Message-ID: <19622647.1075854942208.JavaMail.evans@thyme> Date: Thu, 18 Oct 2001 01:54:37 -0700 (PDT) From: lucianosteve@intesabci.it To: azam.mistry@hsbc.com Subject: Re: Memo: Re: Bank of England Application Cc: rpickel@isda.org, board@isda.org, mcunningham@isda.org, esebton@isda-eur.org, rmetcalfe@isda-eur.org Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: rpickel@isda.org, board@isda.org, mcunningham@isda.org, esebton@isda-eur.org, rmetcalfe@isda-eur.org X-From: Luciano Steve X-To: azam.mistry@hsbc.com X-cc: Robert Pickel , ISDA BOARD , Mary Cunningham , Emmanuelle Sebton , Richard Metcalfe X-bcc: X-Folder: \MHAEDIC (Non-Privileged)\Inbox X-Origin: Haedicke-M X-FileName: MHAEDIC (Non-Privileged).pst I would say, welcome to HKMA Luciano Steve azam.mistry@hsbc.com wrote: > I think that the BOE should be admitted to membership. > > Also, Bob, about the Hong Kong Monetary Authority (HKMA), following the > recent seminar we did for them in HK, I think that we are likely to hear > more from them about membership. Frankly, it is easy for me to raise the > issue with David Carse/Simon Topping, which might well precipitate a formal > application, but obviously I would rather not do so without hearing further > from the Board about the potential success of such an application. > > It is probably best if I write separately about the HKMA and its functions > including why membership for them might make sense. At that point, further > discussion would be useful. > > Regards > > Robert Pickel on 12 Oct 2001 23:58 > > To: ISDA BOARD > cc: Mary Cunningham > Emmanuelle Sebton > Richard Metcalfe > > Our Ref: Your Ref: > > > Subject: Bankof England Application > > ****************************************************************** > This message originated from the Internet. Its originator may or > may not be who they claim to be and the information contained in > the message and any attachments may or may not be accurate. > ****************************************************************** > > Shortly before the teleconference Board meeting two weeks ago we received > an > application from the Bank of England for subscriber membership. When we > have > considered central banks or government agencies for membership in the past, > consideration has focused on the nature of the applicant's derivatives > activities, its regulatory role and the type of information they are likely > to obtain from ISDA. Because of their derivatives activities, we have > generally admitted these applicants (e.g., the Kingdoms of Belgium, Denmark > and Sweden, the Reserve Banks of South Africa and New Zealand). We have > even > admitted the Bank for International Settlements as a member. In general, we > let them know that they may not be able to receive the full range of ISDA > materials (e.g., draft comment letters or position papers) and that there > may be a need to exclude them from certain committees or discussions. > > In previous Board discussions, a higher degree of concern has been > expressed > if, theoretically, the Federal Reserve, the Bank of Japan, the Bank of > England or similarly influential central banks were to apply for > membership. > These central banks typically have a greater degree of involvement in the > regulatory debates (particularly on capital) and are better positioned to > influence the process. > > Since some of those previous debates, the regulatory role of the Bank of > England has diminished and the role of the Financial Services Authority has > correspondingly increased. The Bank of England still plays the traditional > central bank roles of controller of the money supply, dealing in the market > and lender of last resort, but the supervisory role has shifted to the FSA. > > In light of these developments, but recognizing the concerns previously > expressed on central bank membership, I would appreciate your views on the > application of the Bank of England. We have also had overtures from the > Hong > Kong Monetary Authority regarding membership although we have not received > an application. > > Please share your views with the other members of the Board. > > Bob > > ******************************************************************** > This message and any attachments are confidential to the ordinary > user of the e-mail address to which it was addressed and may also > be privileged. If you are not the addressee you may not read, > copy, forward, disclose or use any part of the message or > its attachments and if you have received this message in error, > please notify the sender immediately by return e-mail and delete > it from your system. > > Internet communications cannot be guaranteed to be secure or > error-free as information could be intercepted, corrupted, lost, > arrive late or contain viruses. The sender therefore does not > accept liability for any errors or omissions in the context of > this message which arise as a result of Internet transmission. > > Any opinions contained in this message are those of the author and > are not given or endorsed by the HSBC Group company or office > through which this message is sent unless otherwise clearly > indicated in this message and the authority of the author to so > bind the HSBC entity referred to is duly verified. > > ********************************************************************