The International Council of Securities Associations held its interim meeting in London on 17 November. Beyond discussing ICSA’s own operation, members also had the opportunity to talk with Dietrich Domanski, Secretary General of the Financial Stability Board, about systemic threats, which are at their most intense since the financial crisis of 2008.

Mr Domanski spoke about the elevated level of inflation and increased interest rates, which are causing financing conditions to tighten even as households, corporates and governments are grappling with worryingly high debt levels. He pointed out the liquidity issues for non-bank financial institutions and the resulting impact on financial stability due to their greater role in financing the economy.

He also highlighted the need for a balanced regulatory framework for crypto-assets, not only to capture the risks more effectively, but also to promote the development of these assets, given the potential benefits. Mr Domanski additionally spoke about the FSB’s work to support a global approach to disclosure of the financial risks associated with global warming.