FSB reports on work plan: FSB has provided an update for the G20 finance ministers on the progress of its work plan. It focused on:

  • ending too-big-to-fail, with the current initiatives around insurers and non-bank, non-insurer global systemically important institutions, and progress on promoting central counterparty resilience, recovery planning and resolvability;
  • its project, with International Organisation of Securities Commissions (IOSCO) and the Basel Committee on Payment and Market Infrastructure, to standardise and aggregate OTC derivatives trade reporting data;
  • understanding and addressing vulnerabilities in capital market and asset management activities;
  • addressing the risks of misconduct in financial institutions; and
  • identifying and addressing issues of most importance to emerging market and developing economies.

(Source: FSB Reports on Work Plan)

FSB issues statement to IMF: Mark Carney, Chairman of FSB, issued a statement to the International Monetary Fund (IMF). In it he addressed:

  • vulnerabilities in the financial system, including diminished market liquidity, asset price discontinuities, and contagion across markets;
  • market liquidity and asset management;
  • market-based finance;
  • ending too-big-to-fail;
  • market conduct issues including the impact that remuneration and risk governance reforms have had, the need for improved standards of conduct in the fixed income, commodities and currency markets and the implications for financial exclusion of potential withdrawal from correspondent banking;
  • implementation monitoring including a thematic peer review report on supervisory frameworks and approaches for systemically important banks to be published in the coming weeks;
  • data gaps;
  • new FSB members; and 
  • emerging markets reform.

(Source: Statement of Mark Carney Chairman of the Financial Stability Board to the International Monetary and Financial Committee)