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9 May 2024, 6:49 am
Acting to ensure the interbank systems provide the infrastructure, rules and incentives that foster innovation and competition in payments. [read post]
16 Apr 2024, 7:58 pm
Banks and governments would be unable to move funds between countries because the Swift and US interbank systems both rely on submarine cables to settle over $10 trillion in transactions each day. [read post]
16 Apr 2024, 1:53 am
Acting as regulator by regulating the money issued by commercial banks, and the interbank payment systems and card schemes through which that money is transferred. [read post]
26 Mar 2024, 8:28 pm
The problem that merchants face is that they cannot exert any pressure on the interchange fee—nominally an interbank fee—even though it is set based on their line of business. [read post]
4 Feb 2024, 6:13 pm
" Those are only the interbank transfers; the electronic debiting of the customer's account at Citi to fund the interbank wire is, according to the NYAG, squarely within the EFTA. [read post]
23 Jan 2024, 9:01 pm
2023 delivered a banner year for investor recoveries, as the $7.9 billion[1] in settlement funds across the globe was the highest total in the last five years. [read post]
27 Oct 2023, 12:45 am
The Financial Stability Board (FSB) conducted a review of JIBAR, and the results indicated concerns regarding the reliability of specific benchmark interbank offered rates (IBORs). [read post]
14 Sep 2023, 4:24 am
By Mark S. [read post]
15 Aug 2023, 9:01 pm
Thank you to all of my colleagues—not only at this table but around the globe—for their hard work putting an end to the London Interbank Offered Rate (LIBOR) LIBOR was an innovation of the 1970s to facilitate businesses borrowing from banks at a rate that adjusted based upon market interest rates. [read post]
1 Aug 2023, 8:00 am
Read now » Related Content LIBOR Transition to SOFR in Credit Agreements Read this practice note describing the replacement of the London Interbank Offered Rate (LIBOR) as baseline reference interest rate under credit agreements. [read post]
27 Jul 2023, 9:50 pm
Kurze Abklärungen nach dem Flug zeigten aber, dass es sich um das Data Center von SWIFT in der Schweiz handelte.Die Society for Worldwide Interbank Financial Telecommunication, abgekürzt SWIFT, vernetzt die globale Finanzindustrie. [read post]
20 Jul 2023, 7:04 pm
As an interbank payment system, the FedNow Service operates alongside other longstanding Federal Reserve payment services such as Fedwire® and FedACH®. [read post]
17 Jul 2023, 10:00 pm
Business Entities: IRS and Treasury issue additional final regulations providing guidance on the transition away from the use of interbank offer rates (IBORs) to other reference rates. [read post]
17 Jul 2023, 7:56 am
In addition, “the multi-year global effort to transition away from London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) will serve as a case study for successful public-private sector partnership,” Johnson said at the start of the MRAC meeting. [read post]
31 May 2023, 1:44 pm
Unlike “retail CBDC”, which is generally designed as a central bank liability universally accessible to individuals and businesses within a jurisdiction’s financial system, “wholesale CBDC” refers to a digitized central bank liability designed for sizable (generally interbank) transactions, and for which access is limited to certain financial institutions. [read post]
12 May 2023, 6:31 am
Transmission of shocks occur both within the banking system, driven by interbank networks transmitting liquidity shocks in presence of moral hazard and asymmetric information; and internationally through exposure to risky assets such as sovereign debt, international bank expansion, and risky capital inflows, especially in emerging markets. [read post]
12 May 2023, 6:31 am
Transmission of shocks occur both within the banking system, driven by interbank networks transmitting liquidity shocks in presence of moral hazard and asymmetric information; and internationally through exposure to risky assets such as sovereign debt, international bank expansion, and risky capital inflows, especially in emerging markets. [read post]
26 Apr 2023, 11:17 am
Application to SOFR and SONIA Swaps Last April, the CFTC issued rules amending the types of interest rate swaps (“IRS”) that are required to be submitted for clearing by: (a) phasing out the requirements to clear certain IRS referencing LIBOR and other interbank offered rates and (b) introducing, in their place new requirements to clear IRS referencing the relevant replacement risk-free rates, including certain OIS referencing SOFR and SONIA.[3] The clearing requirements for… [read post]
25 Apr 2023, 5:16 am
Mexico faced one of its worst attacks in 2018, when the Interbank Electronic Payment System (Sistema de Pagos Electronicos Interbancarios—SPEI) was taken down following a cyberattack that led to a loss of approximately $42 million. [read post]
21 Apr 2023, 5:31 am
On March 18, after tedious negotiations accompanied by threats from Russia to abandon the deal, the Black Sea Grain Initiative between Ukraine, Russia, and Turkey—otherwise known as the Grain Deal—was extended for the second time. [read post]
