Payment Systems Broadcast #8 - New Regulations for the Operational Resilience of FMIs

About this Episode

How are new regulations contributing to the operational resilience of decentralized payment systems in wholesale banking? Patrick Papsdorf (Head of Payments Oversight, European Central Bank) and Claudine Hurman (Director of Infrastructures, Innovation and Payments, Banque de France) joined the Payment Systems Broadcast to discuss.

*The session covered: *

• The distinction between oversight and supervision
• What is ‘Augmented Oversight’?
• Whether PFMIs are appropriate when overseeing the new business models that support most challenger FMIs
• The best way to oversee decentralized FMIs when there is no clear institution
• Whether central banks should oversee stablecoins given that many think that stablecoins fit the definition of an FMI
• Whether the mandate for central banks is broad enough to oversee challenger FMIs that work from foreign jurisdictions but have a global reach