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May 24, 2018

The FSB Secretary General Dietrich Domanski updated the Asia Securities Industry and Financial Markets Association (ASIFMA) Board on key issues that FSB will work on for the remainder of the year. The key focus areas are expected to be disciplined completion of the outstanding financial reform priorities of G20; rigorous evaluation of implemented reforms to ensure that the reform program is efficient, coherent, and effective; and vigilant monitoring to identify, assess, and address new and emerging risks.

To complete the outstanding financial reforms, FSB intends to operationalize the 2017 recommendations to address structural vulnerabilities from asset management. To this end, IOSCO will issue a consultation with proposals for developing comparable leverage measures for funds. Additionally, FSB will deliver, to the Buenos Aires summit, an assessment to determine whether there is a need for any additional guidance on financial resources to support central counterparty (CCP) resolution and on the treatment of CCP equity in resolution.

With respect to the post-implementation evaluation of reforms, two evaluations are currently underway. One is looking at the effects of the reforms on financial intermediation. The other evaluation is on the interaction of reforms on the incentives for market participants to centrally clear over-the counter derivatives. This is taking place in coordination with the relevant standard-setting bodies, particularly the BCBS review of the effects of the leverage ratio on client clearing. In early part of the third quarter, FSB will launch consultations on the two ongoing evaluations of FSB.

FSB will also issue a draft cyber security lexicon, which is meant to support communication between the private sector and authorities by establishing a common language on cyber risks. The periods for the consultations are expected to be short—about a month each—to facilitate completion of this work in time for the G20 Summit. He highlighted that the financial stability implications of technological innovation would be a major area for monitoring emerging risks. Such assessments of vulnerabilities by FSB inform the policy discussions within FSB and the joint early warnings exercise with IMF. He added that he is "keen to hear as active participants in markets what risks you see in the next 12-18 months?"


Related Link: Remarks (PDF)

Keywords: International, Banking, Securities, Post Implementation Review, Financial Intermediation, CCP Resolution, Cyber Risk, FSB

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