BIS Review 120/2009  1  somewhat soft, perhaps because not all participants in the federal funds market can hold deposits at the Federal Reserve, and because banks have been reluctant to allocate the needed capital to arbitrage a few basis points.
Recently, an exercise benchmarking the bank supervisory framework of South Africa against the revised Core Principles was conducted and areas of non-compliance identified. An action plan has been initiated to implement the changes, thereby ensuring that the South African bank supervisory framework meets international standards. 2  BIS Review 90/2006  5.