BoE announces terms of reference for RTGS review: In the wake of an outage of the Real-Time Gross Settlements (RTGS) system on 20 October BoE launched an independent review into the causes of the disruption. The Court of the BoE (Court) appointed Deloitte to conduct the review and set out the terms of reference within which they will operate. Broadly, the review will address the causes of the incident, the effectiveness of BoE's responses and what lessons might be learned. The findings of the review will be presented to the Court, which will then publish them along with BoE's response. This is due to take place in early 2015. (Source: BoE Announces Terms of Reference for RTGS Review)

FPC speaks on leverage ratio: A member of the Financial Policy Committee (FPC) of BoE has discussed the proposals for a UK leverage ratio. He defended the need for the leverage ratio to vary over time in line with variations to the risk-weighted capital ratio it complements. He said he was also comfortable with the pragmatic approach allowing Additional Tier 1 (AT1) instruments to account for up to a 25% of the leverage ratio, despite the fact that conversion of AT1 instruments is triggered by movements in risk-weighted capital rather than leverage. He also discussed risk governance and its delegation to committees, suggesting there are some matters that a board should always understand and be responsible for. (Source: Why We Need a Leverage Ratio)

BoE and ECB speak on CCP resolution: BoE and ECB have both spoken on central counterparty (CCP) recovery and resolution at a conference organised by Eurex. (Source: BoE Speech on CCP Resolution and ECB Speech on CCP Resolution)