Drama at the FCA: can it survive?

Drama at the FCA: can it survive?

Editor Farah Khalique discusses scrutiny of the UK's financial services regulator and calls for reform with The Banker's deputy editor, Liz Lumley. 

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ESMA’s Verena Ross discusses the authority’s work on ESG, digitisation, data, benchmarks and cooperation with third countries

The European Securities and Markets Authority has a broad remit bringing it into contact with many areas of financial markets, at the wholesale and retail level. 

In this episode of GRR’s regulatory podcast series, Verena Ross, chair of ESMA provides insights into the authority’s work around: 

• ESG and curbing greenwashing
• Analysing and collecting markets data relating to regulations such as MiFID 
• Challenges around implementing and future proofing DORA and MiCA
• The Benchmarks Regulation and its impact on third country benchmark providers
• Financial stability and the role of non-financial bank intermediation 
• ESMA’s work with third country regulators and global standard setters 
• The biggest challenges facing securities regulators over the next five years 

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The impact a digital euro would have on banks and the financial system - a discussion with the ECB

Central bank digital currencies (CBDCs) could usher in a revolution in the financial system creating openings for exciting new innovations. However, depending on their design, CBDCs could be disruptive, particularly for deposit taking banks. 

The European Central Bank is currently studying designs for a potential digital euro. This has ignited a lively debate within policy making and banking circles. 

In this podcast, Ulrich Bindseil, director general of market infrastructure and payments at the ECB, gives his take on some of the big issues surrounding a digital euro. 

Topics covered include:

• Status of the ECB’s work
• Financial stability considerations
• Geopolitical role of the digital Euro
• Design considerations
• Privacy
• Legal tender questions
• Alternatives to a digital euro
• Programmability 

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Are stablecoins a threat to financial stability?

Stablecoins have seen explosive growth in the last year with the Bank for International Settlements estimating that as of late 2021, there were $120bn of them in circulation.

This has caught the attention of regulators who are pondering whether these instruments will revolutionize finance in a beneficial way for society or could become a major financial systemic threat.

To address those issues is Dante Disparte, chief strategy officer and head of global policy at Circle - an issuer of the USDC dollar stablecoin.

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What impact will central bank digital currencies have on the financial system?

According to the Bank for International Settlements around 80 central banks are exploring or developing central bank digital currencies (CBDCs). 

Some experts consider CBDCs to be among one of the most significant developments in the history of money. Depending on their design they could have a profound impact on the financial system and society. 

This podcast explores a range of issues related to CBDCs, such as their design, should they be programmable, disintermediation of financial institutions, potential threats from stablecoins through to concerns around privacy. 

Addressing those questions are John Velissarios Blockchain and Multiparty Systems - Digital Assets, Custody & CBDC Lead at Accenture and Kimmo Soramäki, founder & CEO at FNA who has worked for a number of central banks. 

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