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TOP1 Markets Analyst
2024-04-29 14:24:15
Bank for International Settlements
The Bank for International Settlements (BIS) is an international financial institution that provides banking services to national central banks and is a forum for discussing monetary and regulatory policy. BIS, owned by 63 national central banks, also provides independent economic analysis.
The Bank for International Settlements is governed by a Board of Directors consisting of 18 directors elected by its member central banks. The governors of the central banks of the United States, the United Kingdom, Germany, France, Italy and Belgium are permanent directors and may jointly appoint one of the other directors. One director of the Central Bank. The remaining 11 directors are elected by the membership from among the governors of other member central banks. The Board oversees the General Manager, who is responsible for BIS operations. As of March 2022, the bank had 629 employees representing 63 nationalities.
The Bank for International Settlements held $347.6 billion in assets as of March 2022 in the International Monetary Fund’s Special Drawing Rights (SDR), an international currency used to settle accounts between countries. At current exchange rates on August 9, 2022, this is equivalent to $458 billion. The Bank for International Settlements made about $341 million in SDRs in the year to March 2022, mainly from profits between its clients' deposits and third-party assets.
BIS was established in 1930 as the clearinghouse for German war reparations under the Treaty of Versailles. The original members were Germany, Belgium, France, the United Kingdom, Italy, Japan, the United States and Switzerland. Indemnities ceased soon after the bank was founded, and the BIS became a forum for cooperation and counterparty among central banks.
The bank was officially neutral during World War II but was widely seen as abetting the Nazi war effort, beginning with the transfer of gold from the Czechoslovak National Bank to the Reichsbank in early 1939. At the end of the war, the Allies agreed to close the BIS but did not pass the plan, partly at the urging of John Maynard Keynes.
While the Bretton Woods Agreement remains in effect, the Bank for International Settlements plays a key role in maintaining international currency convertibility. It also acts as agent for the 18-nation European Payments Union, a settlement system that helped restore convertibility between European currencies from 1950 to 1958.
When the world transitioned to floating exchange rates in the 1970s, the Bank for International Settlements and the BCBS focused on financial stability, setting banks' capital requirements based on risks to their financial condition.
The resulting Basel Accord has been widely adopted by governments to regulate their banking systems. Negotiations for Basel III, an update to a previous agreement in response to the financial crisis, were completed in December 2017.
In March 2022, the Bank for International Settlements said it had suspended transactions with Russia's central bank to comply with international sanctions following Russia's invasion of Ukraine.
Promote international monetary cooperation and act as a central bank. BIS provides financial services to the central banks of its 63 member countries, including deposits, loans, foreign exchange transactions, asset management and financial market infrastructure services.
Maintain financial stability and solve global problems through international cooperation. BIS supports the work of central banks in the pursuit of monetary and financial stability by providing a forum for dialogue and broad international cooperation, as well as a platform for responsible innovation and knowledge sharing.
Conduct in-depth analysis and research and provide insights on core policy issues. Through its economists, data analysts and other experts, BIS monitors and evaluates global economic and financial developments and publishes relevant data and reports.
Host the Basel Process and support the development and implementation of global financial regulatory standards. BIS has several international financial regulatory organizations at its headquarters, such as the Basel Committee on Banking Supervision (BCBS), the Financial Stability Board (FSB) and the Committee for International Settlements (CGFS), and assists them in formulating and promoting global financial regulatory standards.
The BIS regularly conducts the Triennial Central Bank Survey, which is the most comprehensive source of information on the size and structure of the global foreign exchange (FX) and over-the-counter derivatives (OTC) markets. BIS's investigation aims to increase transparency in the OTC market and help central banks, other institutions and market participants monitor developments in global financial markets. BIS also provides daily, monthly, quarterly and annual U.S. dollar exchange rate data covering the currencies of approximately 190 economies.
BIS provides financial services to central banks, including deposits, loans, foreign exchange trading, asset management and financial market infrastructure through its representative offices in Basel, Hong Kong and Mexico City, as well as Innovation Hub Centers around the world. Serve. BIS also provides central banks with a systematic mechanism for conducting foreign exchange transactions to promote investment and balanced global economic trade.
BIS supports the development and implementation of global financial regulatory standards by hosting the Basel Process. BIS has several international financial regulatory organizations at its headquarters, such as the Basel Committee on Banking Supervision (BCBS), the Financial Stability Board (FSB) and the Committee for International Settlements (CGFS), and assists them in formulating and promoting global financial regulatory standards. These standards involve risk management, capital requirements, disclosure rules, etc. for foreign exchange market participants, and are designed to promote fairness, transparency, and effectiveness in the foreign exchange market.