Payments System Board Update: May 2020 Meeting

Today’s Payments System Board meeting discussed the impact of the COVID-19 pandemic on financial market infrastructures and the retail payments system, the Bank’s review of the retail payments regulation, the annual assessment of the Reserve Bank Information and Transfer System (RITS) and ASX’s project to replace the CHESS clearing and settlement system for cash equities.

Regulators Release Feedback on Financial Institutions’ Preparation for LIBOR Transition

Media release number 2020-12: ASIC has released feedback on responses to the ‘Dear CEO’ letter from selected major Australian financial institutions, detailing their preparation for the end of London Interbank Offered Rate (LIBOR) – an initiative supported by the Australian Prudential Regulation Authority (APRA), and the Reserve Bank of Australia (RBA).