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: How are you managing the need to demonstrate trade reconstruction?

Best execution under MiFID II and other current regulations presents practitioners with a daunting challenge: How does my firm provide evidence that it acted in the best interests of the client? The response necessarily requires storage of vast quantities of data from multiple sources and communications channels, for long periods of time – in the...

BLOG

SmartStream Chief Jaffer Sees Rapid Change in Year at Helm

Just over a year into his tenure as chief executive of financial data automation provider SmartStream, Akber Jaffer finds himself surveying a data industry that’s changed enormously over his short time at the UK-based company. Chat GPT was a year old when he took on his new role and the artificial intelligence (AI) technology’s revolutionary...

EVENT

Data Management Summit New York City

Now in its 15th year the Data Management Summit NYC brings together the North American data management community to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Managing Valuations Data for Optimal Risk Management

The US corporate actions market has long been characterised as paper-based and manually intensive, but it seems that much progress is being made of late to tackle the lack of automation due to the introduction of four little letters: XBRL. According to a survey by the American Institute of Certified Public Accountants (AICPA) and standards...