Meyer Aaron is Policy Advisor in the Funds Management and Banking Department at the Bank of Canada, contributing to the Bank’s work with respect to emerging financial technologies. Prior to this role, Meyer was an Advisor, Policy and Markets, in the Financial Markets Department, where he led a review of the Bank’s framework for financial market operations, as well as the development and implementation of the margining policy for the Government of Canada’s cross currency swaps portfolio used for its foreign reserves. He represents the Bank on the Trading Book Group, a Basel committee which is conducting a fundamental review of regulatory capital for banks’ trading books. Meyer is a member of the Bank’s Pension Fund Investment Committee. Meyer’s career at the Bank has included managing the Bank’s pension fund. He was awarded the Terry Staples Award in 2012 for his contributions by the Pension Investment Association of Canada. Meyer also contributed to the Bank’s work on financial system function, developing market based models for domestic and international financial system assessment. Prior to joining the Bank, Meyer worked as partner in a venture capital firm, and as partner in a law firm specializing in international banking and corporate financing. Meyer holds a BSc, MSc, MA (Economics), JD, MBA, and a CFA designation. He has contributed to the Bank’s publications and to leading scientific journals.
This article provides an analysis of some recent banking regulatory initiatives that are likely to influence the activities of financial intermediaries and the effectiveness of central bank monetary policy implementation frameworks. Although the effects of individual regulations can be anticipated in most cases, the combined regulatory impact is not yet clear. Central banks should, however, be able to accommodate the effects of the emerging regulatory environment within their existing policy implementation frameworks.