HomeEconomyBIS' Carstens says rethinking needs to regulate big tech in finance Economy BIS' Carstens says rethinking needs to regulate big tech in finance By hossam a February 8, 2023 0 94 views Share FacebookTwitterPinterestWhatsApp Amazon -0.% Add to Watchlist/Remove from Watchlist Add to watch list Add location Location successfully added to: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: 1: 1: 1: 10 1:10 1: 25 Committee: Create New Watchlist Create a new holding portfolio Add Create + add another position to close London Stock Exchange Group + 0.% Add/Remove from Watchlist Join the watch list Add location Location successfully added to: Please name your Stock combination type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1 : 1: 1: 10 1 : 1: 10 1 : 11 1: 11 Committee: CREATE NEW WATCHLIST CREATE Create a new holding portfolio Add to create + add another position to close 8082 IBM -0.% Add to/Remove from Watchlist Join the watch list Add location Location successfully added to: Please name your portfolio type: purchase Sell date: quantity: price Point of View Value: Leverage: 1:1 1: 1: 1: 1: 1: 1 : 11 1: 25 1:25 Committee: CREATE NEW WATCHLIST CREATE Create a new holding portfolio Add Create + add another position to close 941155 dad +0.% 6435 Add/Remove from Watchlist 500 Add location Location successfully added to: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1:1: 1: 1: 1: 1: 1: 20 1: 10 Committee: CREATE NEW WATCH LIST CREATE create a new portfolio add create + Add Another position closed 8082 MSFT +4. % 400 Add to/Remove from Watchlist Add location Location successfully added to: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: 1: 1: 1: 1: 1: 25 Committee: CREATE NEW WATCH LIST CREATE Create a New Holding Portfolio Add Create e + add another position to close Author: Hugh Jones LONDON (Reuters) – Rethink Central How to directly regulate the activities of big tech companies in financial services is necessary given their size and influence, a senior official at an international forum of banks said on Wednesday. data-rich large tech companies such as 500252 Alibaba (NYSE: 500 Alibaba ) and Amazon (NASDAQ) : 252 AMZN ) involved in banking, payment, asset management Financial services such as financial services, insurance, etc. have been available for some time, and some also provide cloud computing to run the main services of banks. Their size and influence in social media and e-commerce means they can quickly build market share in financial activity, BIS Headquarters Manager Agustin Carstens said in his speech. This creates the risk that they will become “too big to fail” – something regulators hope they have worked out with the banks after the financial crisis bailout more than a decade ago. “There is no doubt that a rethink of regulation is necessary and we need a new path,” Carstens said, adding a new ” “holistic” framework, which includes requiring that Big Tech financial services be segregated from other businesses. Their troves of data provide big tech companies with valuable information about potential financial services customers, such as their wealth and spending habits. Companies from Jumia in Africa to Grab in Southeast Asia are trying to capitalize on this by offering services such as credit and payment processing. Image: BIS Big Tech Graphic – https://fingfx.thomsonreuters.com/gfx/mkt/jnvwyxbjnvw/BIS%big%technology% Graphics.PNG Carstens said that large Technology companies may also need to comply with group-wide requirements for governance, business conduct and operational resilience. Implementing “holistic” financial rules for large tech companies will be challenging given that the industry is already regulated by local data privacy and competition regulators and internationally, There was no apparent “leading” regulator, he added. Operational resilience rules have emerged in the EU, UK and elsewhere to empower financial regulators to oversee the use of external cloud computing firms such as Amazon by banks and insurers , 400252 IBM (NYSE: 400 IBM ) and Microsoft (NASDAQ: 50MSFT) baby sitting program. Microsoft’s $2 billion deal with 100 London Stock Exchange Group(LON: 252LSEG) December This is the latest sign that the lines between big tech and the financial industry are blurring. Image: BIS Big Tech Graphic 2- https //fingfx.thomsonreuters. com/gfx/mkt/akveqmxedvr/BIS%big%Technology% % of image.PNG Potential benefits for big tech companies entering finance include improving customer Financial Market Efficiency and Enhancing Financial Inclusion. “Now is the time to move from theory to practice and consider concrete options for regulatory action.” 252 Share FacebookTwitterPinterestWhatsApp Previous articleWilliam Jackson Harper says he's 'crazy' after 'Love Life' pulled from HBO MaxNext articleAngel Beats!The collaboration will land on the Heaven Burns Red mobile game on February 10 hossam a RELATED ARTICLES Economy Morgan Stanley sees ECB ending rate hike cycle at 3.75% in July June 5, 2023 Economy Asian shares extend global rally, oil rises after Saudi cuts June 5, 2023 Economy Marketmind: Get ready for a bullish week June 5, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! 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