Capital Markets & Trading regulatory updates from International.
We track 29 Capital Markets & Trading updates from International regulators, published by BIS and FSB. The archive covers 19 news items, 5 speeches and 4 consultations. Most recent update: September 2026. Coverage runs from 2025 to 2026.
Roundtable to explore how collaboration efforts between the public and private sectors can be structured and applied to prepare for and manage significant operational disruptions.
Why this matters
This is a news item reporting on an FSB roundtable discussion focused on strengthening operational resilience through public-private collaboration. The content discusses practical steps, relationship-building, lessons learned, and interoperability across sectors and jurisdictions.
CPMI-IOSCO are seeking input from stakeholders on a cyber resilience toolkit for financial market infrastructures (FMIs) and on risks to FMIs from third-party service providers. The Cyber resilience toolkit: practical considerations for FMIs supports FMIs in strengthening their cyber resilience frameworks. The…
Why this matters
This is a formal consultation by CPMI-IOSCO seeking stakeholder input on two interconnected deliverables: a cyber resilience toolkit for FMIs and a discussion paper on third-party service provider risks. The toolkit complements existing PFMI principles and provides practical guidance on operational resilience.
The potential impact of frontier AI on cyber risk is the most immediate concern to the financial system, says FSB Chair, Andrew Bailey.
Why this matters
This is a policy statement from the FSB Chair to G20 authorities identifying frontier AI and cyber risk as priority concerns requiring jurisdictional and institutional response. The letter calls for concrete steps on safe AI deployment and third-party resilience, indicating regulatory intent to develop standards.
In his letter to G20 Finance Ministers and Central Bank Governors, Andrew Bailey, warns that markets remain vulnerable to a potential disorderly correction and cautions on the risks posed by frontier AI models.
Why this matters
This is a speech/letter from the FSB Chair to G20 policymakers flagging frontier AI as an emerging systemic risk to financial stability, particularly through cyber vulnerabilities and market confidence impacts.
In this speech, John Schindler, FSB Secretary General, addresses the importance of international organisations in a shifting geopolitical landscape.
Why this matters
This is a speech by the FSB Secretary General addressing the state of multilateralism in financial regulation. While not a binding rule or consultation, it provides noteworthy regulatory signals about FSB priorities and approach.
In this speech, FSB Secretary General, John Schindler highlights the importance of resolve in resolution planning, emphasising collaboration, preparedness, in maintaining financial system resilience.
Why this matters
This is an informational speech (urgency: null) but carries noteworthy regulatory signals. The FSB Secretary General explicitly announces a strategic review of crisis preparedness and emphasizes a deliberate policy shift from sector-by-sector resolution frameworks to integrated cross-sectoral planning.
At the virtual event, hosted by OMFIF, FSB Deputy Secretary General calls for a debate on the next steps for cross-border payments beyond 2027.
Why this matters
This is an opening remarks speech at a virtual event, not a binding obligation or final rule. However, it carries concrete regulatory signals about the FSB's thinking on cross-border payments policy beyond 2027, including questions about standardization (ISO 20022), stablecoins, regional coordination, and...
In this speech, Dominique Laboureix, Chair of the FSB Resolution Steering Group, discusses the importance of cross-border, cross-sectoral crisis preparedness.
Why this matters
This is a speech by the Chair of the FSB Resolution Steering Group at the ReSolve event, focused on cross-sectoral interconnections in financial stability and crisis management.
The sustainability of the AI boom, financial vulnerabilities and strained public finances are among pressure points facing the global economy, along with the return of inflation. The interplay of record-high public debt with the increasing role of highly-leveraged hedge funds creates a new sovereign-financial…
Why this matters
This is a BIS press release accompanying its Annual Economic Report 2026. It is informational/advisory in nature (not a binding rule, consultation, or enforcement action) but carries significant regulatory signals about emerging risks and policy priorities: fiscal-financial stability nexus, non-bank leverage (hedge...
The sustainability of the AI boom, financial vulnerabilities and strained public finances are among pressure points facing the global economy, along with the return of inflation.
Why this matters
This is a BIS media release accompanying its Annual Economic Report 2026. It identifies four pressure points (inflation, AI sustainability, financial vulnerabilities, fiscal strain) and emphasizes policy priorities including price stability, financial stability beyond banking, and fiscal discipline.
Digital innovation is transforming finance, potentially enabling greater competition and efficiency in payment systems and financial intermediation. However, it also poses new macro-financial challenges and raises the broader question of how to preserve trust in money in the digital age...
AI Analysis
BIS published a 23 June 2026 press release summarizing a special chapter of its Annual Economic Report 2026 on the future monetary and financial system. The message for compliance teams is that BIS favors integrating tokenisation into the existing two-tier system rather than treating stablecoins as the core monetary instrument, because current stablecoin designs do not sufficiently preserve trust, singleness, redeemability, or financial integrity.
Key dates
2026-06-23
BIS published the press release and pre-released the relevant Annual Economic Report 2026 chapter
2026-06-28
BIS plans to publish the full Annual Economic Report 2026 and the BIS Annual Report 2025/26
Suggested considerations
Compliance teams may wish to assess whether any stablecoin-related business line depends on assumptions about parity redeemability, interoperability, or reserve quality that BIS identifies as weak points.
Firms involved in tokenisation initiatives may wish to map their proposed operating model against the two-tier framework BIS endorses, especially where central bank money, commercial bank money, and tokenised assets would interact on programmable platforms.
Banks and payment providers may wish to review funding, liquidity, and settlement assumptions for any products that could materially increase stablecoin usage or tokenised-money circulation.
Crypto-facing firms may wish to examine whether current controls for financial crime, ledger interoperability, and customer redemption rights would satisfy a more stringent supervisory approach if stablecoins are used at scale.
Market infrastructure and capital markets firms may wish to consider whether a unified-ledger or tokenised-deposit architecture could reduce reconciliation and settlement frictions in cross-border or wholesale workflows.
Risk and policy teams may wish to monitor BIS follow-on publications, including the full Annual Economic Report 2026, for more detailed supervisory or implementation signals when it is published on 2026-06-28.
What changed
The publication is a policy signal, not a binding rule. BIS argues that tokenisation—digital representation of assets on programmable platforms—can be embedded in the current monetary architecture, where central banks provide the monetary anchor and commercial banks provide services to the public, to enable programmable payments and other efficiencies.
BIS also states that current stablecoin designs fall short of the key properties of money, particularly singleness, meaning the ability to redeem different forms of money exactly at par for central bank money.
Compliance impact
The publication has strategic significance but no direct binding compliance obligations. Its practical impact is that supervisors and policymakers may increasingly scrutinize stablecoin redeemability, reserve quality, financial crime controls, and interoperability, while encouraging tokenised-money models that preserve central bank money as the anchor.
Roundtable hosted by the Bank of Spain discusses external audit.
Why this matters
This is a news item reporting on an FSB convened roundtable discussion (not a binding rule, consultation, or enforcement action). The content addresses structural changes in the audit profession driven by technology (AI) and ownership shifts, with implications for audit quality and financial stability.
The Project Agorá prototype demonstrates how tokenisation and programmable technologies can address long-standing inefficiencies in wholesale cross-border payments at scale, while preserving the safety and integrity of settlement in central bank reserves.
Why this matters
This is a press release and research report from the BIS announcing Project Agorá findings on tokenisation for wholesale payments. It is informational and exploratory in nature (explicitly noted as experimental), not a binding obligation or final rule.
The Project Agorá prototype demonstrates how tokenisation and programmable technologies can address long-standing inefficiencies in wholesale cross-border payments at scale, while preserving the safety and integrity of settlement in central bank reserves.
Why this matters
The content is a media release and research report from the BIS Innovation Hub detailing Project Agorá's exploratory findings on tokenised wholesale cross-border payments.
CPMI-IOSCO is seeking input from interested stakeholders on amendments to CCP-related resilience guidance and public quantitative disclosures requirements.
AI Analysis
CPMI and IOSCO have launched a consultation on targeted amendments to the 2017 CCP resilience guidance and the 2015 public quantitative disclosure (PQD) standards for central counterparties. The changes are intended to implement selected proposals from the January 2025 BCBS-CPMI-IOSCO report on initial margin transparency and responsiveness, with comments due by 30 June 2026.
Key dates
2026-05-06
CPMI-IOSCO published the consultation on updated CCP resilience guidance and PQD disclosures
2026-06-30 Deadline
Deadline to submit consultation comments to the CPMI and IOSCO secretariats
Suggested considerations
Compliance teams may wish to review the January 2025 BCBS-CPMI-IOSCO initial margin report to map likely changes to CCP resilience guidance and PQD disclosure expectations.
CCPs may wish to assess whether their current margin simulation tools, responsiveness metrics, override governance, and public disclosures could support the kind of targeted enhancements described in the consultation.
Clearing members and clients may wish to evaluate how more detailed CCP disclosures could affect margin forecasting, model validation, and due diligence workflows.
Firms may wish to prepare consultation submissions by the 30 June 2026 deadline, particularly if they have views on feasibility, data granularity, disclosure lags, or governance implications.
Compliance and legal teams may wish to monitor whether the final amendments create new reporting or disclosure obligations under the revised CCP guidance and PQD standards.
What changed
The consultation proposes targeted additions to the CPMI-IOSCO 2017 guidance on the resilience of central counterparties and to the 2015 PQD standards for CCPs. The stated purpose is to incorporate relevant elements of the January 2025 BCBS-CPMI-IOSCO final report on transparency and responsiveness of initial margin in centrally cleared markets.
The areas specifically addressed are simulation tools, the measurement of initial margin responsiveness, margin model governance frameworks, the use of margin model overrides, and CCP public disclosures.
Compliance impact
The publication is a consultation, so the immediate legal severity is moderate rather than binding, but it signals concrete supervisory direction on CCP margin transparency and governance. If adopted, the amendments could increase disclosure granularity and scrutiny of margin-model responsiveness, simulation tools, and override controls for CCPs and their clearing relationships.
CPMI-IOSCO is seeking input from interested stakeholders on amendments to CCP-related resilience guidance and public quantitative disclosures requirements.
Why this matters
This is a formal consultation by CPMI-IOSCO on proposed amendments to existing CCP resilience guidance (2017) and public quantitative disclosure standards (2015), incorporating proposals from the January 2025 BCBS-CPMI-IOSCO report on initial margin transparency.
The UK's framework for systemically important payment systems and central securities depositories/securities settlement systems is complete and consistent with the CPMI-IOSCO Principles for financial market infrastructures (PFMI) in most aspects. The CPMI-IOSCO assessment identified some areas for improvement where…
Why this matters
This is a published assessment report from CPMI-IOSCO evaluating UK implementation of the Principles for Financial Market Infrastructures as of September 2023. The report confirms broad compliance for payment systems but identifies improvement areas for CSDs/SSSs, particularly in risk and governance principles.
The UK's framework for systemically important payment systems and central securities depositories/securities settlement systems is complete and consistent with the CPMI-IOSCO Principles for financial market infrastructures (PFMI) in most aspects.
Why this matters
This is a published assessment report evaluating UK implementation of international financial market infrastructure standards (PFMI) as of September 2023. The report confirms broad compliance but identifies improvement areas in risk and governance principles for payment systems and securities settlement...
Banks' liquidity ratios increased slightly while Basel III risk-based capital and leverage ratios are stable in the first half of 2025. The average impact of the Basel III framework on the Tier 1 minimum required capital (MRC) of Group 1 banks decreased, driven by implementation progress. The newly expanded…
Why this matters
This is a BIS Basel III monitoring exercise publication reporting on H1 2025 data for large internationally active banks (Group 1) and smaller banks (Group 2). The content covers liquidity ratios (LCR, NSFR), risk-based capital, leverage ratios, and introduces expanded cryptoasset exposure reporting.
This document sets out a final technical amendment to the Basel Framework. Technical amendments are defined as changes in standards that are not substantial in nature but that cannot be unambiguously resolved based on the current text. The amendment relates to the standardised approach to operational risk.
AI Analysis
The Basel Committee finalized a technical amendment to the Basel Framework on the standardized approach to operational risk, following consultation in June 2025. It also finalized an FAQ on the standardized approach to market risk and made consequential FAQ updates, with the revised text incorporated into the consolidated Basel Framework.
Key dates
2025-06-01
Basel Committee consultation on the proposed technical amendment was issued in June 2025
2026-03-23
Basel Committee finalized the technical amendment and related FAQs
2029-03-23 Deadline
Latest date by which Basel Committee members agreed to implement the technical amendment
Suggested considerations
Compliance teams may wish to map the amended operational risk text into internal capital calculation policies and control documentation.
Firms should consider whether any existing business indicator calculations or interpretations rely on the previously ambiguous operational risk wording.
Risk and regulatory reporting teams may wish to review the finalized market risk FAQ and related FAQ updates for any knock-on effects on methodology documentation.
Implementation planning may need to account for local transposition or supervisory timelines, with the Basel Committee indicating implementation within three years at the latest.
What changed
The technical amendment is limited to a clarification in the standardized approach to operational risk rather than a substantive policy rewrite. The source summary indicates the amendment addresses an ambiguity in the existing text that could not be resolved unambiguously under the prior wording, and it specifically relates to the operational risk standardized approach. The document also includes a finalized response to one FAQ on the standardized approach to market risk, together with consequential amendments to related FAQs.
Compliance impact
The practical impact appears moderate rather than transformative because the Basel Committee characterizes the change as a technical amendment, not a substantial new standard. However, because it affects the Basel Framework text used for operational risk capital calculations, firms may need to adjust methodology interpretation and documentation to avoid inconsistencies with supervisory expectations.
Discusses vulnerabilities in government bond-backed repo markets. Discusses progress of a targeted review of the prudential standard for banks' cryptoasset exposures. Announces date and location of the International Conference of Banking Supervisors.
Why this matters
This is a press release announcing Basel Committee meeting outcomes. The text explicitly discusses an expedited review of cryptoasset exposure standards (with update promised later in 2026), approved technical amendments to operational risk standardised approach (publishing March 2026), and vulnerabilities in repo...
Synthetic risk transfers (SRT) transactions involve transferring all or a portion of the credit risk of a pool of assets to a counterparty while the bank retains ownership of the underlying assets.
Why this matters
This is a Basel Committee monitoring report on synthetic risk transfers, a capital relief mechanism used primarily by banks with NBFI investors. The content explicitly addresses credit risk management, capital requirements implications, and systemic interconnection risks.
The Basel Committee on Banking Supervision today published a report on synthetic risk transfer (SRT) transactions. The economic importance of SRT markets has grown rapidly over the last decade and they have become an important source of capital relief for corporate credit risk.
Why this matters
This is a Basel Committee report publication analyzing synthetic risk transfer markets. The content is informational and analytical rather than prescriptive or binding.
The Bank for International Settlements has reviewed the content of the FX Global Code and acknowledges that the Code represents a set of principles generally recognised as good practice in the wholesale foreign exchange (FX) market.
Why this matters
The BIS press release announces its commitment to conduct FX market activities consistent with the FX Global Code principles. This is an informational statement of compliance with a recognized voluntary code of conduct, not a new rule, consultation, or enforcement action.
The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) today published a report that reviews the implementation of margin requirements for non-centrally cleared derivatives.
Why this matters
This is a published assessment by BCBS and IOSCO reviewing implementation of the 2013 margin requirements standard for non-centrally cleared derivatives. The report confirms the framework is working effectively, finds no material issues, and proposes no changes—making it informational rather than prescriptive.
The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) today published a review of the implementation of the framework for margin requirements for non-centrally cleared derivatives.
Why this matters
The BCBS and IOSCO review of margin requirements for non-centrally cleared derivatives is a substantive assessment of an existing post-2008 framework. The finding of no material issues and recommendation for continued supervisory monitoring represents concrete regulatory guidance, but the absence of new obligations or...
The Basel Committee on Banking Supervision has issued a consultation on Machine-readable Pillar 3 disclosure. The consultation proposes to make the data disclosed by banks (so-called Pillar 3 disclosures) available in a machine-readable format.
AI Analysis
The Basel Committee issued a consultation proposing a standard for machine-readable Pillar 3 disclosures, aimed at making banks’ quantitative prudential disclosures easier to aggregate, process, and compare across jurisdictions. The proposal matters because it adds technical format requirements without changing the underlying disclosure content, signaling a move toward standardized supervisory data infrastructure.
Key dates
2025-12-05
Basel Committee publishes the consultation on machine-readable Pillar 3 disclosure
2026-03-05 Deadline
Deadline for comments on the consultative document
Suggested considerations
Compliance teams may wish to review current Pillar 3 disclosure production processes and determine whether quantitative disclosures can be generated in a machine-readable format.
Banks may wish to map any existing PDF-based Pillar 3 outputs against likely technical data structure requirements, including whether disclosures could be published on a website or via a central repository.
Supervisors and policy teams may wish to assess how local disclosure arrangements align with the proposed global standard and whether current formats already satisfy the envisaged approach.
Firms subject to overlapping regional disclosure regimes may wish to compare current machine-readable standards with the Basel Committee proposal to identify expected implementation gaps.
What changed
The consultation proposes a new standard for machine-readable quantitative Pillar 3 disclosures across Basel Committee member jurisdictions. It would introduce both a requirement and technical specifications for producing disclosures in a machine-readable format, while leaving the substantive disclosure obligations unchanged. The consultation also contemplates that national supervisors would choose whether disclosures are posted on banks’ own websites or in a central repository.
Compliance impact
The Basel Committee describes the issue as a practical transparency and data-usability problem, because many banks currently publish Pillar 3 information only in PDF format, making cross-bank comparison difficult. The proposal is not a new prudential capital requirement, but it could materially affect disclosure production, data governance, and supervisory reporting processes for affected banks.
This document sets out a technical amendment to the Basel Framework. The amendment relates to the circumstance where a bank uses a guarantee or credit derivative to hedge the counterparty credit risk (CCR) of a derivative exposure subject to the standardised approach to counterparty credit risk or the internal models…
AI Analysis
The Basel Committee has finalized a technical amendment to the Basel Framework clarifying how banks should treat guarantees and credit derivatives used to hedge counterparty credit risk on derivative exposures. The change matters because it affects exposure measurement and capital treatment under SA-CCR and the internal models method, especially where protection is fixed, capped, or only partially covers the exposure.
Key dates
2024-11-27
The technical amendment was published for consultation
2025-01-31 Deadline
Comment deadline on the consultation version
2025-10-28
The BIS page reflects the final consolidated standard
2028-11-01 Deadline
Committee members agreed to implement the revised standard by this date at the latest
Suggested considerations
Compliance teams may wish to identify derivative portfolios where fixed or capped guarantees or credit derivatives are used as CCR hedges under SA-CCR or IMM.
Firms should consider reviewing capital calculation logic and documentation for protected and unprotected exposure portions to confirm the final Basel treatment is reflected.
Banks may wish to assess whether any legacy policy, model, or reporting language still references the consultation version and needs updating ahead of implementation.
Risk and capital teams should consider whether exclusions for securities financing transactions and securitisation exposures are correctly applied in governance, procedures, and systems.
What changed
The amendment clarifies the treatment of guarantees and credit derivatives that hedge counterparty credit risk of derivative exposures subject to the standardized approach to counterparty credit risk or the internal models method. The Basel text indicates the final standard aligns the treatment of fixed or capped protection more closely with the treatment of eligible collateral and residual risk to the original counterparty.
Compliance impact
The impact is moderate to high for banks with material derivative CCR portfolios because the amendment changes how certain hedges are recognized in capital calculations. The regulator describes the change as technical rather than substantial, but it is still a binding Basel Framework adjustment that firms will need to implement consistently to avoid misstatement of CCR capital requirements.
The Basel Committee on Banking Supervision horizon scanning report on banks' interconnections with non-bank financial intermediaries (NBFIs).
Why this matters
This is a published horizon scanning report from the Basel Committee analyzing interconnections between banks and non-bank financial intermediaries. The report describes direct and indirect linkages, discusses risks and vulnerabilities, includes case studies and stylised failure scenarios, and emphasizes data...