{"id":633936,"date":"2024-07-23T00:00:00","date_gmt":"2024-07-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/23\/the-bad-habits-of-nbfis-are-a-growing-threat-to-the-global-financial-system-watchdog-warns\/"},"modified":"2024-07-23T00:00:00","modified_gmt":"2024-07-23T00:00:00","slug":"the-bad-habits-of-nbfis-are-a-growing-threat-to-the-global-financial-system-watchdog-warns","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/23\/the-bad-habits-of-nbfis-are-a-growing-threat-to-the-global-financial-system-watchdog-warns\/","title":{"rendered":"The bad habits of NBFIs are a growing threat to the global financial system, watchdog warns"},"content":{"rendered":"

The <\/strong>Financial Stability Board<\/a><\/strong> (FSB) is urging global financial regulators to tighten their <\/strong>grip on non-banking financial institutions (better known as NBFIs). <\/strong>Klass Knot, the FSB chair whose name might make for a good Bond villain, expressed the worries in a letter to G20 finance ministers and central bank governors ahead of their Rio de Janeiro meeting later this week, the Financial Times<\/a> reports. Knot wants regulators to step up both the rollout of tighter rules and enforcement. You can read the full letter here<\/a>. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

IN CONTEXT- No fire without a spark: <\/strong>The FSB, a key international watchdog, has been concerned about the risks posed by NBFIs since a March 2020 meltdown triggered when debt-laden hedge funds pile into cash (and sold down other assets) as the covid-19 crisis set it. <\/p>\n

Detractors call NBFIs \u201cshadow banks,\u201d <\/strong>and Knot thinks they control AUM worth USD 218 tn \u2014 nearly half of all assets in the global financial system, exposing everyone to the risks posed by the heavily indebted sector, according to the salmon-colored paper. <\/p>\n

THE CULPRIT- Higher leverage + less oversight and low transparency: <\/strong>NBFIs including hedge funds and finance companies have been \u201ctaking on additional leverage through off-balance sheet exposures, including foreign exchange swaps and forwards\u201d that has \u201cgrown significantly over the past decade,\u201d said Knot. <\/p>\n

The problem: <\/strong>Unlike banks, which are heavily regulated, NBFIs often operate with higher leverage and less oversight, making them more susceptible to financial shocks. <\/p>\n

The pitch: The FSB wants to see regulators demand NBFIs hold more liquid assets<\/strong> and engage in regular stress tests \u2014 and impose tighter rules on redemptions at money market funds. <\/p>\n

Why the FSB matters: <\/strong>The body was set up in the aftermath of the 2008 global financial crisis to monitor and make recommendations about the global financial system. Its primary purpose is to coordinate national financial authorities and international standard-setting bodies to develop and promote the implementation of effective regulatory, supervisory, and other financial sector policies. It\u2019s quasi-governmental:<\/strong> The FSB is made up of the central bank governors and finance ministers of major economies, along with international financial and economic bodies such as the IMF, and the World Bank. FSB has no legally binding powers of its own.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

To indulge in the armchair analysis that the financial press loves to fall back on when <\/strong>looking at how markets are moving: <\/strong>Asian investors are mixed on the prospect of Kamala Harris as the Democratic nominee for this fall\u2019s elections. Shares are up in early trading in Australia, Japan, and South Korea (all key US allies in Asia), while the Shanghai Composite is down and Hong Kong\u2019s Hang Seng is flat. <\/p>\n

Wall Street welcomed Joe Biden\u2019s decision to step down<\/strong>, with the Dow, S&P 500, and Nasdaq all rising. US and European equities futures were up in overnight trading. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

28,992<\/p>\n<\/td>\n

\n

+16.5% (YTD: +0.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.37<\/p>\n<\/td>\n

\n

Sell 48.51<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.36<\/p>\n<\/td>\n

\n

Sell 48.46<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,175<\/p>\n<\/td>\n

\n

-0.2% (YTD: +1.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong> <\/p>\n<\/td>\n

\n

9,279<\/p>\n<\/td>\n

\n

+0.4% (YTD: -3.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM <\/strong><\/p>\n<\/td>\n

\n

4,179<\/p>\n<\/td>\n

\n

-0.1% (YTD: +2.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,564<\/p>\n<\/td>\n

\n

+1.1% (YTD: +16.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,199<\/p>\n<\/td>\n

\n

+0.5% (YTD: +6.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,897<\/p>\n<\/td>\n

\n

+1.5% (YTD: +8.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 82.40<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.23<\/p>\n<\/td>\n

\n

-0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 2,445<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 67,918<\/p>\n<\/td>\n

\n

+0.3% (YTD: +60.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 4.8 bn (22.9% above the 90-day average). Local investors were the sole net sellers. The index is up 16.5% YTD.<\/p>\n

In the green: <\/strong>Madinet Masr (+5.7%), Egypt Kuwait Holding (+3.5%), and AMOC (+2.9%).<\/p>\n

In the red: <\/strong>GB Corp (-4.1%), Orascom Development (-3.5%), and Palm Hills Development (-2.1%).<\/p>\n

\n

CORPORATE ACTIONS- <\/p>\n

Heliopolis Housing and Development is paying out a dividend of EGP 1.34 per <\/strong>share<\/strong> on its 2023 earnings, after its general assembly approved the move, it said in an EGX disclosure (pdf)<\/a>. The dividends will be distributed in a single installment within a month.<\/p>\n","protected":false},"excerpt":{"rendered":"

NBFIs including hedge funds and finance companies control about half of the assets under management in the global financial system<\/p>\n","protected":false},"author":1,"featured_media":633937,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"aeee638d-81ff-4462-8717-8ac345a9209f","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1798.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The bad habits of NBFIs are a growing threat to the global financial system, the Financial Stability Board warns","related_issue":[633917],"teaser":"NBFIs including hedge funds and finance companies control about half of the assets under management in the global financial system","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.cfd31357-5512-44f7-a45b-854eced32eef.mp3"},"yoast_head":"\nThe bad habits of NBFIs are a growing threat to the global financial system, watchdog warns - 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