The European Banking Federation (EBF) and fTLD Registry Services (fTLD) are partnering to educate the European banking sector about the cybersecurity role .BANK plays in protecting banks against Business Email Compromise (BEC) scams, phishing and spoofing attacks that lead to breaches, identity theft and financial fraud. fTLD administers the .BANK domain and the EBF has served on its Advisory Council since 2013. To learn more about the security benefits of .BANK, visit https://www.register.bank/ebf/ or contact fTLD at [email protected].

FROM THE MEDIA

Reuters: Central banks set to combat coronavirus risk

The world’s top three central banks look set to take steps to limit the economic damage from the fast-spreading coronavirus, with the heads of the European Central Bank and Bank of Japan issuing emergency statements on Monday report various media. According to the FT, Christine Lagarde, president of the ECB, has said it is “ready to take appropriate and targeted measures” to address the economic impact of the coronavirus, signalling a growing willingness to intervene. Reuters says that big U.S. banks have been rolling out contingency plans to respond to the global coronavirus outbreak - requiring some staff to work from home, implementing travel restrictions, and talking to regulators about potential stresses. The NYT reports on the story that banks and exchanges in Europe are readying out-of-town offices, splitting shifts and isolating some teams to ensure they can keep trading if coronavirus spreads in more major financial centres. Read more FT(€) Reuters NYT(€)

Bloomberg: Finance firms risk clash with clients over green data

Europe’s financial industry is calling for increased pressure on companies to provide the mountains of data needed to help make more environmentally-responsible investments, according to Bloomberg. Banks and asset managers want the European Commission to force businesses to report more about the sustainability-related risk they face, according to feedback submitted to the European Union’s executive arm. Industry groups representing key parts of the region’s economy are pushing back against the idea, seeking to avoid new costs. Read more 

FT: UK seeks EU assurance on deadline for financial market access

Britain has urged Brussels to honour a June deadline for granting market access rights that the City of London will rely on when the UK’s post-Brexit transition period runs out at the end of the year, reports the FT. In a letter published on the same day that Britain and the EU began negotiations on their future relationship, Rishi Sunak, chancellor, told the European Commission that he could “see no reason” why both sides could not complete the necessary approvals on time. Read more (€)

MAIN EVENTS today

Coronavirus (COVID-19) update - Meetings and visits at EBF
 

*All events take place in Brussels unless stated otherwise

FROM THE INSTITUTIONS

OECD: Global economy faces gravest threat since the Covid-19 spreads

The OECD published its latest Interim Economic Outlook. It states that the economic situation was stabilising before the outbreak of the virus but that the global economy faces a grave threat. The OECD recommends that in the most affected countries, adequate liquidity needs to be provided to allow banks to help companies with cash-flow problems while containment measures are in force. Read more

European Commission: Study on Blockchains

The Commission’s DG Connect published a study on blockchains, covering the legal, governance and interoperability aspects. The study provides an extensive analysis on scenarios in building an EU legal framework for developing and deploying blockchain and Distributed Ledger Technology (DLT). Especially relevant for Financial Services, is the potential impact of the latter on data retention rules, such as those arising under the Anti Money-Laundering Directive. Read more

EBA: Assessment of institutions’ Pillar 3 disclosures

The EBA published the conclusions from its assessment of institutions’ Pillar 3 disclosures as another step to foster transparency and market discipline. Consistency and comparability of prudential public information by institutions has benefited from the implementation of common disclosure formats. The EBA encourages institutions to continue their progress by addressing the main findings and implementing the best practices identified in the report. Read more

BIS: On the future of securities settlement

Innovative technologies, such as distributed ledgers, allow securities to be issued or represented in a new form known as digital tokens. Such "tokenisation" of securities will alter post-trade clearing and settlement, and could improve efficiency in some dimensions. But the fundamental trade-offs involving credit risk and liquidity remain in a tokenised world. To succeed, tokens will need to interoperate with account-based systems, at least in the interim. Read more

EBF MEMBERS IN THE NEWS

Fintex Summit, 14-15 May 2020, Baku, Azerbaijan

INFO AND REGISTRATION

ABOUT THE EUROPEAN BANKING FEDERATION
 

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.