by Hans Timmerman

The information balance between governments/organizations and their citizens/customers has become increasingly skewed over the past decades. Political motives and resulting legislation compel executing organizations to collect excessive amounts of data about their citizens or customers. Meanwhile, privacy laws simultaneously restrict how they can use this collected data. Without explicit consent from the citizen or customer, the use of this data is minimal. This leads to significant excesses and/or inefficiencies, as seen in the benefits scandal and now with the implementation of the Wwft (the law to prevent money laundering and the financing of terrorism). In both cases, the political efforts to prevent fraud and terrorism have gone so far that executing organizations are effectively forced to trample basic human rights. That this leads to mishaps and excesses is understandable. How can we restore this balance? Continue reading…

TrustQuay Viewpoint, a global SaaS provider to the Wealth, Trust and Corporate services (TCSP) industry has rebranded to Quantios, as the business sets out its mission to lead digital transformation in the sector. This rebrand, following the merger between TrustQuay and Viewpoint in May 2023, is the final step in the consolidation of the two companies and marks a new beginning, solidifying Quantios as a global player. Drawing on the heritage and expertise of TrustQuay and Viewpoint, Quantios aims to accelerate technology innovation in the TCSP sector. Continue reading…

The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met recently. The GHOS took stock of the implementation status of the outstanding Basel III reforms, which were finalised in 2017. Members have continued to make good progress with implementation. Around two thirds of member jurisdictions will have implemented all, or the majority, of the standards by this year, with the remaining jurisdictions planning on doing so by next year. Continue reading…

by Oli Rehn

As Governor of the Bank of Finland, I am glad to see so many of you here in Helsinki. It is a great privilege to share my thoughts with you today. First and foremost, we have made significant progress in disinflation since our last rate hike in September 2023. Inflation has fallen by more than 2.5 percentage points, and the inflation outlook has improved markedly. Barring further setbacks, for instance in the geopolitical situation and energy prices, or in wage developments for that matter, inflation is projected to converge to our 2% target in the medium term. Euro area economic activity is showing increasing signs of recovery, and the labour market has remained robust. The growth outlook was revised upwards yesterday, which is obviously good news. Continue reading…

The FCA, working with the Metropolitan Police Service, has conducted an operation to arrest two individuals, aged 38 and 44, suspected of running an illegal cryptoasset exchange. More than £1 billion of unregistered cryptoassets are believed to have been bought and sold through this business. The FCA inspected the offices associated with the suspects and the police seized several digital devices during searches of two residential London properties.

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Dr Felix Martin has been appointed chair of the FCA’s new, independent Cost Benefit Analysis (CBA) Panel. Dr Martin will lead the Panel as it examines how the FCA and Payment Systems Regulator (PSR) assess the proportionality of proposed policy changes. It will provide advice to the regulators on preparing and improving CBAs. The FCA estimates around a third of its CBA will be subject to the Panel’s review. Following consultation with the panel, the FCA and PSR will publish further details on which CBAs will qualify for review in the summer. Continue reading…

The EU Innovation Hub for Internal Security, of which Eurojust is one of the main partners, has on 10 June published its first report on the use of encrypted communications in criminal investigations. The report stresses the balance that needs to be struck between securing private communications and fundamental rights, while enabling investigations and prosecutions to combat organised crime and terrorism. Continue reading…

Nasdaq and the Indonesia Stock Exchange announced an expansion of their technology partnership which will see IDX upgrade its core trading platform to Nasdaq’s most advanced matching engine. The deal also includes an extension of Nasdaq’s market surveillance partnership with IDX, and an agreement to enhance IDX’s Index business to help foster a deeper and sophisticated global capital markets ecosystem. The agreement builds on Nasdaq’s broad range of partnerships across the Indonesian financial system. In addition to Nasdaq’s long-standing relationship with IDX, Nasdaq provides market surveillance technology to OJK, Indonesia’s Financial Services Authority, the core technology platform that underpins KSEI, Indonesia’s central securities depository, and its Calypso treasury solution to Bank Indonesia, the country’s central bank. Continue reading…