Wednesday, 26 June 2013

Financial Stability Board meeting in Basel

The Financial Stability Board met in Basel earlier this week. A summary of the meeting is available here (pdf). The Board discussed the following: vulnerabilities in the financial system; resolution of financial institutions; global systemically important insurers; over-the-counter derivatives reforms; LIBOR and other financial benchmarks; shadow banking; accounting and auditing; and compensation practices.

With regard to LIBOR and benchmarks, the FSB has established a steering group of regulators and central banks in order to ensure the consistency of the reviews of benchmarks being undertaken. The group is being chaired by Martin Wheatley (of the UK's Financial Conduct Authority) and Jeremy Stein (of the US Federal Reserve Board).

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