Bank of Canada to beef up market intelligence to better gauge new risks

, Financial News

The Bank of Canada wants to grow its "market intelligence" team responsible for keeping in touch with traders, asset managers and other industry players.

Canada’s central bank is planning to expand its contacts within the financial industry to help it better gauge new risks to the system.

Bank of Canada Deputy Governor Lynn Patterson, a former investment banker, said in an interview Wednesday she expects to grow the central bank’s “market intelligence” team responsible for keeping in touch with traders, asset managers and other industry players.

The focus on building closer ties with the industry — a global trend among central banks — reflects the growing complexity of financial products and increased concern less- regulated participants are taking on more risk, through a range of activities from securitization to home lending, as capital rules tighten on traditional banks. Canada’s shadow banking industry was pegged at about 40 per cent of gross domestic product at the end of 2012.

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