About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Canada’s First Bank Comments on Appointment of Bank of Canada Governor to Lead Financial Stability Board

Subscribe to our newsletter

Bank of Canada Governor Mark Carney is the “right person at the right time,” according to BMO President and Chief Executive Officer Bill Downe, upon learning of Mr. Carney’s appointment today as Chair of the Financial Stability Board. “Governor Carney comes to the post at a time when the international financial community is seeking clarity,” said Mr. Downe,”. “His performance at the helm of Canada’s central bank inspires confidence that we will move in that direction.

“There is no question that the Governor is exceedingly capable and he has enormous personal credibility – both in Canada and around the globe. He brings clarity of purpose and steely resolve to the role, yet has the consensus-building skills to improve the resiliency of the global financial system.” Mr. Downe added there are significant challenges as new regulations governing the global banking industry are phased in over the next few years.

“The banking sectors in many countries need to build capital,” said Mr. Downe, “but it is critical that the new standards be applied evenly and consistently. We must have a level playing field.” Mr. Downe noted the importance of dialogue between the regulators and the regulated.

“The Canadian system worked during the challenges of the global financial crisis,” said Mr. Downe, “and one of the reasons why it worked is because there was early, open and frequent dialogue between Finance Minister Jim Flaherty, Governor Carney, Banking Superintendant Julie Dickson, and the CEOs of the banks and insurers. There is a high level of trust between all of us – which continues to serve Canada and its financial system well.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Driving business value from the LEI

The Legal Entity Identifier (LEI) has become a viable standard to help financial institutions identify business entities that are party to financial transactions and fulfil regulatory obligations for entity data. Linked to third-party, corporate hierarchy and beneficial ownership data, the potential of the LEI extends to meet not only regulatory requirements, but also the need...

BLOG

Etrading Hires Senior Execs to Expand Regulatory Data Services

Etrading Software has hired two senior executives to expand its regulatory data services. The company most recently released the Digital Token Identifier, an ISO standard identifier designed to help market participants and public authorities unambiguously identify digital assets. Joining Etrading are Liz Callaghan as chief strategy officer for regulatory data services, and Catherine Sutcliffe as...

EVENT

A-Team Briefing: Cloud Innovation for Data Ops

This Innovation Briefing will explore approaches to data infrastructure transformation, technologies required and how to make sure processes are optimised to support real time data management. Hear from leading practitioners and innovative technology solution providers who will share insight into how to set up and leverage your data infrastructure to provide user access to consistent data and analytics, and companies the ability to monetise their data.

GUIDE

FATCA – The Time to Act is Now

The US Foreign Account Tax Compliance Act – aka FATCA – raised eyebrows when its final regulations requiring foreign financial institutions (FFIs) to report US accounts to US tax authorities were published last year. But with the exception of a few modifications, the legislation remains in place and starts to comes into force in earnest...