The latest UK payments system crash may have exposed important information about who in the financial system gets their money first. Introduction Amidst the chaos of the 19 July 2024 […]
The UK’s central bank is preparing for a once-in-a-lifetime reordering of the monetary system as a result of the arrival of new forms of digital money. In a discussion paper […]
The biggest crises in financial markets happen when an asset previously assumed to be safe turns out not to be. Investors rush to sell it, they find they can’t get […]
Earlier this month, the governor of the Bank of England made it clear that customers of electronic money (e-money) firms are less protected against a corporate collapse than customers of […]
Post-Wirecard, the Bank of England has warned it will impose more stringent regulation on the payments sector in order to ensure the safety of the broader financial system. And, it […]
In 2000 the European Union published its first electronic money directive—showing remarkable foresight about the potential future growth of digital payments. Europe’s early introduction of comprehensive rules for e-money has […]
The global financial markets are now increasingly dependent on a single currency, the US dollar, and a single source of liquidity—the US central bank. That’s the conclusion drawn by the […]
The leading cryptocurrency’s design features cause it to behave weirdly: the more speculators buy bitcoin, the greater the short-term downward pressure on its price. “There are two features of bitcoin […]
Central banks may need to provide further emergency support to the non-bank financial system, the Bank for International Settlements (BIS) warned in an article published in the Financial Times on […]
Welcome to the new financial system. Same as the old one? On the face of it, the philosophical differences between centralised and decentralised finance (or ‘CeFi’ and ‘DeFi’, for short) […]