Latest news with #Geale
Finextra
28-05-2025
- Business
- Finextra
The FCA bundles stablecoins into new crypto regime
The FCA has published proposals for ensuring financial resilience in the face of upcoming regulations governing cryptoasset firms, with an added focus on stablecoins. 1 The watchdog says that stablecoins have the potential to drive efficiency in payments and settlement using blockchain technology, with particular benefits for cross-border transactions. It says its proposed rules aim to ensure regulated stablecoins maintain their value. They also mean that customers should be provided with clear information on how the backing assets are being managed. David Geale, executive director for payments and digital finance at the FCA, says: 'At the FCA, we have long supported innovation that benefits consumers and markets. At present, crypto is largely unregulated in the UK. We want to strike a balance in support of a sector that enables innovation and is underpinned by market integrity and trust.' The UK government in April published draft legislation that will bring crypto firms into the regulatory perimeter. Geale says the FCA will work closely with the Bank of England on the upcoming regime to ensure a clear pathway in regulation for stablecoins. Sarah Breeden, deputy governor for financial stability at the Bank of England, says: 'We welcome the proposals the FCA have published as part of building the UK's stablecoin regime. For those stablecoins that expect to operate at systemic scale, the Bank of England will publish a complementary consultation paper later this year, including responding to industry feedback around allowing some return on backing assets. We continue to work closely with the FCA to ensure the integrity of the UK's stablecoin regime, including how firms transition within the regime.' The FCA's proposals would require firms providing crypto custody services, who have responsibility for keeping consumers' crypto safe, to ensure they are effectively secured and can be easily accessed at any time. The proposals also seek to reduce the likelihood and impact of firm failures across regulated firms undertaking the activities of stablecoin issuance and cryptoasset custody. The blurring of the lines between stablecoins and traditional financial markets has been emphasised in a new paper from the Bank for International Settlements. The study found inflows into stablecoins reduce three-month US Treasury yields by 2-2.5 basis points within 10 days, while outflows can have a larger impact, raising yields by 6-8 basis points. The effects are concentrated in short-term Treasury securities, with limited to no spillovers to longer-term maturities. Given its relative size, Tether (USDT) contributes the most to estimated effects, followed by Circle (USDC). "These results suggest that stablecoins have already established themselves as significant players in Treasury markets. Their growth blurs the lines between cryptocurrency and traditional finance and carries implications for monetary policy, transparency of stablecoin reserves and financial stability - particularly during periods of market stress," say the report's authors.
Qatar Tribune
17-05-2025
- Sport
- Qatar Tribune
Mohammed Al Marri excels along with Dusty in Al Shaqab National Showjumping League
DOHA: Mohammed Faisal Al Marri continued his fine form as the Al Shaqab National Showjumping League returned to action with the second round at the Longines Indoor Arena of Al Shaqab on Friday. On the opening day of the two-day leg, young riders impressed with their horse riding skills and Al Marri topped the Future Champions - Table A, Special Two Phases (105cm) class riding brown mare Dusty with aplomb returning flawless routines with best times of 27.38 and 31.60secs. Finishing a close second on the podium was Khalid Jassim Al Suwaidi astride dark bay mare Khaleesi in 29.84 and 31.97secs respectively. Khalifa bin Joaan Al Thani took the third podium place finishing in 28.24 and 32.25secs respectively on his mount Zion II Vdk, a dark bay gelding. Ahmed Khaled Al Humaidi, Heritage Specialist at Al Shaqab, honoured the winners. Earlier, the Introductory Class - Optimum Time (80cm) event was claimed by Hassan Ali Al Marhoon, who with bay gelding Animo's Boy van de Dennehoeve clocked 55.89secs. Hissa Ali Al Jaber on grey mare Guedzanotte du Preau was second (55.79secs) while Alnajla Abdulla Al Khulaifi on Geale was third (55.74secs). Noora Faisal Al Nasr, Alghala Turky Al Subaey and Moza Hamza Al Kuwari were the other three among the top six. The opening Introductory Class 1 - Optimum Time (40cm) event was won by Mohammed Fahad Al Kuwari, riding Evidence Du and clocking 36.85secs. Mohammed Ahmad Al Sulaiti on Currabawn Shadow was second (37.91secs), and Jassim Ali Darwish on Vegas De Ray third (38.54secs). Kyra Hopewood, Noora Yousif Al Kuwari and Tamim Misfer Al Qahtani were the other three in the top six. Hamza Mohammed Al Kuwari, Director of Corporate Services at Al Shaqab, crowned the winners. The Director of Al Shaqab League, Khalid Sanad Al Nuaimi praised the impressive show of both male and female riders. "We are witnessing significant development in their performances from one round to the next. It reflects the tournament's objectives in providing a professional competitive environment that meets international standards.' He added: "The Al Shaqab League represents a real opportunity for riders to hone their skills and compete at the highest levels. The positive results achieved have contributed to the qualification of a large number of riders to FEI's Group 7 finals. This is an achievement we are proud of and reflects the success of our strategy to support and develop equestrian."
Yahoo
12-03-2025
- Business
- Yahoo
Staff at payments watchdog ‘told on Tuesday that organisation will be abolished'
Staff at the UK's payment systems watchdog were informed that the organisation would be abolished just hours before the decision was made public, MPs have heard. David Geale, interim managing director at the Payment Systems Regulator (PSR), also said that no staff redundancies were expected as a result of the move. The Government announced late on Tuesday that the regulator will be disbanded and merged within the Financial Conduct Authority (FCA) as part of an efficiency drive, saying it would make it easier for firms to deal with 'one port of call'. Giving evidence to the Treasury Committee, Mr Geale said: 'We were told yesterday that the decision would be coming out', but he said the regulator 'had prepared for that eventuality'. He said: 'We liaised with the Treasury through the day, we did see the proposed statement, we also saw a draft of the letter that has come to this committee, and I was fortunately able to brief our staff just after close last night.' As part of our regular scrutiny of @ThePSR, we will be holding an evidence session with the Chair and the Interim Managing Director. You can watch the session on Parliament Live from 2.15pm on Wednesday 12 March 👇 — Treasury Committee (@CommonsTreasury) March 10, 2025 He added: 'It was a matter of public record that the Government was looking at regulators.' Mr Geale said 'We have been talking to staff in regular cascades… what I could not do is give people any certainty because the certainty was not there for us, in terms of being formally told, we were formally told yesterday that it would be happening, and I agreed that I would brief my staff at 5.30 last night.' He said there had been media speculation in recent weeks 'that suggested that this might happen'. Mr Geale said he is 'hugely proud of the way that people have reacted to that, having been told last night. 'They've been very positive, they've accepted it and really focused on the future already'. The committee heard the PSR has 185 staff. Mr Geale told the MPs: 'As things stand, because it requires legislative change to actually move the powers of the PSR over to the FCA, I would expect everybody to move at some point, now I think the caveat to that is that in the letter, in the statement, that the Treasury does say it is considering whether everything moves to the FCA or whether indeed things move elsewhere.' He said some PSR activities, for example, could be considered for being moved to the Bank of England. He added: 'What I'm anticipating at the moment is that the PSR will continue as an organisation for a period in time until we get legislation, so I would estimate late next year.' Asked if 185 staff will still be needed, he said: 'Yes. Some may be redeployed within the FCA… we are not planning any redundancies.' He said PSR staff are on FCA contracts and the PSR already has the same IT systems and the same building as the FCA, but there is some duplication of functions. Mr Geale said: 'We're not planning on redundancies, the FCA is a big organisation, I think we would always look to redeploy people first.' Prime Minister Sir Keir Starmer has said the move is part of Government efforts to kickstart economic growth. He said cutting red tape and regulation is a priority in the Government's Plan for Change. Committee members also asked about authorised push payment (APP) fraud, cases where people are tricked into transferring money to a fraudster. In October 2024, the PSR introduced mandatory fraud reimbursement rules for banks. Under the new protections, there is an £85,000 reimbursement limit – but banks can choose to reimburse higher amounts. The new mandatory reimbursement limit was previously expected to be £415,000. Mr Geale told the MPs: 'To date, we have seen 79 cases over £85,000… that's totalled about £9.3 million, under 1% of claims are over the £85,000 limit so that's continued as a trend, and £6.2 million of that has been reimbursed.'
