulators Network (UKRN) as a full member. Joining the network provides the ICO with the unique opportunity to gain valuable insights into the issues facing regulators across the UK, inform policy debates and share experience. Membership will also support the ICO engaging with the main UK regulators on specific issues including cyber security.
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