New York City is using a "risk assessment" algorithm to give judges a numerical score that estimates the probability of bail-seeking defendants returning for trial. The tool, which took five years to develop at a cost of $2.7 million, is generally receiving favorable reviews from the 200-plus judges who use it.
The European banking sector will press ahead with a move toward consolidations, regardless of cross-border regulatory obstacles, says Thomas Gottstein, chief executive of Credit Suisse. He cited pressure from negative interest rates on net interest margins and excess capacity within the sector as catalysts for change.
Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell told lawmakers the emergency coronavirus loan programs are working effectively but the government must increase spending to sustain the economic recovery. Powell said grants are needed to help the hardest-hit workers and industries.
Amid speculation on how the post-Brexit financial services landscape will evolve, the Association for Financial Markets in Europe has warned that fragmentation of trading obligations should be avoided.
The European Central Bank will accept green bonds as collateral and include them in its asset purchases, starting Jan. 1, to advance its sustainable finance goals. The ECB said the move "further broadens the universe of Eurosystem-eligible marketable assets and signals the Eurosystem's support for innovation in the area of sustainable finance."
Four leading accounting firms have announced a joint initiative aimed at encouraging members of the International Business Council to adopt common environmental, social and governance reporting standards.
Observers should not read the Bank of England's most recent policy statement as pointing to a shift to negative UK interest rates, says governor Andrew Bailey. "It's in the tool bag, but it doesn't imply anything about the probability of us using negative interest rates at the moment," he said.
Yields on 10-year Italian debt dipped to their lowest level since last October to reach 0.813% after the outcome of local elections and a referendum pointed to support for the ruling coalition government. The poll results will make it easier for Italy to seek European Union loans for its response to the coronavirus pandemic, said ING chief economist Carsten Brzeski.
Investment bankers say they have struggled to maintain constructive working relationships during the coronavirus pandemic and are keen to resume face-to-face meetings, write Owen Walker and Laura Noonan.
When the UK is no longer governed by EU financial regulations, the Bank of England will introduce its own rules for banks, which will be strong but less bureaucratic, said Deputy Governor Sam Woods. The bank will begin the change imminently with proposals for a set of simplified rules for smaller banks, he said.
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