美联储敲定压力测试新规以提高透明度并降低资本要求波动
Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements
The Federal Reserve finalized two rules to strengthen stress test transparency and public accountability and reduce the volatility of stress test-related capital requirements. The rules require annual public consultation on test scenarios and major model changes, with the 2027 stress test adopting an updated model and applying two global market shocks to banks with large trading books. Starting from 2028, the stress capital buffer requirement will be the average of the results of the two most recent annual stress tests, and the year-on-year fluctuations in capital requirements are expected to be reduced by approximately 50%.
The Federal Reserve's increased transparency in stress tests and smoothing out fluctuations in capital requirements will help reduce banking regulatory uncertainty, which may in turn affect the market's assessment of the stability of the financial system and risk appetite. For foreign exchange and gold traders, this measure may indirectly affect the volatility environment of the U.S. dollar and gold by changing bank stock performance, U.S. dollar liquidity expectations, and overall risk aversion. It is worth paying attention to the guidance of subsequent specific model changes and the implementation of the two-year average mechanism on market risk pricing.
美联储通过每年公开模型变更并自2028年起两年平均压力测试结果，使资本要求波动预计下降约50%，读者可据此判断银行资本监管规则的可预测性变化。
来源：Federal Reserve Press Releases · federalreserve.gov