Subject: RE: Bank of England Application
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked], [email-masked], [email-masked]
Date: Fri, 12 Oct 2001 14:45:01 -0700 (PDT)

Agree with these comments given that much of the regulatory oversight is now
with the FSA.  I would also support the application.

> -----Original Message-----
> From:	[email-masked]
> [SMTP:[email-masked]]
> Sent:	12 October 2001 11:46
> To:	[email-masked]; [email-masked]
> Cc:	[email-masked]; [email-masked]; [email-masked]
> Subject:	RE: Bank of England Application
> 
> bob,
> i am a supporter.  in our dealings we see the bank as a growing user of
> derivatives and feel comfortable with the separation from the FSA.  the
> new
> role the bank plays is more akin to what some of the other central banks
> in
> europe do rather than the fed or boj.
> 
> -----Original Message-----
> From: Robert Pickel [mailto:[email-masked]]
> Sent: 12 October 2001 16:59
> To: ISDA BOARD
> Cc: Mary Cunningham; Emmanuelle Sebton; Richard Metcalfe
> Subject: Bank of England Application
> 
> 
> 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
> 
> 
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