Observes discrepancies in relation to the protection of client funds by deposit guarantee schemes and makes recommendations to the EU Commission
28 October 2021
The European Banking Authority (EBA) published an Opinion on the treatment of client funds under DGSD, where it assessed the current approaches to the protection of funds deposited with credit institutions on behalf of clients by entities that are themselves excluded from DGS protection. Based on its assessment, the EBA included some recommendations to the EU Commission, which aim at informing its ongoing review of the DGDS. For more information please press here.
Consults on the amendment to its technical standards on strong customer authentication and secure communication in relation to the 90-day exemption for account access
28 October 2021
The European Banking Authority (EBA) launched a public consultation on the amendment of its Regulatory Technical Standards (RTS) on strong customer authentication and secure communication (SCA&CSC) under the Payment Services Directive (PSD2) with regard to 90-day exemption from SCA for account access. The proposed amendment aims at addressing a number of issues that the EBA has identified in the application of the exemption by some account servicing payment service providers (ASPSPs) across the EU Member States and which have resulted in a negative impact on the services offered by account information service providers (AISPs) under the PSD2. The consultation runs until 25 November 2021. For more information please press here.
Reuters Dollar hovers near one-month low as strong euro, stock rally weigh
29 October 2021
"The dollar hovered near its weakest level in a month against major peers on Friday, hurt by a stronger euro as traders bet on earlier European interest rate increases and as an equity rally sapped demand for safer assets. New Zealand’s dollar sagged amid a slide in consumer confidence, while ether, a cryptocurrency, climbed to a record high. The dollar index, which measures the currency against six main rivals, including the euro, edged up 0.1% to 93.462, but remained close to Thursday’s low at 93.277 - a level not seen since Sept. 27. The euro slipped 0.1% to $1.1666 after rising as high as $1.1692 overnight for the first time since Sept. 28." For more information please press here.
Bloomberg China’s Rare-Earth Prices Spike as Power Crisis Impacts Supplies
29 October 2021 "Rare-earth prices are spiking in China, with the grades used to make permanent magnets surging to their highest level in over a decade amid supply tightness. Prices of praseodymium-neodymium oxide, or NdPr -- two of the 17 rare earth elements that are used in NdFeB magnets -- spiked to 735,000 yuan ($115,000) a metric ton as of Thursday, the highest since November 2011, according to data from Shanghai Steelhome E-Commerce. Prices have almost doubled this year." For more information please press here.
ECB Keeps Stimulus on Track as Inflation Unsettles Markets
28 October 2021
"The European Central Bank renewed its pledge to conduct emergency bond-buying at a “moderately” slower pace, holding its nerve even as surging inflation prompts investors to advance unwelcome bets for interest-rate increases. Hours after Spanish data showed the biggest price gains in three decades, the Governing Council on Thursday maintained prior language heralding plans to reduce monthly purchases from the roughly 75 billion euros ($86.9 billion) deployed from March through September. They also promised to keep the 1.85 trillion-euro program, known as PEPP, running until March 2022 or later if needed." For more information please press here.
Financial Times Traders bet ethereum will benefit from ETF boost in 2022
28 October 2021
"Traders are positioning for a surge in ethereum prices, betting that Wall Street’s top securities regulator will next year give the go-ahead for a US exchange traded fund tracking the world’s second-biggest cryptocurrency. Pricing in options, tools that let investors bet on future movements in financial assets, suggest market participants are wagering that ethereum will more than treble to $15,000 by March next year. The move comes a week after the Securities and Exchange Commission cleared the way for the launch of the first bitcoin-linked ETF. Investors poured more than $1bn in to the ProShares Bitcoin Strategy fund, prompting it to buy up futures contracts that track the price of bitcoin. This, in turn, propelled the price of bitcoin to an all-time high." For more information please press here.
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