The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Carney to Continue as Chair of Financial Stability Board

Mark Carney will continue his role as chair of the Financial Stability Board (FSB) when he steps down as governor of the Bank of Canada on June 1, 2013, and fills the same role at the Bank of England just a month later following the retirement of governor Mervyn King.

Carney was appointed as chair of the FSB in a personal capacity last year and will complete a three-year term in November 2014. He is also a member of the board of directors of the Bank for International Settlements.

As governor of the Bank of England, Carney takes on a job that will include additional regulatory influence as responsibility for some Financial Services Authority (FSA) regulation transfers to the bank as the FSA is wound down.

As chair of the FSB, Carney is leading a number of regulatory initiatives and reforms, including the implementation of Basle III, that are designed to avoid the fallout of another financial crisis. He also has oversight of the global legal entity identifier (LEI) system that the FSB is coordinating and plans to have in place by March 2013.

Carney reiterated the FSB’s support for the LEI system and noted its progress, including a draft charter for the LEI Regulatory Oversight Committee that went on to be endorsed by G20 finance ministers, at an October meeting of the International Monetary and Financial Committee in Tokyo. This week, FSB executives are back in Tokyo to consider further development of the system.

Related content

WEBINAR

Recorded Webinar: Entity identification and client lifecycle management – How financial institutions can drive $4 billion in cost savings

A new model in Legal Entity Identifier (LEI) issuance has created significant opportunities for financial institutions to capitalise on their KYC and AML due diligence. By becoming Validation Agents and obtaining LEIs on behalf of their clients, financial institutions can enhance their client onboarding experience, streamline their internal operations, and open the door to new,...

BLOG

GLEIF Calls Global Industries to Join Development of Cryptographically Verifiable LEI

The Global Legal Entity Identifier Foundation (GLEIF) has set out grand plans to create a digitised LEI service based on a digitally verifiable credential containing the LEI – the vLEI – and able to provide automated identity verification between counterparties. The ambition is for all industry sectors globally, including financial services, to embed new and...

EVENT

Data Management Summit London

The Data Management Summit Virtual explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

Connecting to Today’s Fast Markets

At the same time, the growth of high frequency and event-driven trading techniques is spurring demand for direct feed services sourced from exchanges and other trading venues, including alternative trading systems and multilateral trading facilities. Handling these high-speed data feeds its presenting market data managers and their infrastructure teams with a challenge: how to manage...