Together with our members we are creating a Video series of first-hand accounts of the Pandemic’s impact, both personally & professionally. We invite you to join us today for a first-hand look at the impact of the global shutdown following the Coronavirus (COVID-19) outbreak – Today we are featuring Markus Börlin, Swiss Ambassador & Consul General NY a Member of the EACCNY. The questions we asked our members for this series are: 1) What are some challenges you, personally and your...

Blog post by EU High Representative Josep Borrell | Rising international tensions and conflicts at the doorstep of Europe urge us to take our collective security into our own hands. Lately, four major Member States advocated making security and defence a top priority for the Union. I fully agree: since the beginning of the mandate of this Commission, we have placed our Common Security and Defence Policy at the very heart of the EU’s external policy. And while we have...

The Federal Reserve today published the FraudClassifier model—a set of tools and materials to help provide a consistent way to classify and better understand the magnitude of fraudulent activity and how it occurs across the payments industry. The model was developed by the Fraud Definitions Work Group, which was comprised of Federal Reserve and payments industry fraud experts. "The FraudClassifier model can help address the industrywide challenge of inconsistent classifications for fraud involving ACH, wire, or check payments," said Jim Cunha, secure...

“Addressing the tax challenges arising from the digitalisation of the economy is long overdue,” said OECD Secretary-General Angel Gurría. “All members of the Inclusive Framework should remain engaged in the negotiation towards the goal of reaching a global solution by year end, drawing on all the technical work that has been done during the last three years, including throughout the COVID-19 crisis. Absent a multilateral solution, more countries will take unilateral measures and those that have them already may...

The European Commission has adopted a White Paper dealing with the distortive effects caused by foreign subsidies in the Single Market. The Commission now seeks views and input from all stakeholders on the options set out in the White Paper. The public consultation, which will be open until 23 September 2020, will help the Commission to prepare for appropriate legislative proposals in this area. Executive Vice-President Margrethe Vestager, in charge of competition policy and  responsible for the cluster Europe Fit for the Digital Age,...

Together with our members we are creating a Video series of first-hand accounts of the Pandemic’s impact, both personally & professionally. We invite you to join us today for a first-hand look at the impact of the global shutdown following the Coronavirus (COVID-19) outbreak – Today we are featuring Feargal O’Sullivan, CEO, USAM Group a Member of the EACCNY. The questions we asked our members for this series are: 1) What are some challenges you, personally and your organization have faced? 2) What...

Working group recommends voluntary compensation for legacy swaption contracts Market participants advised to contact swaption counterparties to discuss and decide on voluntary compensation No single preferred option for implementing voluntary compensation, but several potential modalities identified. The private sector working group on euro risk-free rates has today endorsed a recommendation that counterparties voluntarily exchange compensation for legacy swaption contracts affected by the transition of central counterparty discounting from the euro overnight index average (EONIA) to the euro short-term rate (€STR), which...

HRVP Josep Borrell and the Commissioner for the Internal Market Thierry Breton publish an article in several European media on the EU’s reaction to the Coronavirus crisis and the lessons learned “For a united, resilient and sovereign Europe”. Beyond the health tragedy, the Coronavirus crisis will have an accelerating effect on the major trends at work on our planet. It invites us to take a fresh look at the world, and at Europe’s place in the world. It forcefully revives...