The ECB has published a speech by Benoît Coeuré, the Chair of the Committee on Payments and Market Infrastructures (CPMI). The speech is entitled The new frontier of payments and market infrastructure: on cryptos, cyber and CCPs. The slides that accompanied the speech have also been published.

Key messages in the speech include:

  • the G20 reforms are achieving their goals of promoting central clearing, although they do so mainly for the most systemic market participants. Moreover, the treatment of initial margin in the leverage ratio can be a disincentive for client clearing;
  • cyber resilience: the CPMI is promoting the adoption of the CPMI-IOSCO guidance on cyber resilience for financial market infrastructures (FMI) issued in June 2016; and
  • of 80 surveyed central banks 69% are conducting work relating to central bank digital currencies, however most are still in the early stages of development – there is unlikely to be an issuance in the next decade.