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Enron Mail |
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 <RPICKEL@isda.org< on 12 Oct 2001 23:58 < < To: ISDA BOARD <BOARD@isda.org< < cc: Mary Cunningham <MCUNNINGHAM@isda.org< < Emmanuelle Sebton <esebton@isda-eur.org< < Richard Metcalfe <rmetcalfe@isda-eur.org< < < 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. < < ********************************************************************
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