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Industry roundup: 23 June

Central banks provide update on US dollar liquidity-providing operations 

In view of the improvements in US dollar funding conditions and the low demand at recent 7-day maturity US dollar liquidity-providing operations, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to reduce the frequency of their 7-day operations from daily to three times per week. This operational change will be effective as of 1 July 2020. At the same time, these central banks will continue to hold weekly operations with an 84-day maturity.

The central banks say they stand ready to re-adjust the provision of US dollar liquidity as warranted by market conditions. The swap lines among these central banks are available standing facilities and serve as a liquidity backstop to ease strains in global funding markets, thereby helping to mitigate the effects of such strains on the supply of credit to businesses and households, both domestically and abroad.

 

HKEX to launch sustainable and green exchange

Hong Kong Exchanges and Clearing Limited (HKEX) has announced plans to launch the HKEX Sustainable and Green Exchange (STAGE). This information platform is the first-of-its kind in Asia, and will act as a central hub for data and information on sustainable and green finance investments in the region.

STAGE is designed to promote the visibility, transparency, and accessibility of sustainable and green finance across asset class and product type.  It will provide investors with access to a comprehensive database of sustainable and green investment options that are available on Hong Kong’s securities markets.  It will also act as a valuable education and advocacy platform, promoting knowledge sharing and stakeholder engagement in sustainable finance.

HKEX says it will further develop the platform in response to the evolving market landscape, and over time will consider expanding its coverage to introduce more asset classes and product types, such as derivative products linked to relevant sustainability or environmental, social, and governance indices, as well as other sustainable and green financial products. 

 

Citi and Deutsche Bank contribute to Fintech Open Source Foundation

As the financial services industry continues to embrace collaborative open source projects to keep pace with rapid technological change, the Fintech Open Source Foundation (FINOS), a nonprofit whose mission is to foster adoption of open source, open standards, and collaborative software development practices in financial services, has announced new codebase contributions from Citi and Deutsche Bank. 

DataHub

Gaining the ability to use confidential data sets with external cloud services can be a lengthy process. A lack of useful test data often slows the development of new systems. To address this, Citi created DataHub to generate synthetic data to address the need for anonymisation when working with cloud providers. DataHub is a set of Python libraries dedicated to the production of synthetic data to be used in tests, machine learning training, statistical analysis, and other related use cases. It was developed as part of a Citi Engineering Excellence programme to deliver innovative software. Citi’s highest-level program, E4, allows developers to pitch ideas, gain sponsorship and deliver as an individual contributor over a six-month period. After completion E4 graduates continue to take their project forward while working on challenging firm-wide initiatives. 

Citi’s DataHub engine enables developers to quickly create synthetic data sets to meet the growing needs of regulators and businesses looking to innovate without compromising sensitive information.

Waltz

Primarily developed by Deutsche Bank and Khartec, Waltz is designed to help large financial institutions understand their technology architecture in a consistent, well-documented and easily digestible format. Deutsche Bank recently contributed the project to FINOS. Waltz shows where applications reside, what they do and how they are connected. It has been used to assist with key performance metrics, data lineage, regulatory responses and application rationalisation and migration programmes.

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