Latest articles from Justin Pugsley

A coal loader above a large pile of coal.

Rush to phase out fossil fuels could trigger financial instability

January 30, 2023

Policy-makers are making a concerted effort to steer the financial sector away from supporting fossil fuel producers, creating opportunities for new lenders, but some worry about the impact on the global economy.

Basel’s crypto treatment disappoints banks

January 23, 2023

Bankers now have a much clearer view of how their exposures to crypto will be treated from a prudential perspective. On a positive note they gained some clarity, but they are not entirely happy with the outcome.

A ball being thrown into a casino roulette wheel

Is the UK gambling on a return to casino capitalism?

January 12, 2023

It is tempting to dismiss the UK government’s plans to scrap banker bonus caps, reintroduce a competitiveness mandate for regulators and to potentially dilute conduct rules to turbo charge the City of London’s growth as a return to casino capitalism. The reality is somewhat more nuanced.

ISDA’s DRR puts banks and supervisors on the same page

December 21, 2022

At long last, everyone’s a winner. A new digital initiative for reporting swaps data could produce cleaner regulatory data while capping escalating reporting costs for banks.

Hacker typing

Banks turn to increasingly sophisticated technology to fend off hackers

November 18, 2022

The battle between hackers and banks is very unequal, with the former often able to perform their attacks anonymously at little cost. For banks, much is at stake from reputation to profitability and they are having to marshal increasingly sophisticated tools to defend their moats.

Will AI save banks from the cyber hordes?

November 9, 2022

Banks are under constant attack from cyber criminals, forcing them to turn to ever more sophisticated tools to mount an effective defence. AI is very much moving into the front line as a protection tool.

Decentralised finance

DeFi stands out as crypto’s biggest regulatory challenge

October 31, 2022

Decentralised finance is one of the most difficult areas of crypto to regulate and could pose systemic risks if it becomes deeply embedded in the traditional financial system, central bankers warned.

LDI blow-up might be a problem for banks

October 10, 2022

The blow-up of a particular type of UK pension fund investment strategy, which could have rolled into a global financial crisis, almost certainly paves the way for more regulation.

Digital euro

Central bankers want to avoid a digital euro becoming a ‘liquidity vampire’

October 10, 2022

A retail digital euro released into a complex financial system could become a ‘liquidity vampire’ if severe stress erupted in the banking system. But if soundly designed it could also bring many benefits.

Globe currency

Digital currencies inject new possibilities into cross-border payments

September 27, 2022

There are good reasons for most countries to improve cross-border payment efficiencies, though that desire is complicated by technical and legal issues. But new forms of digital money potentially open up some interesting new channels.

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