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The essence of banking through ages

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Global Business Review Magazine
Thursday, March 23, 2023
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Bank of England to get more powers

The essence of banking through ages

The Bank of England will get more powers to set direct requirements for clearing and settlement houses. This is as a part of a wider regulatory revamp because of Brexit. This was proposed by the UK finance ministry. The BoE has very limited powers to set direct regulations for clearing and settlement. These processes that ensure that legal ownership is exchanged for cash and custody in a stock and bond trade.

Rules for the industry inherited from the European Union. Those are the legal responsibility of parliament and government. Hence, the laws would need changing to update them, a cumbersome process. The finance ministry said in a public paper that it proposes more extensive delegation of regulation to the BoE. This is though still working within policies set by the government and high international standards. It would allow the BoE to take enforcement action. To waive or to modify rules and open investigations. Along with financial stability maintenance, which is the overriding aim.

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There will be a secondary objective of supporting innovation in a sector. Which is where blockchain is making inroads to cut costs. The EU has said that it will extend temporary permission from June for banks. So that, they can continue using clearers in London. Brussels, worried about not having enough say over foreign clearers. And that too, especially at the times of market crises. They also want chunks of the euro business relocated from London to the bloc. The ministry said that the BoE should consider the potential impact of its decisions on jurisdictions.

The ministry added that the Britain is considering making it explicit that the BoE must ensure that its regulation is based on financial stability risks. They will separately be consulting on the regulatory perimeter for systemically important firms in the payments sector, and that too in the first half of 2022.

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Recent News

Data shows that US inflation cooling

Household wealth anticipation has declined, claim by global poll

Support measures push Japanese corporate bankruptcies to 50 year low

How is the bond yield controlled in Japan?

BOJ’s Kuroda signals readiness to extend pandemic-aid scheme

Policy takes the u-turn; BoJ’s yield curve may slip

Asia shares falls on worries over inflation, Fed outlook

Stocks are calm ahead of a possible CPI hurricane

Artificial intelligence to take on the Aviation industry too

Normalcy wished to revert to airlines after FFA blackout

Dollar dented as consumer sentiment dives

Dollar declines on expectations of weaker US rate increases and China’s resumption

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • Household wealth anticipation has declined, claim by global poll
  • How is the bond yield controlled in Japan?
  • Policy takes the u-turn; BoJ’s yield curve may slip
  • Stocks are calm ahead of a possible CPI hurricane
  • Normalcy wished to revert to airlines after FFA blackout

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