The Basel Committee on Banking Supervision (BCBS) has issued a press release following its virtual meeting on 24–25 February, at which it discussed recent market developments and the global banking outlook. With respect to vulnerabilities in government bond‑backed repo markets, the BCBS notes that the implementation of its finalised counterparty credit risk management guidelines, particularly in relation to securities financing transactions and collateral management, should help mitigate these risks but it will monitor implementation progress. Regarding the expedited targeted review of the prudential standards for banks' cryptoasset exposures, an update on progress will be provided later in the year. The BCBS has approved a technical amendment to the standardised approach to operational risk, following its previous consultation, and a response to a frequently asked question on the market risk framework. Both will be published in March.
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