2017年-FSB全球金融稳定委员会_FSB_Chairs_letter_to_G20_Leaders_6页_185kb

G20 Financial Reforms Summary

Core Content

The letter outlines the progress made and ongoing challenges in G20 financial reforms over the past decade. These reforms aim to create a safer, simpler, and fairer global financial system by addressing the root causes of the 2008 global financial crisis. The focus is on improving bank resilience, reducing shadow banking risks, enhancing transparency in OTC derivative markets, and promoting international cooperation.

Main Achievements

1. Strengthening the Largest Banks

• Banks are now significantly stronger, more liquid, and more focused.
• They hold ten times more high-quality capital than before the crisis.
• All major internationally active banks meet minimum capital and leverage ratio requirements ahead of schedule.
• Global standards have been established to end "too-big-to-fail" and ensure orderly resolution of failing banks.

2. Shadow Banking Reform

• The Shadow Banking Roadmap, agreed in 2013, has transformed the sector into more resilient market-based finance.
• Toxic forms of shadow banking no longer pose a global stability risk.
• Ongoing surveillance and data sharing are being strengthened to monitor future risks.

3. OTC Derivatives Market Reforms

• Reforms have improved transparency, reduced systemic risk, and increased collateral coverage.
• The use of central counterparties (CCPs) has made derivatives markets more robust.
• Collateral coverage of OTC derivative exposures has increased from one third to nearly two thirds.
• The FSB is preparing to assess the need for additional financial resources to resolve CCPs.

What Remains to be Done

1. Completion and Implementation of Basel III

• The Basel Committee has finalized most elements of Basel III.
• Urgent completion and faithful implementation are needed to ensure regulatory certainty and a level playing field.

2. Addressing Asset Management Risks

• Open-ended funds with "run risks" have grown rapidly, requiring better liquidity management.
• The FSB is assessing the effectiveness of policies to address these risks.

3. Enhancing Transparency in OTC Derivatives Markets

• Legal barriers in some jurisdictions are hindering access to trade reporting data.
• G20 Leaders should encourage removal of these barriers to meet transparency commitments.

4. Strengthening Accountability and Governance

• Fines and litigation costs for misconduct have reached over $320 billion.
• Greater emphasis on individual accountability and improved governance structures are needed to prevent misconduct and align incentives.

What's Next

1. FinTech and Cyber Risk

• FinTech developments bring both opportunities and risks.
• The FSB will continue to monitor the evolution of the financial system and service providers.
• Cyber risk remains a major concern, and the FSB is conducting a stocktake of supervisory practices.

2. Correspondent Banking and Remittances

• "De-risking" in correspondent banking threatens access to the international financial system for emerging economies.
• The FSB will assess trends and work with FATF and Basel Committee to clarify regulatory expectations.
• A high-level roundtable will be convened to address barriers to remittance services.

3. Climate-related Financial Disclosures

• The TCFD has developed voluntary, consistent disclosure standards for climate-related financial risks.
• The framework has been endorsed by major companies and financial institutions.
• The Task Force will continue to promote and monitor adoption of its recommendations.

Dynamic Implementation

• The FSB has introduced a Policy Evaluation Framework to assess the effectiveness of reforms and identify gaps or unintended consequences.
• This framework supports a coherent and efficient implementation of financial reforms.
• It will be used to evaluate how reforms interact and whether they are appropriately incentivizing central clearing of OTC derivatives.

Conclusion: A Strategic Choice

• The G20 has made significant progress in establishing a resilient, open, and international financial system.

• Continued cooperation and implementation of agreed standards are critical to avoid fragmentation and ensure sustainable growth.

• G20 Leaders are encouraged to:

  • Support full and consistent implementation of standards.
  • Revise legal frameworks to facilitate cooperation and transparency.
  • Leverage common standards to maintain an integrated financial system.
  • Improve FSB processes and transparency through post-implementation evaluations.

This strategic approach will help ensure the long-term stability and growth of the global financial system.