FSB Publishes Letter to G20 Ahead of Virtual Meeting

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The letter describes the FSB’s work to address issues of financial innovation and technology, promote a resilient and integrated global financial system, and address market fragmentation.
The FSB (Financial Stability Board) has published a letter from Chairman Randal Quarles to the G20 Finance Ministers and Central Bank Governors ahead of their virtual meeting today.
The letter notes the extraordinary challenges for the global financial system this year, and that the FSB will provide a comprehensive report on the financial stability implications of, and policy responses to, “the COVID Event” to the November G20 Summit. This will include a holistic review of the market turmoil in March, which will inform the FSB’s future steps under the Italian G20 Presidency to improve the resiliency of the NBFI sector.
“Meanwhile, we have not lost sight of important ongoing work in financial innovation, payments systems, cyber resilience, and market fragmentation,” the letter says. “The pace of technological advancements and innovation has not slowed down with the COVID Event, and experience suggests that such significant events often spur rapid innovation in their wake.”
The letter points to work the FSB is submitting to the G20 addressing issues at the frontier of financial innovation …

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