US Federal Reserve Chairman Kevin Warsh has appointed conservative policy veterans Paul Winfree and Daniel Heil as temporary advisers. Winfree, who contributed to the Project 2025 blueprint, and Heil, a Hoover Institution fellow, will assist with policy analysis and planning, although neither has experience in monetary policy or bank regulation.

The Bank of England's active asset sales have significantly impacted UK borrowing costs, raising yields by around 40 basis points according to staff analysis. By selling gilts rather than letting them mature, the BoE has put additional upward pressure on borrowing rates, contributing to more volatile gilt markets. This approach differs from other central banks and has led to concerns that the BoE's actions are competing with government financing needs, possibly adding to market instability.

As derivatives markets evolve, firms face pressure to modernize post-trade infrastructure. Legacy systems, fragmented data, and demands for margin transparency are shaping priorities. See where firms are prioritizing investment in ETD Clearing.

The T+1 Accelerated Settlement Taskforce will use the market average settlement rate from the three months before the October 11, 2027 transition as the target for post-implementation settlement performance. This approach is designed to ensure a smooth transition from T+2 to T+1 by providing a realistic benchmark based on actual market data, giving firms a clear goal ahead of the new settlement cycle.

The Global Legal Entity Identifier Foundation and the Bank for International Settlements have collaborated on Project Aperta, a prototype to enhance cross-border open finance. The project demonstrates how the legal entity identifier can streamline know-your-customer and anti-money-laundering processes, making financial services more accessible for small and midsize enterprises.

US regulators have removed references to reputational risk from certain interagency guidance documents as part of a broader effort to implement President Donald Trump's executive order on "debanking." The US Federal Reserve, the US Office of the Comptroller of the Currency and the US Federal Deposit Insurance Corp. say the move is intended to ensure supervisory decisions are based solely on material financial and operational risks.

A European Central Bank stress test aimed at assessing banks' vulnerability to geopolitical shocks has drawn scrutiny after some lenders focused primarily on tariff-related scenarios rather than disruptions such as the Strait of Hormuz closure. The episode highlights challenges regulators face in ensuring banks adequately model fast-moving geopolitical risks, particularly those with the potential to trigger global energy and market shocks.

A UK parliamentary committee has urged the Bank of England to soften proposed stablecoin regulations, warning that caps on holdings and strict reserve requirements could hinder the growth of sterling-backed stablecoins. The recommendation comes as the central bank reviews alternatives ahead of publishing draft rules, highlighting ongoing efforts to balance financial stability with innovation in the digital asset sector.

With less than six months to go until market participants are required to clear cash Treasury transactions under a rule introduced by the Securities and Exchange Commission, and 12 months until repo trades are required to be cleared, the ISDA Treasury Forum will explore the milestones that have been achieved and discuss what remains to be done. Featuring leading market participants and infrastructures, the event will cover everything market participants need to know as the deadline approaches. Click here to register today!