•  In addition, we have successfully collaborated with the European Central Bank, the Bank of England and the Bundesbank to develop certain skills of SARB staff members and to share and transfer knowledge in areas related to the SARB’s domestic and regional work.
In October, the Federal Reserve Board proposed a rule to strengthen the liquidity positions of large and internationally active financial institutions.1 Together with other federal agencies, the Board also issued a final rule implementing the Volcker rule, which prohibits banking firms from engaging in short-term proprietary trading of certain financial instruments.2 On the supervisory front, the next round of annual capital stress tests of the largest 30 bank holding companies is under way, and we expect to report results in March.