Events listed in [PRA] Prudential Regulation Authority
Asset Purchase Facility: Gilt Sales – Market Notice 23 June 2023
ID 23839
The Bank of England (BoE) has published a new market notice to announce its plan to sell a total of £7.11 billion worth of gilts during the third quarter (Q3) of the year. The sales will be evenly divided across gilts within the short-term (3-7 years remaining maturity), medium-term (8-20 years remaining maturity, and long-term (beyond 20 years remaining maturity) maturity buckets with £2.37 ...
Index Linked Treasury Stocks
ID 23807
The Prudential Regulation Authority (PRA) has published a press statement declaring the interest that will be paid to holders of certain index-linked Treasury Stock in January 2024. Both bonds are linked to the Retail Prices Index. Specifically, – holders of the 2 1/2% Index-Linked Treasury Stock 2024 will be paid £4.8032 per £100 nominal of stock on January 17, 2024. – holders of the ...
CHAPS transitions to latest global financial messaging standard
ID 23771
The Bank of England (BoE) has published a press statement to inform that it has successfully migrated the Clearing House Automated Payment System (CHAPS), the UK’s high-value payments system, to the ISO 20022 financial messaging standard. This is part of a multi-year program to renew the Bank’s Real Time Gross Settlement (RTGS) service, aiming to enhance resilience, competition, and innovation in the payments landscape. ...
Bank of England launches first system-wide exploratory scenario exercise
ID 23770
The Bank of England (BoE) has published a statement to announce that it has initiated its first system-wide exploratory scenario (SWES) exercise, aiming to examine the behavior of banks and non-bank financial institutions (NBFIs) during periods of stressed financial market conditions. The exercise will explore how these behaviors could interact and potentially amplify shocks in key UK financial markets, thus affecting the stability of ...
Letter from Charlotte Gerken ‘Feedback on the PRA’s preliminary thematic review ...
ID 23730
The Prudential Regulation Authority (PRA) has published an open letter that was recently sent to the Chief Risk Officers (CROs) of insurance undertakings concerning funded reinsurance arrangements (FundedRe) in the UK life insurance sector. FundedRe arrangements involve the payment of a single, upfront premium by an insurance company to a reinsurance undertaking which in turn invests the payment to make (future) annuity payments back ...
Statistical Notice 2023/04
ID 23683
The Prudential Regulation Authority has published a new statistical note to inform of an ongoing survey as regards the content and design of the statistical reporting webpage maintained by the Bank of England. The survey is conducted within the framework of the Data Collection Transformation project which aims to modernize UK reporting standards and requirements so as to ensure that „Regulators get the data ...
Asset Purchase Facility: Bank of England concludes corporate bond sales programme – ...
ID 23594
Following a corresponding announcement on May 12, 2023 (please see EventID 21211 in this context), the Bank of England (BoE) has issued a market notice in which it announces the conclusion of its corporate bond sales which are / were part of the Bank’s Asset Purchase Facility (APF). The APF was once developed to facilitate secondary market trading and liquidity in corporate debt, thereby ...
The potential impact of broader central clearing on dealer balance sheet capacity: ...
ID 23544
The Prudential Regulation Authority, PRA, has published a working paper which analyzes the impact of a broader clearing requirement on dealers‘ balance sheets and thus their ability to „intermediate financial markets“ which could be especially beneficial in times of market stress. Specifically, the analysis uses regulatory transaction data pertaining to UK gilts and gilt repos to evaluate the impact of a central clearing requirement ...
PRA Regulatory Digest – May 2023
ID 23513
The Prudential Regulation Authority (PRA) has published the latest version (May 2023) of its monthly regulatory digest. The digest outlines the Authority’s ongoing regulatory activities ranging from the launch of consultations, to the issuance of policy statements, to the implementation of regulatory changes and provides links to corresponding (legal) documents. The regulatory digest presents a viable source of information to stay up-to-date on regulatory ...
Key elements of the 2023 CCP supervisory stress test
ID 23303
The Prudential Regulation Authority, PRA, has published a statement in which it presents the key elements of the 2023 supervisory stress test (SST) of central counterparties (CCPs). According to the PRA, the 2023 stress test will focus on assessing the credit and liquidity resilience of UK CCPs and their interconnectedness with the broader financial system. The purpose of this exercise is to identify potential ...