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☆ Powell says Fed officials recommitted to meeting new ethics standards
▼ + stars: | 2022-11-02 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

NEW YORK, Nov 2 (Reuters) - Federal Reserve Chair Jerome Powell acknowledged on Wednesday the U.S. central bank's latest ethics stumbles and said it was working hard to make sure it meets its new, very stringent standards. "The public's trust is really the Fed's, and any central bank's, most important asset," Powell said at a news conference after the end of the central bank's latest policy meeting. Citing the new ethics standards imposed on policymakers earlier this year, Powell said "anytime one of us, one of the policymakers, violates or falls short of those rules, we do risk undermining that trust." Powell spoke in the wake of the latest developments in a controversy that's dogged the Fed for little over a year now. Reporting by Michael S. Derby; Editing by Leslie Adler and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Yellen taking steps to enhance Treasury market, boost funds resilience
▼ + stars: | 2022-10-24 | by ( David Lawder | ) www.reuters.com time to read: +3 min

Oct 24 (Reuters) - The U.S. Treasury is taking steps to strengthen the resilience of the Treasury debt market and private money market and bond funds, but the U.S. financial system is functioning well despite elevated global volatility, Treasury Secretary Janet Yellen said on Monday. "Treasury is working with financial regulators to advance reforms that improve the Treasury market's ability to absorb shocks and disruptions, rather than to amplify them," Yellen said. MONEY MARKETS, BOND FUNDSHigher market volatility also could expose vulnerabilities in non-bank financial intermediation, Yellen said. She added that Treasury and financial regulators are working to better monitor leverage in private funds and to "develop policies to reduce the first-mover advantage that could lead to investor runs in money market funds and open-end bond funds." Yellen cited stresses in money market funds during the 2008 financial crisis and again in March 2020 as the reason for the Securities and Exchange Commission's new proposed rules to improve resilience and transparency in the $5 trillion money market sector.

☆ Yellen says taking steps to enhance Treasury market, funds resilience
▼ + stars: | 2022-10-24 | by ( David Lawder | ) www.reuters.com time to read: +2 min

Oct 24 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Monday the U.S. financial system remains resilient amid global volatility, but the Treasury is taking steps to mitigate potential risks in the Treasury market and private money market and bond funds. While we continue to watch for emerging risks, our system remains resilient and continues to operate well through uncertainties," Yellen said. But Yellen added that recent episodes of stress in the Treasury market pointed to the need to take steps to enhance its resilience. "Treasury is working with financial regulators to advance reforms that improve the Treasury market's ability to absorb shocks and disruptions, rather than to amplify them," Yellen said. Higher market volatility also could expose vulnerabilities in non-bank financial intermediation, Yellen said.

☆ Britain warns of tighter rules for crisis-hit LDI funds
▼ + stars: | 2022-10-12 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

The FCA regulates asset managers who sell and run LDI strategies, while TPR regulates pension funds. The BoE oversees banks, some of which are part of the LDI chain. LDI is a popular product sold by asset managers to pension funds, using derivatives to help them match assets with liabilities so there is no risk of a shortfall in money to pay pensioners. Pension funds struggled to come up with higher collateral calls to back the derivatives used in the strategy, forcing the BoE to intervene in the gilts market. Given many LDI funds are listed in Dublin or Luxembourg, the European Union would also need to make reforms to implement such requirements.

☆ Factbox: From property to bonds, four financial flashpoints for the euro zone
▼ + stars: | 2022-10-12 | by ( Francesco Canepa | ) www.reuters.com time to read: +6 min

Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/IllustrationFRANKFURT, Oct 12 (Reuters) - While a financial storm gathers nearby, the euro zone has so far been comparatively unscathed. Register now for FREE unlimited access to Reuters.com RegisterHere's a look at four possible flashpoints that are keeping investors and regulators awake at night: property prices, bank loans, government bonds and "shadow banks". REAL TROUBLEThe euro zone enjoyed a real-estate boom until last year, with home prices rising by some 40% since 2015 and commercial real estate prices up 26%. gross debt-to-income ratio for selected euro zone countriesSPREAD TOO THINThe rise in interest rates has raised fresh questions about one of the world's most indebted borrowers: Italy.

☆ Fed's Bowman calls for overhaul of approach to evaluating banking competition
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 28 (Reuters) - The framework used to assess competition in the banking sector needs to be overhauled to ensure there remains a level playing field that supports consumer choice, Federal Reserve Governor Michelle Bowman said on Wednesday. Bowman pointed to several areas of improvement including more systematically including credit unions and nonbank financial firms in all competitive analyses. To fully capture the impact of nonbank financial firms in some product markets, the deposit-market-based thresholds in current bank merger guidelines could be relaxed, Bowman said. The Fed should also review its approach to defining banking markets to ensure it is updated consistently and reflects the changes in how consumers in a community access banking products and services, Bowman noted. Register now for FREE unlimited access to Reuters.com RegisterReporting by Lindsay Dunsmuir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Like its rivals, it has benefited from a boom in food services during the COVID-19 pandemic, while ride-hailing suffered. read moreHungate, a veteran of the financial services, logistics and food sectors, has spearheaded a push away from low-margin business lines as Grab races to turn profitable. "The other area where we've really tightened our strategic intent is in financial services where we were growing payments, wallets and non-bank financial lending quite significantly off-platform and on our platform," said Hungate. Grab is betting on growing financial services by offering banking and other products with partner Singapore Telecommunications (STEL.SI) in key markets. read moreHungate said Grab would provide details of its progress towards profitability and other metrics at its first investor day on Tuesday.

☆ NYC Mayor Eric Adams asks tech executives at private dinner to keep companies in the city
▼ + stars: | 2022-09-16 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

At a private dinner Wednesday at New York's swanky Le Pavillon, New York City Mayor Eric Adams called on tech executives to keep their companies in the city, even as industry leaders raise concerns to city officials of soaring rents and an increase in violent crime. He told the more than two dozen tech leaders: "New York City needs and wants technology companies," another attendee said, adding that city officials want tech companies to "help grow the economy of this city." Adams' spokesman Fabien Levy confirmed the mayor spoke to the tech executives, but said, "Mayor Adams wasn't there for dinner." "While we don't discuss private conversations, Mayor Adams always welcomes and encourages businesses to come to NYC," Levy said in an email. Conway said in an interview, noting that it's important for tech leaders and companies to be civically engaged.

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