Growth and regulation - speech by Andrew Bailey
Given at The Financial and Professional Services Dinner, Mansion House
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BankPayment ProviderAll Firms
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Crypto & Digital Assets in United Kingdom
Crypto & Digital Assets regulatory updates from United Kingdom.
Minutes of the London FXJSC Legal Sub Committee Meeting – 17 March 2026
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Legal Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
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BankBroker DealerAll Firms
FCA sets landmark crypto rules to cement the UK’s place as a global hub
Firms supporting people to buy, trade and hold crypto will need to meet clear standards under landmark rules set out by the FCA. All firms must meet financial resilience requirements including capital and stress testing. The FCA is also introducing new market integrity rules covering areas such as insider trading and market manipulation.The new framework also sets out specific rules for stablecoins, a type of cryptoasset designed to maintain a stable value, typically by being linked to a curr...
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Crypto ExchangePayment ProviderFintech
FCA and the Bank of England set out approach to joint regulation of systemic stablecoin issuers
The Bank of England and the FCA have published a joint approach setting out how they and where relevant other authorities will work together to regulate systemic stablecoin issuers in the UK.It explains how responsibilities will be split between the authorities, and how UK stablecoin issuers may move from FCA supervision to joint regulation once recognised as systemic by HM Treasury.The approach aims to provide clarity and predictability for firms as the market develops.Read the paper
AI Analysis
The FCA and Bank of England have set out a joint supervisory model for **systemic stablecoin issuers**, clarifying how firms will move from FCA-only oversight to joint regulation once HM Treasury designates them as systemic. This matters because UK‑based and non‑UK stablecoin issuers used for payments will face distinct prudential, conduct and structural requirements depending on whether they are non‑systemic (FCA only) or systemic (Bank of England plus FCA), with a managed transition between regimes.
AI-generated analysis. May contain errors or omissions — verify with the original FCA source before acting. Full disclaimer.
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FintechCrypto ExchangeBank
Bank of England launches policy statement and draft rules on regulating systemic stablecoins
The Bank of England has today published its policy statement and draft Code of Practice (rules) for systemic stablecoin issuers.
AI Analysis
The Bank of England has issued a policy statement and draft **Code of Practice** setting out the prudential and conduct framework for **sterling‑denominated systemic stablecoin issuers**, replacing earlier consultation proposals with a more business‑viable model. For compliance teams, the key changes are a revised backing‑asset composition (70% gilts / 30% BoE deposits vs the previously consulted 60%/40%) and a shift from **per‑holder limits** to a **£40 billion per‑coin issuance guardrail**, plus a clear timetable to finalise rules by end‑2026 and enable UK‑regulated systemic stablecoins from 2027.
AI-generated analysis. May contain errors or omissions — verify with the original BoE source before acting. Full disclaimer.
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FintechPayment ProviderBank
Football clubs warned about questionable sponsorship deals with unauthorised financial firms
Football clubs have been warned not to put their fans’ cash at risk by signing sponsorship deals with financial firms that aren't allowed to operate in the UK. According to the FCA, a number of unauthorised firms, including crypto businesses and trading platforms, are using sponsorship to target unwitting football fans.These unauthorised firms may be breaching UK financial services laws by providing financial services in the UK without authorisation. Fans using these firms risk losing all the...
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Crypto ExchangeFintechPayment Provider
PRA Regulatory Digest – May 2026
The PRA Regulatory Digest is for people working in the UK financial services industry and highlights key regulatory news and publications delivered for the month.
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BankInsuranceAll Firms
Modernising money and markets − speech by Sarah Breeden
Given at City Week 2026, London
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BankPayment ProviderFintech
FCA and Bank of England set out shared vision for tokenisation in UK wholesale markets
The Financial Conduct Authority and the Bank of England set out a shared vision and seek industry views on the future of UK wholesale markets
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All Firms
FCA and Bank of England set out shared vision for tokenisation in UK wholesale markets
UK financial firms can adopt tokenisation and distributed ledger technology (DLT) with greater confidence, as the Financial Conduct Authority (FCA) and the Bank of England set out a shared vision and seek industry views on the future of UK wholesale markets. Tokenisation is the process of creating a digital representation of a real-world asset – such as a share, bond or unit of currency – on a digital ledger. It has the potential to streamline wholesale markets, making everything from issuing...
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BankBroker DealerAsset Manager
Letter from David Bailey, Charlotte Gerken and Rebecca Jackson on reaffirming the PRA's position and clarifying expectations on innovations in the use of deposits, e-money and stablecoins
Letter to Chief Executive Officers of all banks and designated investment firms.
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BankPayment ProviderFintech
Letter from David Bailey, Charlotte Gerken and Rebecca Jackson on the prudential treatment of tokenised assets, stablecoins, and other cryptoasset exposures
Letter to Chief Executive Officers of all banks and designated investment firms.
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BankCrypto ExchangeAll Firms
FCA announces new appointments to executive team
The FCA has announced 2 permanent appointments to its executive team, strengthening leadership at a pivotal time for UK and global financial markets. Simon Walls appointed executive director, marketsSimon Walls has been appointed permanent executive director, markets. Having taken on this role on a temporary basis since 2024, his appointment provides continuity at a vital and volatile time for the UK and global economy. Simon will be able to drive forward work he has already started to streng...
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All Firms
FCA fines and bans Frank Breuer for serious misconduct in pension transfer advice
The FCA has banned Frank Breuer from working in UK financial services and fined him £755,000 for repeatedly acting without integrity and putting customers at risk for personal financial gain. Mr Breuer was the joint owner and sole director of Bluesky Wealth Management Limited (Bluesky), which provided advice on investments and pensions. Although authorised to advise on defined benefit (DB) pension transfers, the firm did not have the appropriate professional insurance in place from April 2019...
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Wealth ManagerCrypto ExchangeInsurance
Cryptoasset firms can request pre-application meetings from 11 May 2026
From 11 May 2026, cryptoasset firms preparing for the new FSMA regime will be able to request a pre-application meeting with us via our Pre-Application Support Service (PASS). Pre-application meetings are free of charge and give firms the opportunity to discuss their plans with us and ask questions before submitting an application for authorisation or variation of existing permissions.This comes ahead of the new regime for cryptoasset regulation, where firms wanting to undertake the new regul...
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Crypto Exchange
FCA sets out guidance to support innovation in fund tokenisation
Asset managers will find it easier to unlock the benefits of fund tokenisation, following the publication of new guidance by the FCA. The guidance sets out how firms can use distributed ledger technology (DLT) within the regulator’s existing rules.New rules will also make fund dealing more efficient, including an optional Direct to Fund (D2F) model. This enables investors to deal directly with the fund, whether traditional or tokenised.Tokenisation is a way of representing an asset, or owners...
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Asset Manager
Trust, tradition and the future of mutual growth
Speech by Sarah Pritchard, FCA deputy chief executive, at the BSA Annual Conference, Edinburgh. As a history lover, it’s thrilling to be in a city like Edinburgh – called a ‘hot-bed of genius’ during the Scottish Enlightenment.What defined the Enlightenment spirit was the refusal to settle, and a determination to make things better for the future.It’s the kind of approach I’m taking to this moment of regulatory reform.Working with others to solve difficult problems, protecting trust and good ...
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Crypto Exchange
Statistical Notice 2026/03 - Bank of England Levy: request for contact details
Statistical Notices update the definitions and guidance contained in the Banking Statistics Yellow Folder
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BankCrypto Exchange
From promise to practice: shaping open finance policy with our Smart Data Accelerator
Open finance has vast potential. It promises to transform financial services for millions of people through firms using customers’ data in bigger and better ways. But to make that promise a reality, we need to look at how it works in practice. How does sharing data solve real problems for people and businesses?That’s the question we want to answer with our Smart Data Accelerator, which enables firms to showcase open finance solutions in a digital testing environment to help shape policy makin...
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Fintech
FCA and PRA confirm changes to streamline senior manager accountability and boost growth
Firms willbenefitfromreduced costs andgreater flexibility, andfind it easier tocomply with the Senior Managers and Certification Regime (SM&CR),following reformsset outon 22 April by theFCA and Prudential Regulation Authority (PRA). The changes, which come as the first phase of a multi-stage package of reform from the Government and regulators, will maintain the core principle of senior leader accountability, and will benefit firms by:Giving more time to submit senior manager applications whe...
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All Firms
FCA leads first crackdown on illegal crypto trading
The FCA has carried out its first operation with partners to disrupt illegal peer-to-peer crypto trading across multiple London locations. Working with HM Revenue & Customs (HMRC) and the South West Regional Organised Crime Unit (SWROCU), the FCA targeted 8 premises suspected of illegal peer-to-peer crypto trading. The FCA issued cease and desist letters at each site, notifying traders to stop illegal activity immediately. Evidence obtained during the on-site inspections is supporting a numbe...
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Broker DealerCrypto Exchange
Minutes of the SONIA Stakeholder Advisory Group - 24 March 2026
The SONIA Stakeholder Advisory Group supports the Bank’s administration of SONIA by providing advice and technical input to the Bank and the SONIA Oversight Committee
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BankBroker DealerFintech
FCA consults on guidance on UK’s future crypto regime
Crypto will be regulated in the UK from October 2027. The FCA is finalising the wider cryptoasset regime, with rules to be published this summer. Parliament has now confirmed which cryptoasset activities will fall within the scope of regulation. Building on that, the FCA is consulting on new guidance to help firms understand how they might be affected by the regulatory regime for cryptoassets.The FCA is seeking feedback on its interpretation of the following regulated cryptoasset activities:i...
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Crypto ExchangeFintech
FCA imposes restrictions on Bazar Money Transfer Limited
On 21 November 2025, we imposed restrictions on Bazar Money Transfer Limited (BMTL), preventing it from providing regulated payment services. BMTL is registered with the FCA to provide money remittance services to retail and corporate customers.As BMTL was no longer meeting the conditions for registration as a small payment institution, we acted to impose restrictions to protect consumers, preventing BMTL from carrying out any regulated payment services.Following representations made by BMTL,...
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Payment ProviderCrypto Exchange
Minutes: CBDC Academic Advisory Group - January 2026
Meeting of the CBDC Academic Advisory Group
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BankFintechCrypto Exchange
FCA confirms new incident and third party rules to bolster resilience
We’ve confirmed new rules to make existing incident and third party reporting clearer, more consistent, and easier for firms to follow. These new rules will help us respond quickly to disruption such as a cyber attack or power outage, give firms greater certainty on what to report and when and strengthen firm resilience to better protect consumers and markets.Cyber attacks are becoming more frequent and more sophisticated, and firms are increasingly reliant on third party providers. In 2025, ...
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BankFintechCrypto Exchange
Stepping back, staying safe: a joined-up approach to growth
Speech by David Geale, executive director, payments and digital finance, and PSR managing director at the MoneyLIVE Summit 2026, London. ConsolidationRule 1 is ‘Out of clutter, find simplicity.’The Government announced its intention to consolidate the PSR into the FCA about a year ago. It was a decision we welcomed.Our work has always been complementary, and we made it work.As an economic regulator, the PSR is focused on getting the foundations right – the payment systems and infrastructure t...
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BankFintechCrypto Exchange
Renaissance at market speed: UK wholesale finance in 2026
Speech by Nikhil Rathi, FCA chief executive, at the Goldman Sachs EMEA Head of Trading conference 2026. And as we roll with the punches, we also shouldn’t sell ourselves short.We gained ground last year - London just one point behind New York in the latest Global Financial Centres Index.There is understandable focus on equities market share and listings, where we have delivered far-reaching regulatory reforms.But on FX trading, international debt issuance, OTC derivatives, parts of commoditie...
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Broker DealerHedge FundBank
Payments Vision Delivery Committee publishes Payments Forward Plan
The Payments Vision Delivery Committee (the Committee) has published the Payments Forward Plan (the Plan). Read the Plan on GOV.UKThe Committee comprises:HM TreasuryBank of EnglandFinancial Conduct AuthorityPayment Systems RegulatorThe Plan sets out upcoming initiatives across retail and wholesale payments, including elements of digital assets. Recent publications on open banking, stablecoins and contactless limits, alongside the initiatives in the Plan, show the high level of activity across...
AI Analysis
The Payments Vision Delivery Committee—comprising HM Treasury, Bank of England, FCA, and Payment Systems Regulator—has published the **Payments Forward Plan**, a three-year regulatory roadmap for retail, wholesale payments, and digital assets, aligning with the UK's National Payments Vision for a trusted, innovative ecosystem. This matters for compliance teams as it provides sequencing and milestones for multiple initiatives, enabling proactive planning amid high regulatory activity, including PSR consolidation into FCA and infrastructure upgrades. It signals coordinated efforts to boost competition, resilience, and innovation while minimizing sector capacity strain.[FCA publication]
AI-generated analysis. May contain errors or omissions — verify with the original FCA source before acting. Full disclaimer.
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Payment ProviderFintechBank
FCA selects 4 firms to test stablecoin innovation in its Regulatory Sandbox
The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe environment. The stablecoins cohort is part of our commitment to supporting growth and innovation in UK financial services. 20 applications were received and the FCA has chosen the following firms:Monee Financial TechnologiesReStabiliseRevolutVVTXThe Regulatory Sandbox programme allows firms to trial stablecoin products in real world conditions with appropriate safeguards. It will help...
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FintechCrypto ExchangePayment Provider
FCA takes action against HTX to stop illegal financial promotions
The FCA has begun legal proceedings against global crypto exchange HTX (formerly Huobi) for illegally promoting cryptoasset services to UK consumers. Access documents on this claim on the FCA websiteFirms providing crypto products to UK consumers need to comply with rules which protect consumers from unfair and misleading marketing. Advertising cryptoassets on social media or websites without complying with these rules is a criminal offence.Since the rules came into force in October 2023, the...
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Crypto Exchange
HTX (formerly Huobi): legal proceedings information
FCA v Huobi Global S.A. and Others. On 21 October 2025, the FCA commenced proceedings in the Chancery Division of the High Court against the following parties:HUOBI GLOBAL S.A.(a company incorporated in Panama)PERSONS UNKNOWN (who are the owner of, controller and/or the persons currently in control of all or part of www.htx.com and/or its associated mobile applications (“the HTX Exchange”))PERSONS UNKNOWN (who are the legal and/or natural persons defined as the HTX Operators in the HTX Platfo...
AI Analysis
The FCA has initiated civil proceedings in the High Court against Huobi Global S.A. (HTX, formerly Huobi) and multiple categories of "Persons Unknown" for unlawfully promoting cryptoasset services to UK consumers without authorisation, breaching the financial promotions regime. This action underscores the FCA's aggressive enforcement against unauthorised crypto entities targeting UK retail investors, signaling heightened scrutiny on overseas platforms. Compliance teams must note this as evidence of the regulator's willingness to pursue novel legal strategies like "Persons Unknown" claims to enforce compliance extraterritorially.[https://www.fca.org.uk/news/statements/htx-huobi-legal-proceedings]
AI-generated analysis. May contain errors or omissions — verify with the original FCA source before acting. Full disclaimer.
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Crypto ExchangeFintech
Gemini Payments UK Ltd and Gemini Intergalactic UK Ltd exit the UK market
From 6 April 2026, Gemini is closing all customer accounts in the UK. Gemini Payments UK, Ltd (GPUK) is authorised by the FCA to issue electronic money (e-money) and provide payment services.Gemini Intergalactic UK, Ltd (GIUK) offers cryptoasset products. These activities are not regulated by the FCA, although we oversee compliance in accordance with UK anti-money laundering regulations. On 5 February 2026, GPUK and GIUK confirmed they plan to exit the UK market. Effective 6 April 2026, Gemin...
Effective Date: 6 April 2026
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Payment ProviderCrypto Exchange
Talking ’bout next generation − speech by Sarah Breeden
Given at City & Financial Payments Regulation and Innovation Summit 2026
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BankFintechPayment Provider
The sky’s the limit: shaping the UK’s digital financial future - speech by Sasha Mills
Given at The Tokenisation Summit
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BankFintechCrypto Exchange
OFSI and partners clamp down on the abuse of cryptoassets
We’re working closely with the Office of Financial Sanctions Implementation (OFSI), UK law enforcement, and our regulatory partners to tackle the abuse of cryptoassets and associated money‑laundering activities. Read the full blog on the OFSI’s website.
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Crypto ExchangeFintechPayment Provider
CP25/15: A prudential regime for cryptoasset firms
Consultation papers
AI Analysis
CP25/15 proposes prudential rules and guidance for UK firms issuing **qualifying stablecoins** and safeguarding **qualifying cryptoassets**, aiming to foster a safe, competitive crypto sector while prioritizing consumer protection and market integrity. This matters for compliance professionals as it introduces tailored prudential sourcebooks (COREPRU and CRYPTOPRU) to mitigate firm failure risks, aligning with the FCA's crypto roadmap and Treasury's statutory plans.
AI-generated analysis. May contain errors or omissions — verify with the original FCA source before acting. Full disclaimer.
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FintechCrypto ExchangePayment Provider
FCA seeks feedback on further rules for cryptoasset firms
We are seeking views on further rules for cryptoasset firms as the final step in our consultations on our crypto rules. We have made significant progress in delivering our crypto roadmap and are helping firms to meet our standards and get ready for when the gateway opens in September 2026.We have set out our proposals on how the Consumer Duty, conduct standards, redress and safeguarding will apply to cryptoasset firms. We are also seeking feedback on our proposed approach to international cry...
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Crypto ExchangeFintech
FCA seeks feedback on proposals for UK crypto rules
We are asking for views on new proposals as the next step in shaping the UK’s crypto rules. These proposals continue our progress towards an open, sustainable and competitive crypto market that people can trust. We want a market where innovation can thrive, but where people understand the risks. Regulation cannot – and should not – remove all risk. Instead, it should make sure anyone investing in crypto does so with their eyes open.Our proposals apply a similar approach to crypto as we do in ...
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Crypto ExchangeFintech
CP23/25 – Regulatory fees and levies: policy proposals for 2026/27 – Joint PRA and FCA consultation
Consultation paper 23/25
AI Analysis
This joint PRA-FCA consultation (CP23/25 from PRA and Chapter 4 of FCA's CP25/33) proposes policy updates to regulatory fees, levies, and invoice processes for 2026/27, including new fee blocks for emerging activities like PISCES operators and targeted support, alongside adjustments to FOS/FSCS levies and payment timelines. It matters for compliance teams as it directly impacts budgeting, fee calculations, and cash flow management for fee-payers, with potential cost increases and procedural changes effective from April 2026.
AI-generated analysis. May contain errors or omissions — verify with the original PRA source before acting. Full disclaimer.
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BankFintechPayment Provider
Minutes of the CBDC Engagement Forum - February 2025
Meeting of the CBDC Engagement Forum
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BankFintechCrypto Exchange
Bank of England launches consultation on regulating systemic stablecoins
The Bank of England (the Bank) has today published a consultation paper (CP) setting out its proposed regulatory regime for sterling-denominated systemic stablecoins.
AI Analysis
The Bank of England has published a consultation paper (issued November 10, 2025) proposing a comprehensive regulatory regime for **sterling-denominated systemic stablecoins**, establishing requirements for backing assets, capital, redemption procedures, and operational safeguards. This represents a pivotal step toward implementing the UK's stablecoin framework, with the regime designed to maintain financial stability while enabling viable business models for systemic stablecoin issuers.
AI-generated analysis. May contain errors or omissions — verify with the original BoE source before acting. Full disclaimer.
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BankFintechPayment Provider
Minutes of the CBDC Engagement Forum - May 2025
Meeting of the CBDC Engagement Forum
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BankFintechCrypto Exchange
Advancing settlement: central bank money for the next era of payments − speech by Victoria Cleland
Given at the Bank of England and Bank for International Settlements Innovation Hub’s DLT Innovation Challenge Showcase
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BankFintechCrypto Exchange
Not just token gestures − speech by Sarah Breeden
Based on remarks given on the ‘Real World Assets Tokenisation: What Asset Classes Will Work – and Which Won’t’ panel at DC Fintech Week 2025
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BankFintechCrypto Exchange
From new ideas to new market structures, how innovation is reshaping the financial system − speech by Sasha Mills
Given at AFME OPTIC Conference, Amsterdam
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BankFintechCrypto Exchange
Minutes: CBDC Academic Advisory Group - June 2025
Meeting of the CBDC Academic Advisory Group
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BankFintechCrypto Exchange
Building trust and supporting innovation in the multi-moneyverse − speech by Sarah Breeden
Given at the Bank of England and Warwick Business School Innovation in Money and Payments Conference
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BankFintechCrypto Exchange
From trading floors to policy calls: the value and evolution of our interactions with financial markets − speech by Andrea Rosen
Given at the Centre for Central Banking Studies 'Transforming monetary policy’ conference
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BankBroker DealerCrypto Exchange
RTGS 2: a launchpad for innovation − speech by Victoria Cleland
Given at UK Finance Digital Innovation Summit 2025
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BankFintechCrypto Exchange
Financial stability in light of new global challenges: global shocks, interconnections and central counterparties − speech by Randy Kroszner
Given at FIA International Derivative Expo
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BankBroker DealerCrypto Exchange