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Thousands Plan to Gather in DC for 57th Anniversary of the March on Washington |
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Washington State WireBeth Doglio secures endorsements from progressives in 10th Congressional District race |
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Presidents’ Day: Newly Retired George Washington’s Daily Routine |
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Washington Street Library columns restoration |
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FAQ: Washington Charter Public Schools COVID-19 Frequently Asked Questions |
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Dan Washington |
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Washington State Fair in Puyallup |
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Man convicted in 2005 assassination of former Lebanese prime minister was part of a Hezbollah hit squad officials say – The Washington Post Man convicted in 2005 assassination of former Lebanese prime minister was part of a Hezbollah hit squad officials say The Washington Post Beirut explosion questions fuel conspiracy theories Los Angeles Times Beirut’s devastating blast has not shaken the ruling class’s grip on Lebanon The Guardian Nightlife in ruins: Beirut blast pummels key industry Reuters Lebanon shop owners plan to reopen despite coronavirus lockdown Al Jazeera English View Full Coverage on Google News |
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Washington apple crop in 2020 similar in size to last year |
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Questions overshadow Melania Pompeo speeches on second day of Republican convention – Reuters Questions overshadow Melania Pompeo speeches on second day of Republican convention Reuters Melania Trump aims RNC speech at erasing memories of 2016 CNN POLITICO Playbook: The Republicans’ reality – POLITICO Politico Trump is going out of his way to blow off the Hatch Act this week The Washington Post Trump is blatantly violating the Hatch Act Where’s the outrage Los Angeles Times View Full Coverage on Google News |
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Washington Pine Ranch |
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Spa Package – Sleeping Lady Resort Leavenworth Washington |
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Confidentiality Integrity and Professionalism Washington State Investigators |
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Outlook Office Skype Bing Breaking News and Latest Videos rememberlessfool Wargame Exclusive carlsonn13bresnannet – Webmail Spectrumnet Upload to Internet Archive My Feed Personalize Top Stories US News Entertainment Sports Lifestyle Money Celebrities and Royals News World News Travel Autos Politics Health and Fitness Food and Drink Good News Crime Video Viral Video IMPEACHMENT INQUIRY Impeachment investigators summon Bolton to appear The New York Times Source: Bill Taylor willing to testify publicly CNN Dem likely won’t back impeachment FOX News LATEST NEWS Twitter bans political ads after Facebook refuses to do so CNBC Rocket falls in Baghdad’s Green Zone 1 dead Reuters Obama calls out ‘woke’ culture CBS News Where You Should Retire in the USA: States Ranked… Ad amomediacom Can YOU spot the cat among the bats in this Halloween brainteaser Daily Mail CELEBS Jim Edmonds addresses relationship drama People Hall on selfie that became Prince’s cover art People Meg Ryan steps out sans engagement ring ETOnline Transfer Your Debt and Pay 0 Interest Until 2021 Ad CompareCards Police blew up an innocent man’s house Too bad court rules The Washington Post Catholic priest takes a stand against Biden Get news and views from all sides Mom who popularized gender reveals regrets it now TODAY Baseball bristles at call gets set for Game 7 Sports news in depth Transfer your debt and pay no interest for 21 months Ad CompareCards ADMISSIONS SCANDAL Source: Loughlin ‘about to break’ after new charges People Bob Saget comments on Lori Loughlin Wonderwall Photos These are the best doughnut shops in all 50 states INSIDER Photos Genius facts that’ll make you feel smarter Best Life The Genius Hack Every Costco… Ad Wikibuy Photos Gifts for people who don’t want stuff Cheapism Photos Average retirement age in every state GOBankingRates BULLYING PREVENTION Photos What not to say when your child is being bullied 24/7 Tempo Actions to take if your child is being bullied Redbook Photos ‘Masked Singer:’ Who’s behind the masks PopSugar Getting Approved for 1 of These Cards Means You Have Excellent Credit Ad CompareCards SCHOOL POLITICS Photos The most liberal public colleges in America Stacker Photos The most conservative public colleges in America Stacker Are you a match for this adventure Photos Abandoned industrial buildings reveal a bygone past Lovemoney WILDFIRES Californians seek shelter amid wildfire outbreak USA TODAY Ronald Reagan Presidential Library threatened by fire FOX News Photos The richest country music stars Stacker Photos One-hit wonders we’re still listening to Best Life ADOPT A DOG MONTH Photos States with the most and fewest animal shelters 24/7 Tempo Photos Reasons why shelter dogs make the best pets 24/7 Tempo Photos Stephen King movies ranked TheWrap Transfer your debt and pay no interest until 2021 Ad CompareCards Photos Celebs and their vintage doppelgangers ELLE Photos Grandma’s secret last-minute holiday recipes Taste of Home POLITICS Dems who voted to impeach Clinton have advice for GOP Newsweek Trump judicial pick breaks down in tears FOX News Gabbard stokes fears among Democrats The Hill Previous Slide Next Slide Helena Montana 32°F Sunny Precipitation00 Wed 32° 21° Thu 32° 18° Fri 33° 23° Sat 36° 30° Sun 39° 26° Data from Foreca |
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Need Sr Salesforce QA Lead Washington DC |
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Who’s Trying to Trademark Every Potential Washington Football Team Name |
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Meir apel Washingtonit: Mos e injoroni BE-në në procesin e takimeve e Fundit |
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Physical Security Vulnerabilities at Washington Union Station and Ivy City Yard |
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Wainger Group has been an invaluable communications partner for more than a decade Liz Wainger has had a discernible impact on the CBRE brand in the greater Washington DC and Florida markets |
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Visiting Vancouver Washington |
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1 US Security from MichaelNovakhov 87 sites: Washington Free Beacon: Riots Break Out in Minneapolis After Rumors That Police Killed Man Who Shot Himself |
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20:00 – Washington Mystics vs Minnesota Lynx – WNBA Basketball |
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2019 Washington Nationals World Series Championship Ring Size 7-15 |
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Washington support center |
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Indian Immigration Protest New Green Card Rules In Washington |
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Redevelopment Authority of the County of Washington |
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Washington DC Airbnb and STR Cleaning Service |
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DOMINIC SANDBROOK: A woman diner is tormented by Black Lives Matter mob for refusing to raise her fist in Washington DC Isn’t this how Nazi fascism began |
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Washington López |
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The Protocol School of Washington’s® Honor amp Respect: The Official Guide to Names Titles amp Forms of Address |
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Washington Parish Jail Bookings August 18-20 2020 |
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The Rupture of George Washington’s and Thomas Jefferson’s Friendship and Its Importance Abridged |
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Pékin dénonce la “logique de tyran” de Washington |
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As US-China Conflict Heats-Up ASEAN Nations Forced To Opt Between Washington amp Beijing |
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Chelsea in Washington |
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Visiting George Washington’s Mount Vernon |
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Women’s Juwan Howard White/Pink Swingman Jersey – Washington Wizards 5 Fashion Basketball |
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The InterceptIn Washington State Beth Doglio Secures A Spot On The Ballot |
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LGBTQ NationWashington state may elect a progressive bisexual woman to Congress in November |
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Washington State WireQampA: Beth Doglio breaks down her agenda for Washington 10 |
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JEFF AND TAMRA • 25 BATHROOMS • WASHINGTON • DC |
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Why Choose Washington State Investigators |
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A 3-mile stretch of Lake Washington Boulevard will be a biking and walking haven |
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The March on Washington |
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Eye On Washington |
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We are the Washington State Charter Schools Association |
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Salmon spawning season in Western Washington |
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States facing rating downgrades budget cuts as Washington dithers |
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The Washington Post: Structural racism helps schemers attract Blacks to fake ‘sou-sou’ scams |
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Women’s Wes Unseld Red Swingman Jersey – Washington Wizards 41 Suit Icon Edition Basketball |
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Pékin dénonce la « logique de tyran » de Washington |
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Why is Governor Inslee abusing Washingtonians Does he really care |
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Join Jackie’s TeamSign up below to help Jackie Speier bring California vision to Washington |
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Local Author a Finalist for Washington State Book Award |
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Join us a for a lovely day out for the entire family in the heart of Washington DC |
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Washington Nationals World Series Champions Fully Licensed 3-Ball Set with Case |
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Wyoming is the most business friendly state in the nation It has consistently been rated 1 by the Tax Foundation in Washington DC and tops all states again in their report for 2019 just released at wwwtaxfoundationorg NO Corporate state income taxes NO Personal state income taxes NO Business license tax tax on shares or inventory tax NO Excise tax franchise tax or gross receipts tax NO Minimum capitalization You can start your Corporation with one dollar NO Disclosure of shareholders and only one shareholder required NO Limit on shares of stock Issue as little or as many shares as you want NO Requirement to hold any meetings in Wyoming NO Tax information is collected and sent to IRS NO Officer filing fee of 125 like Nevada NO Social Security numbers required from shareholders or officers Wyoming has close corporations with less rules and paperwork Wyoming was the first state to offer LLC’s Close LLC’s are available Unlimited ability to issue stock simply making the proper entries in your Articles of Incorporation Wyoming allows Nominee Officers and Lifetime Proxies Corporations transferred in from other states still retain their original incorporation date Wyoming’s fee is only 100 the first year and 50 for each year thereafter for corporations with less than 250000 of assets located inside the state There is no fee on any assets outside of Wyoming |
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Forget reality says Megan Washington Let her fly you to the moon |
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Gov Richard Lamm: My plan to destroy America Opinion – Washington Examiner |
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The WNBA’s Washington Mystics wore shirts with bullet holes while leading the league to strike for Jacob Blake |
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George Washington Craft |
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Jules Washington |
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Dry Cleaner Washington PA |
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Washington Road closed in West Windsor due to a sinkhole |
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We’re All About Washington Cherries |
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Little Fires Everywhere: Reese Witherspoon and Kerry Washington’s series now on Showmax |
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Rural Washington neighbors fight wildfires in ‘no man’s land’ |
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Thu January 30 2014ASEAN Financial Integration towards ASEAN 2025:Call for a well-coordinated supervisory and regulatory frameworkSatoru Tomo YamaderaUK Payments Infrastructure: Exploring OpportunitiesPayment Systems in Latin America: Advances and OpportunitiesBy Nancy Russell NLRussell AssociatesPROGRESS REPORT ON ESTABLISHING A REGIONAL SETTLEMENT INTERMEDIARY AND NEXT STEPSImplementing Central Securities Depository–Real-Time Gross Settlement Linkages in ASEAN3CROSS-BORDER SETTLEMENT INFRASTRUCTURE FORUMASEAN3 Information on Transaction Flows and Settlement InfrastructuresASEAN3 Bond Market Forum Sub-Forum 2 ABMF SF2BASIC PRINCIPLES ON ESTABLISHING A REGIONAL SETTLEMENT INTERMEDIARY AND NEXT STEPS FORWARDCROSS-BORDER SETTLEMENT INFRASTRUCTURE FORUMASIAN ECONOMIC INTEGRATION REPORTWHAT DRIVES FOREIGN DIRECT INVESTMENT IN ASIA AND THE PACIFICASEAN Financial IntegrationGeert Almekinders Satoshi Fukuda Alex Mourmouras Jianping Zhou and Yong Sarah ZhouGuidelines for the Successful Regional Integration of Financial InfrastructuresASEAN 5 Prepares for Integrated Payment SystemPosted on January 31 2014Establishing an integrated payment system real-time gross settlement in ASEANKusumo Wardhono Dwi Tjahjaa Practical approach to International Monetary System Reform: Building Settlement Infrastructure for Regional CurrenciesChangyong Rhee and Lea SumulongStrengthening Financial InfrastructurePeter J Morgan and Mario LamberteNo 345 February 2012Why Complementarity Matters for Stability — Hong Kong SAR and Singapore as Asian Financial CentersV Le Leslé F Ohnsorge M Kim S SeshadriNavigating Rise of Global RMBCross-border payment link established with Hong KongHong Kong’s role in facilitating the use of Renminbi as a currency for settling international transactionsTARGET2: a global hub for processing payments in euroTHE EAST AFRICAN PAYMENT SYSTEM EAPSHong Kong and Thailand launch a new cross-border payment-versus-payment linkSettlement Systems of East Asian EconomiesPayments in ASEAN post AECVengadasalam Venkatachalam Head of Product Management South East AsiaPSSR – Payments and Settlement Systems ReportPayment clearing and settlement systems in Hong Kong SARInterdependencies of payment and settlement systems: the Hong Kong experienceCreating an Integrated Payment System: The Evolution of FedwireAdam M Gilbert Dara Hunt and Kenneth C WinchFederal Reserve Interdistrict SettlementTARGET2 and Central Bank Balance Sheets1 University College Dublin New DraftOntology and Theory for a Redesign of European Monetary UnionTARGET2: Symptom Not Cause of Eurozone WoesBy Thomas A Lubik and Karl RhodesThe Idiot’s Guide to the Federal Reserve Interdistrict Settlement AccountMutual aSSiStance betWeen Federal reServe bankS1913-1960 aS ProlegoMena to the target2 debateBarry Eichengreen Arnaud Mehl Livia Chiţu and Gary RichardsonInterpreting TARGET2 balancesby Stephen G Cecchetti Robert N McCauley and Patrick M McGuireMonetary and Economic Department December 2012Siga o Blog via e-mailCategory CloudFebruary 2018 2 January 2018 2 November 2017 3 October 2017 9 September 2017 8 August 2017 2 July 2017 2 June 2017 1 May 2017 1 March 2017 8 February 2017 13 January 2017 14 December 2016 6 November 2016 3 October 2016 2 September 2016 2 August 2016 5 July 2016 17 June 2016 13 May 2016 2Postagens recentesSupply Chain Finance SCF / Financial Supply Chain Management F-SCM February 12 2018 Gantt Chart Simulation for Stock Flow Consistent Production Schedules February 1 2018 Instant Immediate Real Time Retail Payment Systems IIRT-RPS January 31 2018 Network Economics of Block Chain and Distributed Ledger Technology January 12 2018 Consciousness of Cosmos: A Fractal Recursive Holographic Universe November 16 2017 Integral Philosophy of the Rg Veda: Four Dimensional Man November 6 2017 Meta Integral Theories: Integral Theory Critical Realism and Complex Thought November 3 2017 Boundaries and Networks October 31 2017 Regional Trading Blocs and Economic Integration October 28 2017 Global Liquidity and Cross Border Capital Flows October 25 2017 Production Chain Length and Boundary Crossings in Global Value Chains October 22 2017 Intra Industry Trade and International Production and Distribution Networks October 17 2017 Cash and Investments: Corporate Savings Glut in USA October 12 2017 Why do Firms buyback their Shares Causes and Consequences October 10 2017 Understanding Trade in Intermediate Goods October 10 2017 Production and Distribution Planning : Strategic Global and Integrated October 5 2017 Trends in Intra Firm Trade of USA September 27 2017 FDI vs Outsourcing: Extending Boundaries or Extending Network Chains of Firms September 25 2017 Slowdown in Global Investment FDI Flows September 24 2017 Trends in Cross Border Mergers and Acquisitions September 20 2017 Trading Down: NAFTA TPP TATIP and Economic Globalization September 19 2017 Boundary Spanning in Multinational and Transnational Corporations September 18 2017 On Inequality of Wealth and Income – Causes and Consequences September 12 2017 Rising Profits Rising Inequality and Rising Industry Concentration in the USA September 3 2017 Why are Macro-economic Growth Forecasts so wrong August 23 2017 Low Interest Rates and Business Investments : Update August 2017 August 1 2017 Low Interest Rates and Monetary Policy Effectiveness July 15 2017 Low Interest Rates and Banks’ Profitability : Update July 2017 July 9 2017 Some of my earlier published papers June 18 2017 Short term Thinking in Investment Decisions of Businesses and Financial Markets May 24 2017 Systems Biology: Biological Networks Network Motifs Switches and Oscillators March 27 2017 Hierarchy Theory in Biology Ecology and Evolution March 22 2017 Bank of Finland’s Payment And Settlement System Simulator BoF-PSS2 March 16 2017 On Anticipation: Going Beyond Forecasts and Scenarios March 15 2017 Clock of the Long Now: Time and Responsibility March 10 2017 Socio-Cybernetics and Constructivist Approaches March 8 2017 Growth and Form in Nature: Power Laws and Fractals March 6 2017 Shapes and Patterns in Nature March 1 2017 TARGET2 Imbalances in European Monetary Union EMU February 27 2017 Economics of Digital Globalization and Information Data Flows February 26 2017 Development of Global Trade and Production Accounts: UN SEIGA Initiative February 24 2017 Accounting For Global Carbon Emission Chains February 22 2017 Stock Flow Consistent Models for Ecological Economics February 21 2017 Currency Credit Networks of International Banks February 17 2017 The Dollar Shortage Again! in International Wholesale Money Markets February 15 2017 Understanding Global OTC Foreign Exchange FX Market February 12 2017 Global Financial Safety Net: Regional Reserve Pools and Currency Swap Networks of Central Banks February 10 2017 Evolving Networks of Regional RTGS Payment and Settlement Systems February 7 2017 Cross Border/Offshore Payment and Settlement Systems February 6 2017 Large Value Wholesale Payment and Settlement Systems around the Globe February 4 2017 Structure and Evolution of EFT Payment Networks in the USA India and China February 2 2017 Next Generation of B2C Retail Payment Systems January 31 2017 Relational Turn in Economic Geography January 29 2017 Economics of Trade Finance January 27 2017 Understanding Global Value Chains – G20/OECD/WB Initiative January 25 2017 The Collapse of Global Trade during Global Financial Crisis of 2008-2009 January 24 2017 Oscillations and Amplifications in Demand-Supply Network Chains January 22 2017 Financial Stability and Systemically Important Countries – IMF-FSAP January 18 2017 Balance Sheets Financial Interconnectedness and Financial Stability – G20 Data Gaps Initiative January 16 2017 Integrated Macroeconomic Accounts NIPAs and Financial Accounts January 15 2017 A Brief History of Macro-Economic Modeling Forecasting and Policy Analysis January 12 2017 Low Interest Rates and International Investment Position of USA January 10 2017 Jay W Forrester and System Dynamics January 9 2017 Increasing Returns Path Dependence Circular and Cumulative Causation in Economics January 7 2017 Economic Growth Theories – Orthodox and Heterodox January 4 2017 Long Wave Economic Cycles Theory December 30 2016 Mergers and Acquisitions – Long Term Trends and Waves December 28 2016 Business Investments and Low Interest Rates December 22 2016 The Decline in Long Term Real Interest Rates December 19 2016 Low Interest Rates and Banks Profitability: Update – December 2016 December 15 2016 Hierarchical Planning: Integration of Strategy Planning Scheduling and Execution December 4 2016 External Balance sheets of Nations November 29 2016 Low Interest Rates and International Capital Flows November 23 2016 Networks and Hierarchies November 12 2016 Systems View of Life: A Synthesis by Fritjof Capra October 27 2016 Milankovitch Cycles: Astronomical Theory of Climate Change and Ice Ages October 2 2016 Process Physics Process Philosophy September 17 2016 Shape of the Universe September 4 2016 Myth of Invariance: Sound Music and Recurrent Events and Structures August 26 2016 Sounds True: Speech Language and Communication August 19 2016 Mind Consciousness and Quantum Entanglement August 12 2016 Society as Communication: Social Systems Theory of Niklas Luhmann August 8 2016 Geometry of Consciousness August 5 2016 Art of Long View: Future Uncertainty and Scenario Planning July 31 2016 Reflexivity Recursion and Self Reference July 27 2016 Truth Beauty and Goodness: Integral Theory of Ken Wilber July 24 2016 Semiotics Bio-Semiotics and Cyber Semiotics July 22 2016 Autocatalysis Autopoiesis and Relational Biology July 19 2016 Systems and Organizational Cybernetics July 17 2016 Micro Motives Macro Behavior: Agent Based Modeling in Economics July 15 2016 Feedback Thought in Economics and Finance July 13 2016 Repo Chains and Financial Instability July 11 2016 Multiplex Financial Networks July 11 2016 Glimpses of Ancient Indian Mathematics July 9 2016 Bring back M3 – Monetary Aggregate July 8 2016 Increasing Returns and Path Dependence in Economics July 7 2016 Economics of Money Credit and Debt July 6 2016 Boundaries and Relational Sociology July 5 2016 George Dantzig and History of Linear Programming July 3 2016 Phillips Machine: Hydraulic Flows and Macroeconomics July 1 2016 Monetary Circuit Theory June 30 2016 Morris Copeland and Flow of Funds accounts June 30 2016 Financial Social Accounting Matrix June 29 2016 Classical roots of Interdependence in Economics June 28 2016 Stock-Flow Consistent Modeling June 26 2016 Foundations of Balance Sheet Economics June 24 2016 Contagion in Financial Balance sheets Networks June 22 2016 Interdependence in Payment and Settlement Systems June 19 2016 Evolution of Banks Complexity June 17 2016 Economics of Broker-Dealer Banks June 17 2016 Shadow Banking June 13 2016 Low Interest Rates and Risk taking channel of Monetary Policy June 4 2016 Funding Strategies of Banks June 2 2016 Non Interest Income of Banks: Diversification and Consolidation May 31 2016 Impact of Low Interest Rates on Bank’s Profitability May 22 2016Comentários recentesAbout Me / My ProfileI am interested in continuous learning My interests are wide ranging I attempt to integrate knowledge I believe it to be a worthy pursuit in lifeYou can contact me through my email address Twitter or LinkedinThanks for visiting my research blogHours amp InfoEstatísticas do Blog11658 Readers’ Views10000 Views by the ReadersAll Copy Rights Reserved by the AuthorAuthor reserves all copyrights for the content on this blogTag: COMESARegional Trading Blocs and Economic IntegrationRegional Trading Blocs and Economic IntegrationFrom Asia’s Rise in the New World Trade OrderFrom What is Regional Trade Blocs or Free Trade AgreementsAs trade integration across countries is intensifying we hear more and more about Free Trade Agreements FTAs and Regional Trade Blocs RTBs As their name suggests these RTBs/FTAs are arrangements aimed for faster trade liberalisation at regional levelsCountries are convinced that trade is an engine of growth and they are searching for arrangements that promote tradeThe WTO that contains 162 countries is the most popular one a truly multilateral forum for trade liberalisation But the history of WTO led trade liberalisation shows that the organisation is facing difficulty in bringing further trade liberalisation because of conflicting interest among large number of countriesThis has led to interest in trade liberalisation within a limited number of countries that may be regionally close together These regional trade promoting arrangements advocate more tariff cuts and removal of other restrictions within the group while maintaining restrictions against the rest of the worldThough many regional trade agreements like the EU NAFTA and ASEAN were established before or around the time of WTO’s formation there is mushrooming of RTBs in recent years Recently formed Trans Pacific Partnership TPP shows this increasing affinity towards RTBs Many RTBs like the TPP would like to make advanced level trade liberalisation and hence they are not satisfied with the slow pace of trade liberalisation within the WTOWhat are Regional Trade Blocs RTBsRegional Trade Blocs or Regional Trade Agreements or Free Trade Agreements are a type of regional intergovernmental arrangement where the participating countries agree to reduce or eliminate barriers to trade like tariffs and non-tariff barriers The RTBs are thus historically known for promoting trade within a region by reducing or eliminating tariff among the member countriesOver the last few decades international trade liberalisations are taking place in a serious manner through the formation of RTBs They are getting wide attention because of many important international developments First now the world is trying hard to escape from the ongoing great recession phase Second is the failure of the WTO to take further liberalisation measures on the trade liberalisation frontThe EU NAFTA ASEAN SAFTA etc are all examples for regional integration The triad of North America Western Europe and Asia Pacific have the most successful trade blocs Recently signed Trans Pacific Partnership is a powerful RTB Similarly another one called RCEP is in negotiation round India has signed an FTA with the ASEAN in 2009 Simultaneously the country has signed many bilateral FTAsAll regional trade blocs don’t have the same degree of trade liberalisation They may differ in terms of the extent of tariff cutting coverage of goods and services treatment of cross border investment among them agreement on movement of labour etcThe simple form of regional trade bloc is the Free Trade Area The Free Trade Area is a type of trade bloc a designated group of countries that have agreed to eliminate tariffs quotas and preferences on most if not allgoods and services traded between themFrom the lowest to the highest regional trade integration may vary from just tariff reduction arrangement to adoption of a single currency The most common type of regional trade bloc is the free trade agreement where the members abolish tariffs within the region Following are the main types of regional economic integrationsPreferential trading union: Here two or more countries form a trading club or a union and reduce tariffs on imports of each other ie when they exchange tariff preferences and concessionsFree trade union or association : Member countries abolish all tariffs within the union but maintain their individual tariffs against the rest of the worldCustoms union : countries abolish all tariffs within and adopt a common external tariff against the rest of the worldCommon market : in addition to the customs union unrestricted movement of all factors of production including labour between the member countries In the case of European Common Market once a visa is obtained one can get employed in France or Germany or in any other member country with limited restrictionsEconomic union : The Economic Union is the highest form of economic co-operation In addition to the common market there is common currency common fiscal and monetary policies and exchange rate policies etc European Union is the example for an Economic Union Under the European Monetary Union there is only one currency – the EuroAt present out of the total regional trade arrangements FTAs are the most common accounting for nearly 90 per centFrom Regionalism in a globalizing world: an Asia-Pacific perspectiveFrom Asia’s Rise in the New World Trade OrderFrom The world’s free trade areas – and all you need to know about themInternational trade is a driving force behind economic growth and two so-called “mega-regional” trade deals are dominating public debate on the issue: the Trans-Pacific Partnership TPP and the Transatlantic Trade and Investment Partnership TTIPBut there are around 420 regional trade agreements already in force around the world according to the World Trade Organization Although not all are free trade agreements FTAs they still shape global trade as we know itWhat exactly are free trade areasThe OECD defines a free trade area as a group of “countries within which tariffs and non-tariff trade barriers between the members are generally abolished but with no common trade policy toward non-members”The free movement of goods and services both in the sense of geography and price is the foundation of these trading agreements However tariffs are not necessarily completely abolished for all productsWhich are the world’s major free trade areasThe North American Free Trade Agreement NAFTAFree trade between the three member nations Canada the US and Mexico has been in place since January 1994 Although tariffs weren’t fully abolished until 2008 by 2014 total trilateral merchandise trade exceeded US112 trillionAccording to the US government trade with Canada and Mexico supports more than 140000 small and medium-size businesses and over 3 million jobs in the US Gains in Canada are reportedly even higher with 47 million new jobs added since 1993 The country is also the largest exporter of goods to the USHowever the Council on Foreign Relations suggests that the impact on Mexico is harder to assess Per capita income has not risen as fast as expected nor has it slowed Mexican emigration to the US However farm exports to the US have tripled since 1994 and the cost of goods in Mexico has declined The cost of basic household goods has halved since NAFTA came into force according to estimates by GEA a Mexican economic consulting firmAssociation of Southeast Asian Nations Free Trade Area AFTAThe AFTA was signed in January 1992 in Singapore The original members were Brunei Indonesia Malaysia Philippines Singapore and Thailand Four countries have subsequently joined: Vietnam Laos Myanmar and CambodiaThe bloc has largely removed all export and import duties on items traded between the nations It has also entered into agreements with a number of other nations including China eliminating tariffs on around 90 of imported goodsThe AFTA nations had a combined GDP of US23 trillion in 2012 and they’re home to 600 million people The agreement has therefore helped to dramatically reduce the cost of trade for a huge number of businesses and peopleSouthern Common Market MERCOSURAlthough MERCOSUR was envisaged as a Latin American single market enabling the free movement of people goods capitals and services this vision is yet to become reality Internal disputes have slowed progress towards removing tariffs and the free movement of people and goodsBut MERCOSUR is still one of the world’s leading economic blocs and has a major influence on South American trade and the global economyCommon Market of Eastern and Southern Africa COMESAFormed in December 1994 the organization aims to develop natural and human resources to benefit the region’s population Its primary focus according to the United Nations is to establish a large economic and unit to overcome barriers to tradeWith 19 member states and an annual export bill in excess of 80 billion the organization is a significant market place both within Africa and globallyCOMESA utlimately aims to remove all barriers to intra-regional trade starting with preferential tariffs and working towards a tariff-free common market and economic unionWhat about the European UnionThe EU is a single market which is similar to a free trade area in that it has no tariffs quotas or taxes on trade but a single market allows the free movement of goods services capital and peopleThe EU strives to remove non-tariff barriers to trade by applying the same rules and regulations to all of its member states The region-wide regulations on everything from working hours to packaging are an attempt to create a level playing field This is not necessarily the case in a free trade areaThe creation of the single market was a slow process In 1957 the Treaty of Rome established the European Economic Community EEC or Common Market However it was not until 1986 that the Single European Act was signed This treaty formed the basis of the single market as we know it as it aimed to establish the free-flow of trade across EU borders By 1993 this process was largely complete although work on a single market for services is still ongoingToday the EU is the world’s largest economy and the biggest exporter and importer The EU itself has free trade agreements with other nations including South Korea Mexico and South AfricaWhat about the TPP and TTIPOnce fully ratified the Trans-Pacific Partnership is set to become the world’s largest trade agreement The TPP already covers 40 of global GDP and trade between member nations is already significantHowever by removing tariffs and other barriers to trade the agreement hopes to further develop economic ties and boost economic growthThe Transatlantic Trade and Investment Partnership is a deal currently being negotiated between the EU and the US If reached it would itself become the world’s largest trade agreement – covering 45 of global GDPLike the TPP it aims to cut tariffs and regulatory barriers to trade Among these is the removal of customs duties according to the EU’s negotiation factsheetThe Center for Economic Policy Research has estimated that the deal would be worth 134 billion a year for the EU and 107 billion for the US – although opponents have disputed these figuresAs the World Economic Forum’s E15 Initiative has highlighted effective global trade is central to economic growth and development Trade agreements are an integral part of making this a realityFrom Regional Trade Agreements and the Multi-polar Global Order:Implications for South Korea’s EconomyFrom Regional Trade Agreements and the Multi-polar Global Order:Implications for South Korea’s EconomyFrom Regional Trade Agreements: Promoting conflict or building peaceRising Powers Global Economic Governance Mega-Regionals World Trade Organization WTO Transatlantic Trade and Investment Partnership TTIP Transpacific Trade and Investment Partnership TPP MFN Most Favored Nation PTA Preferred Trading Agreement FTA Free Trade Agreement RTA Regional Trade Agreement MTS Multi Lateral Trade System BTA Bilateral Trade Agreement Belt and Road Initiative Regional Comprehensive Economic Partnership RCEP ASEAN AEC APEC BRICS EU SAARC MERCOSUR Free Trade Area of the Asia-Pacific FTAAP NAFTA ASEAN3 ASEAN6 Custom Unions Common Markets Economic Unions GATT WTO SADC COMESA ECOWAS ECCAS/CEEAC SACU AFTA SAPTA/SAFTAKey Sources of Research:What is Regional Trade Blocs or Free Trade AgreementsThe world’s free trade areas – and all you need to know about themRegional trade agreements: Blessing or burdenCaroline Freund Emanuel OrnelasRegional Trade Agreements: Promoting conflict or building peaceFaisal Haq ShaheenShaheen Rafi KhanAcordos comerciais regionaisA COMPLETE GUIDE TO THE REGIONAL TRADE AGREEMENTS OF THE ASIA-PACIFICWRITTEN BY TIM MARTYNGlobalization and the Growth in Free Trade AgreementsRegional trade agreements: blessing or burdenMexico’s Free Trade AgreementsM Angeles VillarrealSpecialist in International Trade and FinanceRegional Trade Agreements in a Multilateral Trade Regime: An OverviewREGIONAL TRADE INTEGRATIONS: A Comparative Study of African RTAsSannassee R Boopendra S and Tandrayen VerenaTrade Blocks and the Gravity Model: A Study of Economic Integration among AsianFree Trade Agreements the World Trade Organization and Open TradeREGIONAL TRADE BLOCS THE WAY TO THE FUTURERegional Trade Agreements and the WTOPREFERENTIAL TRADE AGREEMENTS AND THE WTO: IMPETUS OR IMPEDIMENTCommittee on International TradeHelena Sullivan ChairTHE ASSOCIATION OF THE BAR OF THE CITY OF NEW YORK42 WEST 44TH STREET NEW YORK NY 10036Regional Trade Agreements and the Multi-polar Global Order:Implications for South Korea’s EconomyRising Powers in the Global Trading System – China and Mega-Regional Trade NegotiationsAsia’s Rise in the New World Trade OrderThe Effects of Mega-Regional Trade Agreements on Asian CountriesPart 2 of the GED Study Series:Effects of Mega-Regional Trade AgreementsRegional Trade Agreements: Development Challenges and Policy OptionsRegional Trade AgreementsWhat are mega-regional trade agreementsRegional trade agreements integration and developmentMega-R egional T rade Agreements and the F uture of the WTOCHINA’S NEW REGIONAL TRADE AGREEMENTSCHINA’S REGIONAL AND BILATERAL TRADE AGREEMENTSChunding Li JingWang John WhalleyCurrency Unions and Regional Trade Agreements: EMU and EU Effects on TradeFederal Reserve Bank of San FranciscoRegionalism in a globalizing world: an Asia-Pacific perspectiveEvolving Networks of Regional RTGS Payment and Settlement SystemsEvolving Networks of Regional RTGS Payment and Settlement SystemsGlobalization has created incentives for nations to form regional economic unions to take advantage of scale and resource poolingThere are a lot of efforts underway to develop and implement regional RTGS between central banks There are several models for integrationMany States Many Currencies – Hong Kong SAR Many States Single Currency – EU uses EURO and Central America uses USD SADC uses South African RANDRTGS systems designed to facilitate such economic integrationRTGS – RTGS – Interlink model – Hong Kong ASEAN 5 RTGS-RTGS – SSP Single Shared Platform model – EUFrom Payment System Interoperability and Oversight: The International DimensionSeveral factors may prompt the international interlinking of PSIs In most cases linking national PSIs to achieve international interoperability of certain payment services comes from a country’s decisions to exploit the benefits of international economic and financial integration i e greater international trade and investment activities attraction of foreign investment capital risk diversification and deepening and broadening domestic financial and capital markets since integration requires economic units to have convenient access to cross-border payment service facilities A powerful driver to regional PSI interlinking is constituted by the political agreements among countries in a region on a broad long-term economic and financial development cooperative program Usually in this case the efforts to link payment system as well as other financial market infrastructures are supported actively by a core group of countries in organized regional development policy and planning forums5 In some cases interlinking may result from decisions by national financial authorities to address the demand from market participants and/or their customers including asset managers other securities servicers and other types of businesses for cross-border access to international markets at lower end-to-end transaction costsCross-border transactions can be made possible by establishing bilateral links between national PSIs8 Perhaps the simplest form of PSI interlinking is achieved when two central banks agree on a scheme to support or facilitate cross-border transactions This likely requires linking the large-value transfer systems of the countries involved by developing technical interfaces between them Some other solutions are possible which link national payment systems through central bank bilateral accounts whereby participating central banks hold settlement accounts either with one another or with a common commercial bankMore advanced solutions for PSI interlinking are characterized by the adoption of a unified scheme and a common technical-operational facility to process the transactions defined under the scheme The common regional or global technical-operational facility follows one of two basic architectures: the decentralized model or the single or fully centralized model Arrangements adopting a decentralized model for regional cross-regional and/or global payments link existing national settlement systems Figure 1 These normally feature different degrees of sophistication and complexity Most decentralized regional payment systems are designed in a “hub-spoke” structure in which there is a central administrative and technical-operational facility referred to as the “hub entity” which links the participating systems9 The interlinking mechanism is usually a standardized messaging and connectivity technology which links account management and the various national operating systems together while participants access the hub entity through the national settlement infrastructure of their jurisdictionIn the centralized platform model the national payment system infrastructures are replaced by a single international system Figure 2 In this case it is more appropriate to talk about international payment system integration Participants access the system directly through the relevant telecommunications network or indirectly through any direct participant in the system Centralized platforms are mostly identified with international integration projects most notably regional which have evolved into monetary unions with the use of a regional currency They minimize or even eliminate the distinction between cross-border and domestic payments and allow for processing both types of transactions in the same system seamlesslyVarious examples illustrate the different technical modalities of interlinking discussed above One example of bilateral links between national payment systems is the linking of the Hong Kong Monetary Authority ’s U S dollar real-time gross settlement RTGS system with the RTGS systems of other central banks in the region specifically Bank Negara Malaysia’s RENTAS and Bank Indonesia’s BI-RTGS These systems operate on a common operating platform Their links which are independent from each other allow payment-versus-payment settlement between the national currencies of those countries and the U S dollar Other illustrative examples are the East African Payments System EAPS which shows the case of national payment systems linked through the holding of bilateral accounts among central banks and the Sistema de Pagos en Moneda Local involving the national RTGS systems of Argentina and Brazil which is an example of the national payment systems linked through their respective central banks which hold settlement accounts with a common commercial bank Currently two SML systems are operational: one linking the RTGS systems of Argentina and Brazil and other linking the RTGS systems of Brazil and Uruguay Other cases exemplify the decentralized and centralized models of international payment system integration Schemes with a decentralized settlement system involving multiple parties have been developed in regions where there is a regional currency as well as for settling cross-border payments denominated in a single foreign currency The most well-known example of a unified scheme with a decentralized settlement system for a regional currency was the original TARGET in Europe which linked the Euro RTGS systems of EU national central banks Another example is the Sistema de Interconexión de Pagos in Central America and the Dominican Republic which uses a decentralized architecture for settling cross-border payments in U S dollars11With regard to the centralized model of PSI interlinking or integration relevant examples are TARGET2 and EURO1 supporting euro denominated payments in the European Union12 the STAR-UEMOA for the West African CFA Franc throughout the West African Economic and Monetary Union and the RTGS system of the Eastern Caribbean Central Bank ECCB for the EC dollar in the Eastern Caribbean Currency Union Over the past decade centralized payment system infrastructures have also been developed regionally where no regional currency existed to facilitate settlement of domestic regional and cross-regional payments in more than one settlement currency e g RAPID in the United Arab Emirates and CHATS in Hong Kong Finally an example of a unified global system for settlements denominated in multiple currencies is CLS Bank International which links the national RTGS systems of the participating jurisdictions/currencies with a strong reliance on the legal agreement of the rulebook and the technical standardsThe Southern African Development Community SADC regional payment integration project in the Southern African region captures aspects of a centralized model The project develops on the International Payments Framework IPF concept to construct a regional payment infrastructure composed of a regional automated clearing house ACH and settlement system14 The current architecture consists of the SADC Integrated Regional Electronic Settlement System SIRESS an electronic central system that facilitates cross border trade in the SADC region SIRESS and excludes domestic inter-bank payments and settlements It allows participating banks to settle regional transactions denominated in South African Rand ZAR within SADC countries on an RTGS basis The system is operated by the South African Reserve Bank SARB on behalf of the SADC Committee of Central Bank Governors with SARB also acting as the ZAR settlement bank It is a safe and efficient payment/settlement system which reduces the cost to banks since there is no correspondent bank intermediary involved15 The project should eventually evolve into a single regional payment settlement infrastructure in tandem with the planned monetary unionThe prototypal regional systems for retail payments were multilateral arrangements governed by service agreements and operational protocols of limited standardization between participating banks in different countries For example TIPANET which was designed as a cross-border retail payment service for credit transfers between cooperative banks in Europe and Canada provided participating members with somewhat lower cost and faster payment delivery than the usual correspondent banking arrangements of that time16 The widespread growth of credit and debit card payment schemes since the late 1980s provided a second wave of regional and crossregional PSI linkages and integrationSome regional cross-border arrangements have developed across direct horizontal linkages between national schemes This is the case of the arrangement linking the Interac debit card system in Canada the NYCE Payments Network and PULSE systems in the United States and Union Pay in China for access by the schemes’ cardholders to the cross-border debit and ATM networks Global card payment schemes such as VISA and MasterCard provide cross-border interoperability in transaction systems for credit and debit payments and ATM cash withdrawals for cardholders and vertical integration of these systems with proprietary clearing and settlement systems As global card payment schemes they deal with domestic regional and cross-regional payments17Regional and cross-regional interlinking of national and funds transfer systems in general is a fairly recent development Some such as EBA Clearings’ STEP2 in Europe and SICA-UMEOA in the West African Monetary and Economic Union are single regional schemes and systems for both domestic and cross-border payments among member countries using the euro and the CFA franc respectively Others are generally constructed through horizontal bilateral linkages between national ACHs These linkages allow the ACH members in one country to transmit customer payments typically via credit transfers to end-receivers holding accounts with ACH members in other countries The network architecture for regionally or cross-regionally linked payment clearing infrastructure and for single regional ACHs can be either a hub-spoke arrangement with a central hub connection a centralized network structure or a distributed bilateral network structure which contemplates the operation of large providers of payment clearing and processing services Box 1 Another example in Europe is the Single Euro Payments Area SEPA scheme compliant clearing and settlement mechanisms CSMs Services offered by competing CSMs based on the SEPA payment schemes are governed by market forces and are outside the remit of the European Payments Council EPC The EU regulation provides that within the EU a PSP reachable for a national euro credit transfer or direct debit shall be reachable for euro credit transfers or direct debits initiated through a PSP located in any member state Any PSP participating in any of the EPC SEPA Schemes SEPA Credit Transfer SEPA Direct Debit under the relevant scheme adherence agreement with the EPC and the relevant EPC SEPA Scheme Rulebook is permanently obligated to comply with reachability from its readiness date Each PSP needs to determine how to achieve full reachability for the EPC SEPA Schemes it has adhered to There are several ways for PSPs to send and receive euro payment transactions to and from other PSPs across SEPA PSPs can choose and use any solution or combination of solutions directly or indirectly as long as reachability and compliance with the EPC SEPA Schemes are effectively ensuredMain Regions with Regional RTGS SystemsEU TARGET2 Hong Kong SAR West Africa – WAMZ East Africa – EAPS South Africa SADC – SIRESS ASEAN AEC – ASEAN 5 RTGS Central America – USD based RTGS – SIPSince the establishment of the European Economic Community in 1958 there has been a progressive movement towards a more integrated European financial market This movement has been marked by several events In the field of payments the most visible were the launch of the euro in 1999 and the cash changeover in the euro area countries in 2002The establishment of the large-value central bank payment system TARGET was less visible but also of great importance It formed an integral part of the introduction of the euro and facilitated the rapid integration of the euro area money marketA unique feature of TARGET2 is the fact that its payment services in euro are available across a geographical area which is larger than the euro area National central banks which have not yet adopted the euro also have the option to participate in TARGET2 to facilitate the settlement of transactions in euro When new Member States join the euro area the participation in TARGET2 becomes mandatory The use of TARGET2 is mandatory for the settlement of any euro operations involving the EurosystemAs of February 2016 25 central banks of the EU and their respective user communities are participating in or connected to TARGET2:The 20 euro area central banks including the ECB andfive central banks from non-euro area countries: Bulgaria Croatia Denmark Poland and RomaniaHong Kong’s financial infrastructure is designed to cater for cross-border as well as domestic economic activities Links with payment systems and debt securities systems in other economies provide an easily accessible payment and settlement platform for cross-border economic transactions and financial intermediationLinks with Guangdong including Shenzhen – Launched in phases since January 1998 these links cover cross-border RTGS payments in Hong Kong dollars and US dollars and cheque clearing in Hong Kong dollars US dollars and renminbi with Guangdong Province including Shenzhen1 The use of these links which helps expedite payments and remittances between Hong Kong and Guangdong has been rising gradually with the increasing economic integration between Hong Kong and the MainlandCross-border payment arrangements with Mainland – Cross-border payment arrangements involving the Mainland’s Domestic Foreign Currency Payment System were established in March 2009 to facilitate foreign currency funding and liquidity management of Mainland banks and commercial payments The cross-border payment arrangements currently cover four currencies – the Hong Kong dollar US dollar euro and British poundLink with Macau – The one-way joint clearing facility for Hong Kong dollar and US dollar cheques between Hong Kong and Macau was launched in August 2007 and June 2008 respectively reducing the time required for clearing Hong Kong dollar and US dollar cheques drawn on banks in Hong Kong and presented in Macau from four or five days to twoLink with Malaysia – A link between the Ringgit RTGS system in Malaysia the RENTAS system and the US dollar RTGS system in Hong Kong came into operation in November 2006 The link helps eliminate settlement risk by enabling PvP settlements of foreign exchange transactions in ringgit and US dollars during Malaysian and Hong Kong business hours This is the first cross-border PvP link between two RTGS systems in the regionLink with Indonesia – The PvP link between Hong Kong’s US dollar RTGS system and Indonesia’s Rupiah RTGS system was launched in January 2010 The link helps eliminate settlement risk by enabling PvP settlements of foreign exchange transactions in Rupiah and US dollars during Indonesian and Hong Kong business hoursLink with the Continuous Linked Settlement CLS system – The CLS system operated by CLS Bank International is a global clearing and settlement system for cross-border foreign exchange transactions It removes settlement risk in these transactions by settling them on a PvP basis The Hong Kong dollar joined the CLS system in 2004Regional CHATS – This is an extension of the RTGS systems in Hong Kong in the regional context Regional payments in Hong Kong dollars US dollars euros and renminbi can use the RTGS platform in Hong Kong to facilitate cross border/cross bank transfers in those currenciesIn 2014 Hong Kong started operating PvP link between HK’s US dollar RTGS system and Thailand’s BAHT RTGS systemThis is surprisingly subtleWhen for instance when bank A in the Richmond Federal Reserve district sends 1000 in reserves to bank B in the Minneapolis Federal Reserve district reserves are taken out of bank A’s account at the Richmond Fed and placed into bank B’s account at the Minneapolis FedNow bank A’s reserves are a liability on the books of the Richmond Fed while bank B’s reserves are a liability on the books of the Minneapolis Fed Without any offsetting change therefore the process would result in the Richmond Fed discharging a liability and the Minneapolis Fed gaining a liability – and if this continued regional Fed assets and liabilities could become highly mismatchedThe principle then is that there should be an offsetting swap of assets It would be too complicated to swap actual assets every time there is a flow of reserves between banks in different districts There’s over 3 trillion in transactions every day on Fedwire the Fed’s RTGS system – and if even a fraction of those are between different districts the amounts are really enormous Instead in the short run the regional Feds swap accounting entries in an “Interdistrict Settlement Account” ISA In the example above the Minneapolis Fed’s ISA position would increase by 1000 while the Richmond Fed’s ISA position would decrease by 1000 to offset the transfer of liabilitiesSo far this is all very similar to the controversial TARGET2 system in the Euro area in which large balances between national banks have recently been accumulating The American system is different however because ISA entries are eventually settled via transfers of assets Every April the average ISA balance for each regional Fed over the past year is calculated and this portion of the balance is settled via a transfer of assets in the System Open Market Account the main pile of Fed assets run by the New York Fed Hence if in April the Minneapolis Fed has an ISA balance of 500 but over the past year it had an average balance of 2000 its balance is decreased by 2000 to -1500 and it has an offsetting gain of 2000 in SOMA assetsAs this example shows since it is average balances over the past year that are settled not the current balances ISA balances do not necessarily go to zero every April Historically they were fairly tiny anyway but since QE brought dramatic increases in reserves these balances have sometimes been large and irregular In the long run though the system prevents any persistent imbalances from accumulatingNote: the process in April is a little bit more complicated than I describe since some minor transfers of gold certificate holdings are also involved Basically gold certificates are transferred between regional Feds to maintain a constant ratio of gold certificates to federal reserve notes the transfers of SOMA assets are adjusted to account for this Wolman’s recent piece for the Richmond Fed is one of the few sources that describes the system in detailTwelve Districts of Federal ReservesEAC Payment and Settlement Systems Integration Project EAC-PSSIPThe East African Community Secretariat has received financing from the African Development Fund ADF toward the cost of the establishment of EAC Payment and Settlement Systems Integration Project EAC – PSSIP and intends to apply part of the agreed amount for this grant to payments under the contract for Audit Services for the EAC Payment and Settlement Systems Integration Project EAC-PSSIPThe EAC-PSSIP is an integral part of the EAC Financial Sector Development and Regionalisation Project’s FSDRP higher objective of broadening and deepening the financial sector and is aimed at complementing the integration of the regional financial market infrastructure to facilitate the undertaking of cross border funds transfer in support of the economies of the region as a whole The project objective is to contribute to the modernization harmonization and regional integration of payment and settlement systemsThe project specifically aims at: enhancing convergence and regional integration of payment and settlement systems and strengthening a harmonized legislative and regulatory financial sector capacity in the Partner States The Project is structured under the following components: Component 1: Integration of Financial Market Infrastructure Component 2: Harmonization of Financial Laws and Regulations and Component 3: Capacity BuildingThe project commenced its operation in January 2014 and it was officially launched in March 2014Towards A Single CurrencyThe latest development is the 2013 Monetary Union protocol which sets out the terms for the introduction of a single currency by 2024 The IMF has stated that greater integration is “expected to help sustain strong economic growth and improve economic efficiency A larger regional market will lead to economies of scale lower transaction costs increased competition and greater attractiveness as a destination for FDI” The first step towards this goal has already been taken In May 2014 the East African Payment System EAPS was launched The new system will facilitate real-time cross-border payments between member states Initially the EAPS was operational between Kenya Tanzania and Uganda linking the Tanzania Interbank Settlement System the Kenya Electronic Payment and Settlement System and the Uganda National Interbank Settlement Lucy Kinunda director of national payment systems at the Tanzanian central bank told the local press “We see the enthusiasm among commercial banks and traders building up as it facilitates intra-regional trade by reducing costs and risks in money transfers across border”While there is much expectation for the single currency and the political and economic integration it will bring the main challenge will be the process of macroeconomic convergence There has been substantial variation in inflation and economic growth rates within the EAC For Kenya there will also be a challenge in meeting the macroeconomic criteria laid out in the Monetary Union Protocol In the decade to the end of 2013 Kenya only achieved the inflation target of below 8 in 2010 and 2013 The country fares better on the ratio of public debt to GDP maintaining a ratio below the target level of 50 every year between 2008 and 2013 The member states have almost a decade to meet the convergence criteriaSADC – Southern African Development Community – uses RAND as settlement CurrencyThe Southern African Development Community SADC aims to achieve economic development peace and security alleviate poverty and enhance the standard and quality of life of the peoples of Southern Africa through regional integration Current status In order to achieve the above objective a comprehensive development and implementation framework – the Regional Indicative Strategic Development Plan RISDP – was formulated in 2001 guiding the regional integration over a period of fi fteen years 2005-2020 The RISDFP outlines key integration milestones in fi ve areas: free trade area customs union common market monetary union and single currency The free trade area was achieved in August 2008 meaning that for 85 of intra-regional trade there is zero duty The second milestone to establish a customs union has been postponed with a new target date of sometime in 2013 Although the ultimate goal of monetary union with a single currency is several years away the SADC Payment System integration project is already in motion This has strategic objectives to: harmonise legal and regulatory frameworks to facilitate regional clearing and settlement arrangements implement an integrated regional cross-border payment settlement infrastructure and establish a co-operative oversight arrangement based on the harmonised regulatory framework The first phase of the cross-border payment settlement infrastructure SIRESS went live for the Common Monetary Area countries that use the South African rand South Africa Lesotho Namibia and Swaziland in July 2013 The new system allows the settlement of payment transactions in a central location using rand as the common settlement currency Next steps – towards an Economic Union If successful the new system will be rolled out to the rest of the SADC Member States as the region advances towards its eventual establishment as an economic union In parallel the immediate next step is the establishment of the SADC customs union which presents a number of challenges the major one is the establishment of a single Common External Tariff which requires convergence of all individual tariff policies into a single and uniform tariff regimeThe first stage of the Sadc Integrated Regional Electronic Settlement System SIRESS being the first go-live involving countries in the Common Monetary Area CMA namely Lesotho Namibia South Africa and Swaziland was initiated in July 2013 Phase Two involved Malawi Tanzania and Zimbabwe going live in April 2014 followed by Mauritius and Zambia which went live in September 2014 under Phase Three Since the launch of Siress 43 of payments in the Sadc region are now executed through the system which settles payments in South African rand By April 2015 Siress had reached the ZAR1 trillion US851 billion settlement mark This phenomenal growth of Siress is emblematic of the growing importance and influence of regional payment systems in general the rationale of which is the subject of this articleAs of 2015 9 out of the 15 countries have joined the RTGS systemECOWAS – West Africa Monetary Zone WAMZThe Economic Community of West African States ECOWAS’ Monetary Cooperation Programme EMCP provided the blueprint for the economic integration of the countries of West Africa Amongst other measures the EMCP called for the creation of a single monetary zone in the sub-regions known as the West African Monetary Zone WAMZ The WAMZ was created in April 2000 with the goal to establish an economic and monetary union of the member countries In 2001 WAMZ created the West African Monetary Institute WAMI to undertake preparatory activities for the establishment of the West African Central Bank WACB and the launching of a monetary union for the Zone The WAMZ programme aims to increase trade among the ECOWAS/WAMZ member countries reduce transaction costs for the users of payment systems domesticate cross-border transactions within the WAMZ through the use of a single currency develop safe secure and effi cient payment systems that conform to global standards and build a payment system that will facilitate monetary policy management for the WACBAhead of the establishment of the WACB having a modernised safe and stable financial infrastructure in place is a prerequisite to introduce a monetary union successfully To this effect a grant of about USD 30 million from African Development Bank Fund was approved for the WAMZ Payments System Development Project which aims to improve the basic infrastructure of the fi nancial sector through upgrade of the payment systems of our countries – The Gambia Guinea Sierra Lone and Liberia The system components of the project include Real-Time Gross Settlement RTGS system Automated Clearing House ACH / Automated Cheque Processing ACP systems Central Securities Depository CSD / Scripless Securities Settlement SSS systems Core Banking Application CBA system and infrastructure upgrade telecommunication and energy The Gambia’s high-value payment system went live in July 2012 and Sierra Leone is currently going through the implementation The target date of the project completion in all four countries is June 2014COMESA – Common Market for East and Southern AfricaThe COMESA launched the COMESA Customs Union in 2009 and the COMESA Regional Payment and Settlement System REPSS to facilitate crossborder payment and settlement between Central Banks in the COMESA region The new system provides a single gateway for Central Banks within the region to effect payment and settlement of tradesBurundi Comoros DRC Djibouti Egypt Eritrea Ethiopia Kenya Libya Madagascar Malawi Mauritius Rwanda Seychelles Sudan Swaziland Uganda Zambia ZimbabweECOWAS – WAEMU/UEMOA – West African Economic and Monetary Unioncreated as a single monetary zone is the West African Economic and Monetary Union WAEMU / Union Economique et Monétaire Ouest Africaine UEMOA The WAEMU was established to promote economic integration among member countries and a common market that share West African francs CFA francs as a common currency monetary policies and French as an official language It is a trade zone agreement to encourage internal development improve trade establish uniform tariffs for goods establish a regional stock exchange and a regional banking systemThe UEMOA/WAEMU has successfully implemented macro-economic convergence criteria and an effective surveillance mechanism adopted a customs union and common external tariff and combined indirect taxation regulations in addition to initiating regional structural and sectoral policies Uniquely amongst Africa’s regionalisation projects UEMOA/WAEMU has a single central bank Banque Centrale des Etats de l’Afrique de l’Ouest BCEAO which governs all of the fi nancial institutions across the Union As part of the project for modernisation of the payment and financial infrastructure the BCEAO launched a regional Real Time Gross Settlement RTGS system in 2004 and the regional Automated Clearing House ACH system in 2008Benin Burkina Faso Ivory Coast Guinea-Bissau Mali Niger Senegal TogoSIP — A NEW INTEGRATED REGIONAL PAYMENT SYSTEMGuatemala Costa Rica Honduras El Salvador Nicaragua Dominican RepublicUses US Dollar as settlement CurrencyThe SIP is a novel framework in the Americas with several elements that dis – tinguish it from other cross-border arrangements: it involves participants in various countries allows for payment flows in all directions among participants uses an RTGS concept for its ‘hub’ and interlinks exclusively central bank RTGS systems not ACHs and uses a foreign currency for its settlement accountsThere may certainly be some doubts as to whether the degree of existing commercial integration among the countries of Central America and the Dominican Republic will suffice to make SIP a commercially viable propositionBut one can see the SIP as part of a wider initiative which seeks to develop the financial infrastructure with a view to furthering a regional financial market The SIP will be an integral part of the local payment systems of CMCA member countries and as such will widen the coverage of available services to the benefit of participants of the national payment systems Furthermore the SIP could act as a direct stimulus for those banks that operate in only one of the member countries to offer affordable cross-border payment services to its clients and thus assist in the strengthening of regional financial integrationPayment issues : Deputy Trade Minister Bayu Krisnamurthi second right accompanied by Artajasa president director Arya Damar right inspects a booth during the Integrated Payment System seminar in Jakarta on Wednesday The seminar aimed at informing business players about the integrated payment system ahead of the ASEAN Economic Community in 2015 Antara/Prasetyo UtomoBank Indonesia BI is currently developing tools to create a more time-efficient and low-cost payment system ahead of the launch of the ASEAN Economic Community AEC in 2015 when there will be a free flow of goods services and people among ASEAN member countries‘€œWe are working to develop a more integrated national payment system before having an integrated payment system within the ASEAN region’€ BI payment system executive director Rosmaya Hadi said at a seminar held by electronic payment service provider PT Artajasa Pembayaran Elektronik on WednesdayWith the new system the Indonesian banking industry will have a new real-time gross settlement system RTGS in which bank customers can carry out multi currency transactions on a real-time basis she said‘€œWith this system a bank customer can carry out multicurrency transactions in only minutes through non-cash payments’€ she said adding that BI would launch the new system this yearRosmaya also said the Indonesian central bank and its counterparts in five ASEAN members including Malaysia the Philippines Singapore and Thailand had agreed to prepare for an integrated payment system‘€œCentral banks of the ASEAN 5 have formed task forces on trade settlements retail payments monthly remittances capital market settlements and standardization to formulate a set of regulations and schemes with which we will have an ASEAN integrated payment system’€ she saidUnder the regional integrated payment system people in ASEAN will be able to make financial transactions through ATMs credit cards or electronic money without sacrificing much time and moneyAccording to a report by the ASEAN Working Committee on Payment and Settlement Systems WC-PSS the integrated payment system will reduce bank charges such as foreign exchange spread among ASEAN currencies and handling fees and encourage regulated non-bank remittance service providers to adopt international/common standards in retail payment systemsOf all the ASEAN member countries only Indonesia the Philippines and Thailand currently have full ATM interoperability according to an Asian Development Bank Institute report published in 2013‘€œWhen the AEC commences ASEAN member countries will have greater need for an integrated payment system as people from across the region will have to carry out transactions from and to their home countries’€ said Deputy Trade Minister Bayu Krisnamurthi at a similar eventThe AEC also known as the ASEAN single market will commence at the end of 2015 Under the AEC the ASEAN 5 and Brunei Darussalam will have free trade agreements while Cambodia Laos Myanmar and Vietnam will fully participate in the community in 2018Artajasa president director Arya Damar said that Indonesia should also develop its banking sector to tap its large market by utilizing more cashless transactions otherwise other ASEAN countries’€™ banks would do soCiting BI data Artajasa said that with a total of 800000 local branches commercial banks in Indonesia could reach only 20 percent of the total working-age population of around 150 million people‘€œMeanwhile with only 15000 ATMs Malaysian commercial banks can reach 66 percent of its total working-age population’€ he saidThai commercial banks with around 66000 ATMs can reach about 30 percent of Of Thailand’€™s total working-age population he added koiSINGAPORE – The five largest members of ASEAN – Indonesia Malaysia Singapore the Philippines and Thailand – have agreed to implement an integrated payment system to enable real time gross settlement RTGS systems to be in effect by next year“With this system a bank customer can carry out multi-currency transactions in minutes through non-cash payments” said Rosmaya Hadi with Bank IndonesiaThe ASEAN 5 Central Banks are currently working on establishing protocols for intra-trade settlement retail payments monthly remittances capital market settlements and standardization to enable the system to be up and running by the time the ASEAN Economic Community AEC unification occurs next January“When the AEC commences ASEAN member countries will have greater need for an integrated payment system as people from across the region will have to carry out transactions from and to their home countries” according to Deputy Trade Minister Bayu KrisnamurthiUnder the system individual users across ASEAN will be able to make financial payments through ATMs credit cards or electronic money without spending a significant amount of time or money doing so As ASEAN currently has no plan to establish a unified currency this program is expected to increase multi-currency transactionsASEAN members are also developing their ATM networks Indonesia for example has an ATM reach of 20 percent of its total working population of 150 million compared with 66 per cent for MalaysiaIndonesia Malaysia and Thailand are currently the only ASEAN members to have full ATM integration according to the Asian Development Bank This will soon change as the other ASEAN member nations work towards greater integrationIndonesia Thailand Phillipines Singapore Malaysia and Brunei Darussalam in 2015Cambodia Laos Myanmar and Vietnam to join in 2018ASEAN 3 Cross Border InfrastructureIn Delhi in May 2013 the Finance Ministers and Central Bank Governors of the Association of Southeast Asian Nations ASEAN the People’s Republic of China PRC Japan and the Republic of Korea—collectively known as ASEAN3—agreed to set up a Cross-Border Settlement Infrastructure Forum CSIF to discuss detailed work plans and related processes for the improvement of cross-border settlement in the region which included the possibility of establishing a regional settlement intermediary RSI Members observers and the CSIF Secretariat are listed in Appendix 1Based on the intensive discussions among CSIF members the first report Basic Principles on Establishing a Regional Settlement Intermediary and Next Steps Forward was published by the Asian Development Bank in May 2014 after being endorsed by the ASEAN3 finance ministers and Central Bank governors at their 17th meeting held in May 2014 in Astana The members agreed that the central securities depository CSD–real-time gross settlement RTGS linkages which connect national CSD systems and RTGS systems in a flexibleway would be an achievable model for cross-border settlement infrastructure in the short term and medium term This model linking existing infrastructure enables local bonds to be settled in delivery versus payment DVP via central bank money which ensures the safety of settlement and is compliant with international standards as well as being cost – efficient As such the CSD–RTGS linkages are to be studied as the most feasible model for implementing the RSI in ASEAN3The Joint Statement of the 17th ASEAN3 Finance Ministers and Central Bank Governors Meeting reads as follows:We welcomed the recommendations submitted by the Cross-Border Settlement Infrastructure Forum CSIF and the direction of developing the implementation roadmap of CSD-RTGS linkages as short-term and medium-term goals and integrated solution as a long-term goal for making it possible to deliver securities smoothly and safely versus payment across borders We are of the view that this is a practical and efficient approach to advance regional settlement infrastructure that promotes cross-border securities transactions in the regionThe 4th and 5th CSIF meetings were held in Hong Kong China September 2014 and Manila January 2015 respectively Specific topics to develop an implementation plan for the CSD–RTGS linkages—such as a desktop study possible road map—were discussed at these meetings As an initial step the Bank of Japan BOJ and the Hong Kong Monetary Authority HKMA agreed to conduct a desktop studyRegional Integration in South Asia: BIMSTEC SAARC SAPTA SAFTAJanuary 1 2016 marked the tenth anniversary of the South Asian Free Trade Area Safta The agreement which was reached in January 2004 at the 12th Saarc Summit in Islamabad Pakistan came into force on January 1 2006 and became operational after the agreement was ratified by seven nations Afghanistan the eighth member ratified it in May 2011It created a free trade area for the people of eight South Asian nations and aimed at reducing custom duties of all traded goods to zero by 2016 That year is here but the South Asian nations see trade among them making up a meagre five per cent of their total transactionsThe purpose of Safta was to promote common contract among the member-nations and provide them with equitable benefits It also aimed at increasing the level of cooperation in economy and trade among the Saarc nations by lowering the tariff and barriers and give special preference to the least developed countries in the Saarc regionAt a time when regional trade blocs and free trade area have emerged as models of cooperative economic growth the Safta had offered a great opportunity to take forward the process of South Asian integrationBut South Asia has too much problemsBut South Asia is a unique regional entity in the entire world It is a region which has remained a prisoner of the past and pressing geopolitical realities involving India Pakistan and ChinaThanks to the relentless rivalry between India and Pakistan and the latter’s proximity to the Chinese who have included the strategy of containing India in its scheme of things in South Asia the idea of integration of South Asia in other forms have remained elusiveOther smaller countries like Nepal Bengladesh Maldives and Sri Lanka too have played the China card against India time and again hurting the prospects of mutual confidenceIn such an atmosphere of suspicion achieving what the Safta had envisioned a decade back has been next to impossible Despite a free trade pact since 2006 trade among South Asian nations makes up five percent of their total trade They share few transport and power connections between themWe saw how Saarc fell apart at its 2014 summitWe saw how the Saarc was split during the 18th summit held in Kathmandu in 2014 end when India and Nepal accused Pakistan of creating an obstacle on the way of regional integration by refusing to sign three multilateral agreements including road trade and sharing of electricityIndian Prime Minister Narendra Modi even went to the extent of warning at that time saying the integration would happen through the Saarc or without itHe found backing in the Nepali ranks India then went ahead with ties visa energy road with other neighbours like Nepal and Bangladesh and also promised to cut its trade surplus with the South Asian nations But in all Modi expressed displeasure that the progress was too slowDespite the presence of instruments like Safta and Bimstec Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation South Asia has only languished The state of affairs in connectivity financial infrastructure including banking and mobility of people and goods have remained stuck in the complex cobweb of customs visa and transit normsIndia too is responsible for the poor state of affairsIndia being the largest nation in South Asia has been equally guilty by not attaching much significance to the forum in the past as it did in nurturing relation with the West and Russia There has been a sheer lack of continuity in the country’s successive governments’ priorities towards South AsiaFor most a combative policy towards Pakistan and dominating approach towards the smaller neighbours have been the most-after stand No wonder opportunities like Safta were lost without a traceCan Narendra Modi govt turn the tables aroundHowever the Narendra Modi regime has attached much importance to the issue of South Asian integration which is a silver lining The way India’s PM invited all South Asian heads of states or representatives to his swearing-in ceremony or kicked off his foreign tours with visits to small states like Bhutan and Nepal or suddenly landed in Lahore to reach out to his Pakistani counterpart-all these suggest that his government aspires to see a better surroundingsYes there have been a serious goof-up by India’s foreign-policy makers in Nepal in the wake of its ratifying a new constitution which has left the Himalayan neighbour distraught but yet going by PM Modi’s general intent of improving the state of South Asian cooperation the decade-old Safta could still have a futureAs of now the wait will be for the 19th Saarc summit in Islamabad later this yearRegional Monetary Co-operation in the Developing World Taking StockBarbara Fritz / Laurissa MühlichRedefining the Landscape of Payment SystemsSummary of Proceedings of the World Bank ConferencePAYMENT SYSTEMS TO FACILITATE SOUTH ASIAN INTRA – REGIONAL TRADERegional Integration and Economic Development in South AsiaCreating an Association of Southeast Asian Nations Payment System: Policy and Regulatory IssuesNo 422 May 2013BASIC PRINCIPLES ON ESTABLISHING A REGIONAL SETTLEMENT INTERMEDIARY AND NEXT STEPS FORWARDCROSS-BORDER SETTLEMENT INFRASTRUCTURE FORUMPAYMENT AND SECURITIES SETTLEMENT SYSTEMS IN THE MIDDLE EAST AND NORTH AFRICAMASSIMO CIRASINO AND MARCO NICOLÌPayments Systems and Intra African TradeAfrica Payments: Insights into African transaction flowsPAYMENT SYSTEMS DEVELOPMENT IN THE WEST AFRICAN MONETARY ZONE WAMZBY TEMITOPE W OSHIKOYASADC Regional payments integration Project – Annexure 6CROSS-BORDER LOW VALUE PAYMENTS AND REGIONAL INTEGRATION: ENABLERS AND DISABLERSDR LEO LIPIS COLIN ADAMSEAC – PAYMENT AND SETTLEMENT SYSTEMS INTEGRATION PROJECT EAC-PSSIPThe development of a regional payment system in Central America: A step towards further integration and economic developmentGregor Heinrich and Enrique Garcıa DubonImplementing Cross-border Payment Clearing and SettlementSystems: Lessons from the Southern African Development CommunityAlbert Mutonga MatongelaPayment System Interoperability and Oversight: The International DimensionPayment systems to facilitate South Asian integrationTowards South Asia Economic UnionRBI suspends euro transactions via Asian Clearing UnionFinancial Infrastructure in Hong KongPEOPLE’S REPUBLIC OF CHINA––HONG KONG SPECIAL ADMINISTRATIVE REGIONOVERSIGHT AND SUPERVISION OF FINANCIAL MARKET INFRASTRUCTURES–TECHNICAL NOTEIMF Country Report No 14/208FINANCIAL SECTOR ASSESSMENT PROGRAMPAYMENT AND SETTLEMENT SYSTEMSBonk of MalaysiaFinancial Sector Reforms and Prospects for Financial Integration in Maghreb CountriesAmor Tahari Patricia Brenner Erik De Vrijer Marina Moretti Abdelhak Senhadji Gabriel Sensenbrenner and Juan SoléThe Southern African Development Community Integrated Regional Settlement System SIRESS: What Como and WhyThe Payment and Settlement Systems in the Republic of China TaiwanPAYMENT SYSTEMS IN JAPANThe Inefficiencies of Cross-Border Payments: How Current Forces Are Shaping the FutureWritten by Yoon S Park PHD amp DBA George Washington UniversityBI prepares for ASEAN integrated payment systemThe Jakarta PostJakarta |
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Panorama Eklat in Washington „Heb deine Faust!“ – US-Aktivisten bedrängen Restaurantbesucherin |
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Thu January 30 2014ASEAN Financial Integration towards ASEAN 2025:Call for a well-coordinated supervisory and regulatory frameworkSatoru Tomo YamaderaUK Payments Infrastructure: Exploring OpportunitiesPayment Systems in Latin America: Advances and OpportunitiesBy Nancy Russell NLRussell AssociatesPROGRESS REPORT ON ESTABLISHING A REGIONAL SETTLEMENT INTERMEDIARY AND NEXT STEPSImplementing Central Securities Depository–Real-Time Gross Settlement Linkages in ASEAN3CROSS-BORDER SETTLEMENT INFRASTRUCTURE FORUMASEAN3 Information on Transaction Flows and Settlement InfrastructuresASEAN3 Bond Market Forum Sub-Forum 2 ABMF SF2BASIC PRINCIPLES ON ESTABLISHING A REGIONAL SETTLEMENT INTERMEDIARY AND NEXT STEPS FORWARDCROSS-BORDER SETTLEMENT INFRASTRUCTURE FORUMASIAN ECONOMIC INTEGRATION REPORTWHAT DRIVES FOREIGN DIRECT INVESTMENT IN ASIA AND THE PACIFICASEAN Financial IntegrationGeert Almekinders Satoshi Fukuda Alex Mourmouras Jianping Zhou and Yong Sarah ZhouGuidelines for the Successful Regional Integration of Financial InfrastructuresASEAN 5 Prepares for Integrated Payment SystemPosted on January 31 2014Establishing an integrated payment system real-time gross settlement in ASEANKusumo Wardhono Dwi Tjahjaa Practical approach to International Monetary System Reform: Building Settlement Infrastructure for Regional CurrenciesChangyong Rhee and Lea SumulongStrengthening Financial InfrastructurePeter J Morgan and Mario LamberteNo 345 February 2012Why Complementarity Matters for Stability — Hong Kong SAR and Singapore as Asian Financial CentersV Le Leslé F Ohnsorge M Kim S SeshadriNavigating Rise of Global RMBCross-border payment link established with Hong KongHong Kong’s role in facilitating the use of Renminbi as a currency for settling international transactionsTARGET2: a global hub for processing payments in euroTHE EAST AFRICAN PAYMENT SYSTEM EAPSHong Kong and Thailand launch a new cross-border payment-versus-payment linkSettlement Systems of East Asian EconomiesPayments in ASEAN post AECVengadasalam Venkatachalam Head of Product Management South East AsiaPSSR – Payments and Settlement Systems ReportPayment clearing and settlement systems in Hong Kong SARInterdependencies of payment and settlement systems: the Hong Kong experienceCreating an Integrated Payment System: The Evolution of FedwireAdam M Gilbert Dara Hunt and Kenneth C WinchFederal Reserve Interdistrict SettlementTARGET2 and Central Bank Balance Sheets1 University College Dublin New DraftOntology and Theory for a Redesign of European Monetary UnionTARGET2: Symptom Not Cause of Eurozone WoesBy Thomas A Lubik and Karl RhodesThe Idiot’s Guide to the Federal Reserve Interdistrict Settlement AccountMutual aSSiStance betWeen Federal reServe bankS1913-1960 aS ProlegoMena to the target2 debateBarry Eichengreen Arnaud Mehl Livia Chiţu and Gary RichardsonInterpreting TARGET2 balancesby Stephen G Cecchetti Robert N McCauley and Patrick M McGuireMonetary and Economic Department December 2012Cross Border/Offshore Payment and Settlement SystemsCross Border/Offshore Payment and Settlement SystemsThere are several ways by which international payment transactions are done around the globeMain mechanisms for payment and settlements are as follows:Correspondent Banks Network – loosely coupled network of private banks Clearing Bank Model – using international clearing banks – China’s RMB Clearing Banks Cross border RTGS – used mainly in regional economic and monetary blocs such as EMU – TARGET2 Clearing House model – Offshore Payment Clearing and settlements through systems such CHIPS in USA and CIPS in ChinaCentral Banks also have created a Currency Swap network for providing liquidity in international financial marketsRecently there has been a decline in correspondent banks network transactions Many global banks have withdrawn correspondent relationships with other banks due to increased regulationsThere is also a newer trend in using ACH networks for international transactions SEPA in Europe and FedGlobal ACH in USA are two examplesSWIFT and CLS bank also play a critical role in international paymentsThere is also very large OTC FX market in which 51 trillion USD per day are traded I am not yet sure about the clearing and settlements of these transactionsThere are some newer technology platforms which have started providing Global payment services Earthport in UK and Ripple Labs are two such examplesLarge Value Transfer Methods B2B TransfersCross border Same Currency – TARGET2 SEPA EURO1 Offshore currency specific – CHIPS for USD CIPS for RMB Cross border multiple currencies – SWIFT CLS Offshore Clearing Houses – Hong Kong Singapore London Japan Frankfurt USA OTC FX markets FX SWAPS FX SPOT FX Forward FX Futures Network of Correspondent Banks Network of Clearing Houses CB FX Swap Network Intra bank payment networks: Multinational Banks Branch or subsidiary in a foreign country FEDGlobal ACH Hawala SystemRegional Blocs where new RTGS are being developedEast Africa Community EAC West African Monetary Zone WAMZ Common Market for East and South Africa COMESA South African Development Community SADC – SIRESS RTGS Automated Clearing House in Common Monetary Area CMA ASEAN AEC South Asian Asian Clearing Union LVPS used for International PaymentsEURO1 Pan Europe euroSIC Frankfurt used for Euro transactions between countries in EU but not in EMU FXYCS Japan EAF Germany SIC Switzerland CHIPS USA CHAPS UK LVTS Canada CIPS ChinaI am not sure how many of these networks are currently operational since countries in EU have migrated to TARGET2 since 2008G-LVTN Global Large Value Transfer NetworksThere are several newer solutions for international payment and money remittances at retail level B2C and C2C international money transfers They are listed here along with old solutions but are not discussed in this postNew and Old Solutions Retail B2C C2CBlock chain Ripple Earthport Transferwise Xoom A Paypal service Paypal Bitcoins Western Union Old MoneyGram Old Money2India/ICICI Bank State Bank of India Global ACH with FX Conversion International ACH TransactionsOne of the main reasons for this discrepancy is the inadequacy of the infrastructure for cross-border renminbi payments Cross-border payments are currently made via a patchwork of clearing hubs and correspondent banks These payments are hindered by complicated routing procedures the need to maintain multiple foreign correspondent accounts liquidity shortages in some offshore RMB centers different hours of operations between clearing centers a lack of common standards between international and Chinese domestic payment systems and China’s capital controlsDespite these hurdles the use of the renminbi as an international payments currency has continued to grow rapidly In the first half of 2015 there were more than RMB 57 trillion USD 8667 billion worth of payments made to and from China using the renminbi Currently around a third of payments between China and the Asia Pacific region are conducted using renminbi These numbers are projected to increase substantially over the coming years due to the desirability for Chinese businesses to use their own currency for trade transactionsThe increased use of the renminbi has led to around RMB15 trillion USD 231 billion in offshore renminbi deposits with the largest amounts in Hong Kong Taiwan and Singapore respectively As more renminbi accumulate outside of China investors will increase their demands for channels to repatriate funds back onshoreChina’s Cross-border Inter-bank Payment System CIPS seeks to address many of the existing problems facing cross-border renminbi payments CIPS provides one-point entry by participants and a central location for clearing renminbi payments It allows participation by both onshore and offshore banks and provides direct access to China National Advanced Payment System CNAPS These features reduce the need for banks to navigate complicated payment pathways via offshore clearing hubs or through correspondent banks This should result in faster payment processing and reduced costs for cross-border paymentsCIPS is a real time gross settlement system meaning that banks settle payments immediately between each other on a gross rather than a net basis This reduces credit risks that can arise in systems where payments are netted before settlementPayment messages sent within CIPS are written in both English and Chinese This eliminates the necessity of translating messages into Chinese before they can be transmitted to CNAPS CIPS utilizes the ISO20022 messaging standard a widely used international messaging scheme for cash securities trade and foreign exchange transactions CIPS will also utilize SWIFT bank identifier codes rather than CNAPS clearing codes These factors will allow CIPS to smoothly process payments flowing between offshore banks using SWIFT and mainland banks using CNAPS As a result cross-border payments made through CIPS should be able to achieve straight through processingCIPS operating hours will extend from 9:00am to 8:00pm Shanghai-time This allows the system to overlap with business hours in Europe Africa Oceania and Asia Banks within these jurisdictions will be able to settle renminbi transactions during their business day Though North and South America are not currently covered the People’s Bank of China PBoC has stated that an expansion of CIPS’ operating hours is possibleAs of the launch in October 2015 CIPS had 19 direct participants and 176 indirect participants The initial direct members of CIPS include 11 Chinese banks and the Chinese subsidiaries of 8 foreign banks There is currently only one American bank that is a direct participant in the system Citibank Of the indirect participants 38 were Chinese banks and 138 are foreign banksDetails on plans for the future development of CIPS are sparse Chinese officials have spoken of a Phase II for CIPS that will improve liquidity management and the efficiency of cross-border clearing and settlement PBoC officials have also stated that Phase II will include longer operating hours support for securities settlement and central counterpartiesThe creation of CIPS is an important milestone on the renminbi’s road to becoming a major global currency It has the potential to significantly improve the efficiency of cross-border payment transactions and increase liquidity in the offshore market CIPS provides a more direct pathway for processing transactions improving speed and lowering fees Liquidity in the offshore renminbi market will be improved due to the large number of participating financial institutions and the direct link the system has with CNAPSThe fact that the renminbi has progressed so quickly despite the underlying deficiencies in the payments infrastructure is a testament to the global demand for the currency CIPS seeks to rectify these deficiencies and is likely to play a critical role in the renminbi’s future growth as an international payments currencyThe Clearing House Interbank Payments System CHIPS is a bank-owned privately operated electronic payments systemCHIPS is both a customer and a competitor of the Federal Reserve’s Fedwire serviceThe average daily value of CHIPS transactions is about 12 trillion a dayThe Clearing House Interbank Payments System CHIPS is an electronic payments system that transfers funds and settles transactions in U S dollars CHIPS enables banks to transfer and settle international payments more quickly by replacing official bank checks with electronic bookkeeping entries As of January 2002 CHIPS had 59 members including large U S banks and U S branches of foreign banksThe New York Clearing House Association a group of the largest New York City commercial banks organized CHIPS in 1970 for eight of its members with Federal Reserve System membership Participation in CHIPS expanded gradually in the 1970s and 1980s to include other commercial banks Edge corporations United States agencies and branches of foreign banks and other financial institutionsUntil 1981 final settlement or the actual movement of balances at the Federal Reserve occurred on the morning after a transfer Sharply rising settlement volumes raised concerns that next-day settlement exposed funds unduly to various overnight and over-weekend risks In August 1981 the Federal Reserve agreed to provide same-day settlement to CHIPS participants through Fedwire the Fed’s electronic funds and securities transfer networkThe number of CHIPS members has fallen from about 140 in the late 1980s mainly because of consolidations in the banking industry Membership might have fallen even more sharply if CHIPS had not acted in 1998 to eliminate a requirement that members maintain an office in New York CityCHIPS is governed by a ten-member board consisting of senior officers of large banks that establishes rules and fees and admits and reevaluates participants CHIPS handles about 240000 transactions a day with a total dollar value of about 12 trillion Historically CHIPS specialized in settling the dollar portion of foreign exchange transactions and CHIPS estimates that it handles 95 percent of all U S dollar payments moving between countries However the CHIPS focus has shifted to domestic business since CHIPS introduced intraday settlement in January 2001Until January 2001 CHIPS conducted all of its settling at the end of the business day Now however CHIPS provides intraday payment finality through a real-time system CHIPS settles small payments which can be accommodated by the banks’ available balances individually Other payments are netted bilaterally e g when Bank A has to pay 500 million to Bank B and Bank B has to pay 500 million to Bank A without any actual movement of funds between CHIPS participantsOther payments are netted multilaterally Suppose Bank A must pay 500 million to Bank B and Bank A is also expecting to receive 500 million from Bank C Without netting Bank A would send 500 million to Bank B and it would thus experience a decline in its available cash while it was awaiting the payment from Bank CUsing the CHIPS netting system however Bank A submits its 500 million payment for Bank B to a payments queue where it waits until Bank C’s offsetting payment is received The effect of matching and netting these payments is that Bank A’s cash position is simultaneously reduced by its payment to Bank B and increased by receipt of its payment from Bank C The overall effect on Bank A’s cash position is thus zeroPayments for which no match can be found are not made until the end of the day but each payment is final as soon as it is made To facilitate the working of the intraday netting system each participant pre-funds its CHIPS account by depositing a certain amount between 12:30 and 9:00 a m The size of this “security deposit” which is recalculated weekly is set by CHIPS based on the number and size of the bank’s recent CHIPS transactions and none of it can be withdrawn during the day At the end of the day CHIPS uses these deposits to settle any still-unsettled transactions Any participant that has a negative closing position at the end of the day that is it owes more than what it has in its security deposit has 30 minutes to make up the difference The 30-minute period is referred to as the final prefunding period If any banks do not meet their final prefunding requirement CHIPS settles as many of the remaining payments as possible with funds that are in the system and any payments still unsettled must be settled outside of CHIPSBanks that have positive closing positions at the end of the day receive the amounts that they are due in the form of Fedwire payments Because the ultimate CHIPS settlements are provided by Fedwire CHIPS is a customer as well as a competitor of Fedwire The vast majority of CHIPS members are also Fedwire participants and the daily value of CHIPS transfers is about 80 percent of Fedwire’s non-securities transfersCHIPS has recently added electronic data interchange EDI capability to its payment message format EDI allows participants to transmit business information such as the purpose of a payment along with their electronic funds transfersUSA FedGlobal ACH PaymentsTo facilitate this mapping process the Federal Reserve Bank of Atlanta joined with U S and foreign depository institutions international clearing and settlement service providers and other interested parties to form the International Payments Framework Association IPFA The IPFA is a nonprofit membership association comprising 29 members representing Brazil Canada Europe Japan South Africa the United Kingdom and the United States whose purpose is to create a framework for bridging national formats for non-urgent international credit transfers IPFA establishes rules standards and operating procedures for the exchange of these payments The first effort by IPFA was to create rules that would facilitate a bridge between the IAT format for ACH credit transfers and the payment format ISO 20022 which supports the several retail networks within the single euro payments area also known as SEPA under the SEPA credit transfer scheme The next step underway is to leverage the framework created for the United States and SEPA in order to add other countries—such as Brazil Canada and South Africa—that want to exchange payments with the United States or SEPA ACH networksThe Reserve Banks through FedGlobal launched their first commercial international ACH service with Canada in 199943 The service began as a pilot program for outbound commercial ACH transfers from the United States to Canada and became a production service in December 2001 Subsequent to the Canadian service the Reserve Banks launched individual services to Europe Mexico Panama and Latin America covering 34 countries in total44 In 2010 the Reserve Banks processed 13 million international ACH transfers—accounting for about 20 percent of the total volume of international payments being cleared and settled through the U S ACH network45The Reserve Banks offer FedGlobal account-to-account services to Canada Mexico Panama and 22 countries in Europe The Reserve Banks offer FedGlobal A2R services to Argentina Brazil Colombia Costa Rica El Salvador Guatemala Honduras Mexico Nicaragua Peru and UruguayEurope Cross Border LVPSTarget 2 Euro1 SEPA CLS/SWIFT STEP 2 STEP 1EU EBA Clearing – EURO1 STEP1 STEP2 MyBankEBA Clearing is a provider of pan-European payment infrastructure with headquarters in Paris It is wholly owned by its shareholdersIts initial mission consisted in the operation of the clearing and settlement system for single euro transactions of high value EURO1 which the Euro Banking Association EBA had transferred to EBA Clearing for the launch of the system in 1999 Besides EURO1 EBA Clearing also owns and operates STEP1 a payment system for single euro payments for small and medium-sized banks and STEP2 a Pan-European Automated Clearing House PE-ACH for euro retail payments In March 2013 EBA CLEARING launched MyBank an e-authorisation solution for online payments which is geared at facilitating the growth of e-commerce across Europe1Both EURO1 and STEP2 have been identified as Systemically Important Payment Systems SIPS by the European Central Bank ECB EBA CLEARING is also planning to deliver a pan-European instant payments infrastructure solution in the course of 2017The organisation is based in Paris and has representative offices in Brussels Frankfurt and MilanEURO1 is a RTGS-equivalent large-value payment system on a multilateral net basis for single euro transactions of high priority and urgency and primarily of large amount EURO1 is owned and operated by EBA CLEARING It is open to banks that have a registered address or branch in the European Union and fulfil a number of additional requirements EURO1 is subject to German law current account principle/single obligation structure and is based on a messaging and IT infrastructure provided by SWIFTSince 2000 EBA CLEARING has been offering a payment service named STEP1 for small and medium-sized banks for single euro payments of high priority and urgency The technical infrastructure is the same as that of the EURO1 system both use the messaging and IT infrastructure of SWIFTSTEP2 was put into operation in 2003 with Italian payment system provider SIA S pA It processes mass payments in euro STEP2 is a Pan-European Automated Clearing House PE-ACH This means that it complies with the principles set by the European Payments Council EPC for a PE-ACH Compliant Clearing and Settlement SystemFrom the beginning of Single Euro Payments Area SEPA on 28 January 2008 STEP2 has been offering SEPA Credit Transfer processing services across all SEPA countries through its SEPA Credit Transfer SCT Service Since 2 November 2009 the transposition date of the Payment Services Directive EBA CLEARING has been processing SEPA Direct Debits with its STEP2 SDD Core and STEP2 SEPA Direct Debit “Business to Business” Services Through its SEPA Credit Transfer and Direct Debit offerings STEP2 provides banks across Europe with one channel through which they can send and receive their SEPA Credit Transfers and SEPA Direct Debits The STEP2 platform reaches nearly 100 percent of all banks that have signed the SCT and SDD Scheme Adherence Agreements of the European Payments Council EPCMyBank is a pan-European e-authorisation solution for online payments that was launched in March 2013 by EBA CLEARING The solution enables customers across Europe to pay for their online purchases via their regular online or mobile banking environment without having to disclose confidential data to the merchant or other third parties The solution can be used for authorising SEPA Credit Transfers as well as the creation of SDD mandates At a later stage MyBank may also be used for transactions in currencies other than euro or for e-identity servicesToday MyBank is owned and managed by PRETA S AS a wholly owned subsidiary of EBA CLEARING2ECB identifies systemically important payments systemsFour systems were identified: TARGET2 EURO1 STEP2-T and COREFRGoal is to ensure efficient management of risks and sound governance arrangementsThe European Central Bank ECB has identified four key payment systems that are now under the new ECB Regulation on oversight requirements for systemically important payment systems SIPS which entered into force on 12 August 2014 The regulation covers large-value and retail payment systems in the euro area operated by both central banks and private entities and aims at ensuring efficient management of legal credit liquidity operational general business custody investment and other risks as well as sound governance arrangements namely with a view towards promoting the smooth operation of safe and efficient payment systems in the euro areaThe four systems identified today are: TARGET2 operated by the Eurosystem EURO1 and STEP2-T operated by EBA CLEARING and COREFR operated by STET a joint initiative of six major French banks They were identified according to the combination of at least two of four main criteria i e the value of payments settled market share cross-border relevance and provision of services to other infrastructures The Eurosystem will review this list annually on the basis of updated statistical dataFrom CLS Bank amp the World of FX SettlementStarting my career as a trader on Wall Street one of the big mysteries I had was just how all these trades on the NYSE got executed and reported Within the maze of specialist booths and flying paper trades were being crossed and buyers and sellers were recognized While the occasional errors occur the wild system is highly efficient at reporting and settling tradesIn the world of OTC settlement represents a larger factor as participants are not bound by a central exchange system that insures against counterparty risk As such companies are on their own to ensure that trades are settled correctly with their counterparties and an exchange of funds takes placeIn Forex Magnates’s Q1 2013 Industry Report we took a look at the world of FX settlement and post-trade flow and researched CLS Bank and Traiana We wanted to know just what they did and how their products help FX players handle their settlement needs create efficient markets and lower overall transaction costs In this first part we focus on CLS BankLaunched in 2002 CLS Bank was created as a private sector initiative to deliver and operate services to mitigate settlement risk in the FX market Owned and operated by member institutions and working alongside central banks CLS offers members the ability to settle trades within a central location thus providing efficiencies to FX marketsTo understand what CLS does it is first important to know how settlement works Settlement is the process in which the payment and securities of a transaction are delivered Within the securities world this occurs in a three day window For example if a trader buys 100 shares of IBM stock at 100/share the broker has three days to collect the 10000 from the client transfer it to the seller and collect the shares back for the clientWithin FX settlement does not involve securities but instead different currencies Therefore in a EUR/USD trade the seller sends dollars while receiving euros For OTC participants one of the greatest worries is settlement risk which occurs when a counterparty is unable or unwilling to provide either the payment or transfer of securitiesWhile a deal between two parties can easily be voided thus limiting impact of a problematic counterparty the greater concern is the systemic risk As traders are simultaneously trading with multiple parties if one party fails to honor a transaction it can affect counterparties and could prevent them from having the funds and/or securities to settle other tradesJake Smith Head of Communications at CLS explained that “FX settlement risk is also known as ‘Herstatt Risk’ ” The name is derived from the failure of a privately owned German bank in 1974 At the time Bankhaus Herstatt had received delivery of Deutsche marks from US counterparty banks but had been put into receivership before the corresponding dollars were sent due to the time zone difference” Smith explained that while this occurred nearly 40 years ago “due to volumes growing substantially since that time settlement risk has grown significantly”To mitigate this risk CLS was created Currently there are over 60 members who represent some of the largest financial institutions from around the world CLS provides a central settlement network for FX transactions between its members and their customers To facilitate settlement all members are required to have a single multi-currency account with CLS supporting the 17 currencies that are settled by its systemAfter conducting a trade members send transactional details to CLS Bank including trade details counterparties and settlement data On the day of settlement CLS Bank multilaterally nets all the instructions between the settlement members calculating each institution’s pay-in obligations for the day to ensure settlement of all their instructions on a payment-versus – payment basis As settlement completes pay-out of multi-laterally netted long balances will occurExample: GBP/USD 150 EUR/USD 125Member 1: Buys 1000000 GBP/USD from Member 2Member 2: Buys 1000000 EUR/USD from Member 3Member 3: Buys 1000000 GBP/USD from Member 1Member 1: Owes 15M USD amp 1M GBP collects 15M USD amp 1M GBPMember 2: Owes 125M USD amp 1M GBP collects 1M EUR amp 15 USDMember 3: Owes 15M USD amp 1M EUR collects 125M USD amp 1M GBPCLS then multi-laterally nets the total obligations:Member 1: Pays 00Member 2: Pays 1M GBPMember 3: Pays 025M USD amp 1M EURThese obligations are funded into each member’s respective multi-currency accountCLS then redistributes the obligations to the corresponding membersMember 1: Receives 00Member 2: Receives 1M EUR amp 025M USDMember 3: Receives 1M GBPBy multi-laterally netting also known as trade compression payment obligations for each currency CLS eliminates the need to fund trades on an individual basis per currency resulting in approximately 96 netting efficiency This increases to 99 with In/Out Swaps an In/Out Swap is an intraday swap consisting of two equal and opposite FX transactionsThat means that for every 1 trillion of In/Out swaps settled members need to provide funding for less than 10 billion and 40 million for spot FX With CLS handling nearly 5 trillion worth of daily settlements the netting rates are a key element in allowing firms to grow their transactional volumes while substantially reducing the amount of funding required According to Smith “CLS believes this safer and efficient process is one of the factors that led to the increase in FX volumes over the last 10 years”Smith explained that CLS provides a number of benefits to the FX industry including settlement risk mitigation multi-lateral netting operational and IT efficiencies business growth opportunities and the ability to develop industry solutions best practices common standards and rules that benefit the FX marketWithin settlement risk mitigation also comes credit recognition By being CLS members credit departments have a greater understanding of each other and the counterparty risk This allows firms to allocate less risk between trades to other members For example while a bank may decide to trade up to 10 billion with another member they are more likely to limit their trade exposure to non-membersIn terms of operational efficiencies a key factor is with regard to CLS’s one rule and oversight committee Having one set of guidelines for members and central banks provides all participants with a clearer understanding of their counterparties When adding a new currency the corresponding central bank needs to follow the standardized guidelines These rules provide protection for members who benefit from the increased transparency a participating central bank will need to followIn July 2012 the critical role that CLS plays in global financial markets was recognised by the US Department of the Treasury’s Financial Stability Oversight Council when it designated CLS as a systemically important Financial Market Utility FMU CLS’s importance was highlighted further in November 2012 with the announcement of the US Treasury Department’s exemption of FX swaps and forwards from the clearing requirements required for many financial products under the Dodd-Frank legislation The role that CLS plays in the mitigation of FX settlement risk was believed to be a contributing factor towards that decisionCLS’s increased investment in technology has enabled it to materially expand peak capacity as it updated core technologies to meet the elevated standards required of a systemically important FMU The result is that CLS can now accommodate trade matching volumes of up to five times the average daily volume and process 20 per cent of a peak day’s volume in a one hour periodFurthermore CLS has put in place a flexible technology infrastructure which enables “capacity on demand” supporting future software upgrades to be delivered to increase capacity in a matter of days and weeks This structure allows CLS to pay for technology only when required while fulfilling obligations to the market to settle all eligible FX settlement instructionsThe need to build capacity was demonstrated on January 22 2013 when CLS settled more than 26 million instructions 18 per cent more than the previous high recorded on 19 September 2012Looking to the future as emerging markets grow CLS has received interest from settlement members to include additional currencies As such CLS has been evaluating the addition of the Brazilian real Chilean peso Chinese renminbi Russian ruble and Thai baht amongst othersAnother area where CLS is extending its services is in same day settlement A significant percentage of USD/CAD trades are intra-day and are not currently included in CLS settlement due to the time of day CLS is developing a same day settlement service between US and Canadian dollars to address this settlement risk which has a proposed launch date in late 2013From The complexity of correspondent bankingCorrespondent Banking NetworkCorrespondent banking which can be broadly defined as the provision of banking services by one bank the “correspondent bank” to another bank the “respondent bank” is essential for customer payments especially across borders and for the access of banks themselves to foreign financial systems The ability to make and receive international payments via correspondent banking is vital for businesses and individuals and for the G20’s goal of strong sustainable balanced growth At the extreme if an individual bank loses access to correspondent banking services this may affect its viability and if a country’s banks more generally face restricted access then it may affect the functioning of the local banking system In addition loss of correspondent banking services can create financial exclusion particularly where it affects flows such as remittances which are a key source of funds for people in many developing countriesBanks have traditionally maintained broad networks of correspondent banking relationships but there are growing indications that this situation might be changing In particular some banks providing these services are reducing the number of relationships they maintain and are establishing few new ones The impact of this trend is uneven across jurisdictions and banks As a result some respondent banks are likely to maintain relationships whereas others might risk being cut off from international payment networks This implies a threat that cross-border payment networks might fragment and that the range of available options for these transactions could narrowRising costs and uncertainty about how far customer due diligence should go in order to ensure regulatory compliance ie to what extent banks need to know their customers’ customers – the so-called “KYCC”- are cited by banks as among the main reasons for cutting back their correspondent relationships To avoid penalties and the related reputational damage correspondent banks have developed an increased sensitivity to the risks associated with correspondent banking As a consequence they have cut back services for respondent banks that i do not generate sufficient volumes to overcome compliance costs ii are located in jurisdictions perceived as very risky or iii provide payment services to customers about which the necessary information for an adequate risk assessment is not availableThe regulatory framework and in particular the AML/CFT Anti-Money Laundering/Counter Financing of Terrorism requirements and the related implementing legislation and regulations in different jurisdictions are taken as given in this report It is acknowledged that these requirements as agreed by the competent authorities along with strict implementation are necessary to prevent and detect criminal activities and ensure a healthy financial systemFrom Redefining the Landscape of Payment SystemsRegional Integration of Payment SystemsCross-border and cross-currency commercial and financial payments have traditionally been made through regional and global correspondent banking networks Correspondent banking networks typically involve multiple levels of intermediation to link national payment systems Similar arrangements exist for cross-border securities and other market-based transactions Such decentralized highly-tiered cross-border arrangements for payment and securities transfer clearing and settlement involve substantial liquidity operating and user costs Moreover the services provided are often too slow and unreliable for the rising volume of payments associated with closer regional commercial and financial ties Consequently more tightly organized and integrated regional and even inter-regional payment and securities infrastructures are developing as a result of integration initiatives in the African Asian and Latin American regions among others The discussions around the theme of regional integration of systems extended even further to the need for harmonized development of central bank payment system and monetary policiesIntegration in Wholesale SystemsThe regional integration of national payment systems directly links the large-value payment systems of the participating countries The link-up is through a distributed payment communications network involving either bilateral connectivity and system-to-system intra-regional payment settlement or connectivity to a central hub operating an intra-regional clearing and settlement facility With large-value payment systems typically operated by national central banks the distributed connectivity model of a regional payment system can substitute for the private correspondent banking network The correspondent central banking arrangement concentrates intra-regional payments into a single central bank correspondent that participates in a network having more standardized service levels and agreements than the private system i e correspondent banking Over the medium-term relative liquidity operating and user costs should generally be lower and intra-regional payment settlement faster and more predictable than in the private system A centralized model with a regional settlement bank can facilitate even greater standardization and more effective settlement risk control and given a common settlement currency permits multilateral netting that can lower liquidity costs even more as payment values and volumes riseThe successful regional integration of national large-value payment systems does however require several pre-conditions In addition to the obvious business case the most critical pre-conditions are the harmonization of key institutional and structural elements in the national systems of the member countries and a sustainable commitment to the regional payment system and the regional commercial and financial initiatives that underpin it Experiences cited in a number of regional payment system initiatives indicate that unreasonable expectations of immediate pay-offs from integration and inadequate harmonization of key institutional elements during network expansion such as those involving sound legal and oversight requirements cause commitment to the project to waver and can sometimes cause the initiative to collapse Organized and focused collaboration among all the key stakeholders and cooperation among the overseers of the national payment systems of the member countries is considered critical to sustaining commitment to the regional integration programAlthough several national securities depositories and securities settlement systems have developed bilateral system-to-system links in recent years only a few have begun to integrate regionally or inter-regionally into an organized multilateral system While the most developed cross-border systems are within the Eurozone others have begun to develop elsewhere as in the South African Development Community The discussion concerning the role of CCPs in securities and derivatives settlement extended to consideration of regional and even global developmentsIntegration of Retail Payment SystemsAside from the major global card payment systems which are expanding their products and services into new payment applications for cross-border retail payments there are only a few bilateral and multilateral system-to-system links that facilitate the clearing and settling of cross-border payments Correspondent banking arrangements even for the ultimate settlement of cross-border card payments are still the primary network arrangements for the ultimate settlement of cross-border retail payments The regional integration of large-value payment systems in conjunction with the integration of retail and large-value payment systems at the national level has spawned some initiatives for the regional integration of national retail payment systems The SEPA Single European Payment Area initiative is perhaps the most ambitious of these integration initiatives Triggered by policy action and driven by industry initiatives SEPA is aimed at creating a single integrated market for retail payment instruments and services throughout the Eurozone The most critical challenges faced by the SEPA initiative have been the set-up of public and private sector collaboration mechanisms for decision-making user support from public sector administrations and the harmonization of national legal barriers SEPA-compliant credit and debit transfers are now in place and work is proceeding on the introduction of SEPA-compliant card payments and on the development of SEPA-based online and mobile payment channelsTransnational Payment SystemsWhile once there were only domestic payment channels in each country we have witnessed the emergence of transnational systems such as TARGET CLS Continuous Linked Settlement the Federal Reserve’s International ACH Project known as FedACH International and the proposed pan-European automated clearinghouse known as PE-ACH On the other end of the spectrum card systems such as those operated by Visa and MasterCard are truly global in scope and have been expanding from consumer based transactions into commercial payments for more than a decade Transnational systems have traditionally focused on providing payments within a region or to a small number of countries and usually support a single currency Although none of these systems are yet global in scope it is likely they will continue to expand their coverage to additional countries and currencies Networks such as Visa and MasterCard are examples of global payment systems that also support multiple currencies though they are primarily used for retail payments and ad hoc/TampE commercial transactions Recently in countries like Switzerland and Hong Kong13 new arrangements have been developed for the settlement of local payments in foreign currency These arrangements neither fit perfectly in the traditional category of “correspondent banking” or in that of “payment systems” The main common characteristic of these arrangements or systems is that they do not settle in central bank money but across accounts held with a commercial bank and that they are based on clearly defined and transparent rules for payment activities Compared to traditional correspondent banking these new solutions are standardized and settle payments in real time with continuous finality In 1999 Swiss financial institutions established a cross-border solution in order to facilitate their cash management in euros This solution involves a fully licensed bank in Germany Swiss Euro Clearing Bank SECB To process euro transactions SECB uses the euroSIC platform in Switzerland which is often referred to as the euro payment system of Switzerland EuroSIC is a replication of the Swiss franc RTGS system Swiss Interbank Clearing SIC SIC and euroSIC are operated by Swiss Interbank Clearing AG SECB is the settlement institution and shares the role of settlement agent with the operator SIC AG SECB is also the liquidity provider in euroSIC It extends intraday and overnight credit to the participants of euroSIC against collateral SECB provides a link to the euro area as it is a direct participant in RTGSPLUS through which access to TARGET is established In Hong Kong the U S dollar and euro clearing systems USD CHATS Clearing House Automated Transfer System and Euro CHATS were introduced in 2000 and 2003 respectively They enhance the safety and efficiency of settling these foreign currencies in the local time zone These systems are almost exact replicas of the Hong Kong dollar RTGS system HKD CHATS The key functions of both systems are to enable settlement of foreign exchange transactions between HK dollars US dollars and euros in their respective currencies through a linkage with the Central Moneymarkets Unit CMU in Hong KongThe Hong Kong Monetary Authority has appointed the Hong Kong and Shanghai Banking Corporation as the settlement institution for USD CHATS and Standard Chartered Bank Hong Kong Limited as the settlement institution for Euro CHATS Both institutions provide intraday liquidity to the direct participating banks by means of repos as well as overdraft facilities One of the key benefits of both the US dollar and euro systems is the same day clearing of transactions Also driving transnational systems is the implementation of “straight through processing STP” standards for transfers between banks as well as between banks and customers To ensure simultaneous and dependable deliveries payment-versus-payment PVP delivery-versus-payment DVP and delivery-versus-delivery DVD processes have also been established The growth in transnational systems can improve the efficiency of cross-border payments by reducing clearing and settlement times minimizing float Better visibility of funds flows supports improved cash forecasting Finally standardized formats will reduce costly errors and repairsIntra bank Payments Networks – Multinational BanksMergers and acquisitions have been the single biggest force reshaping the global payments landscape over the past two decades The most recent round of consolidation has left a disparity between large and small never before seen For example we have witnessed the emergence of mega banks such as the combining of Bank of America and Nations Bank as well as JP Morgan Chase combining Chase Manhattan Bank Manufacturers Hanover Bank Morgan Guaranty Trust and Bank One In a scale-driven technology-intensive business like payments the emergence of true mega-players may lead to markedly different competitive dynamics Acting as their own transnational systems large international banks such as JP Morgan Chase Citibank Bank of America and Hongkong Shanghai Banking Corporation operate their own internal global payments networks Through these they can route payments to destinations in different countries Such internal networks do not necessarily differentiate between domestic and cross-border payments as these flows are all within the bank The trend toward consolidation in the banking sector both globally and in domestic markets exerts influence on payment systems Increased concentration of payment flows may have important credit liquidity and operational risk implications For example the credit exposures that arise within a payments system that does not achieve intraday finality are likely to become concentrated on a smaller number of banks Operational problems experienced by a single large bank could have significant repercussions for other participants in the system A concentration of payment flows in commercial banks has emerged to reflect the increasing role that modern commercial banks especially large global banks have played in the payment systems around the world The volumes and values settling across their books are in some countries quite substantial Such traffic has often been accompanied by increased formalization of the correspondent relations within as well as across national boundaries Banks that achieve global economies of scale can further drive down per transaction costs and derive higher revenues by keeping payments within their own networks For global corporations it has allowed them to match their global needs with a handful of banks rather than managing a large number of local relationshipsFrom The Inefficiencies of Cross-Border Payments: How Current Forces Are Shaping the FutureA survey of major systems facilitating cross-border paymentsAmerican Express : is a publicly traded company that issues charge and credit card products both directly and through nearly 100 financial institutions around the world American Express had 484 billion in global sales in 200515CHAPS Clearing House Automated Payment System : CHAPS established in 1984 is the United Kingdom’s high-value payment system consisting of two systems: CHAPS Sterling and CHAPS Euro which provide settlement facilities for sterling and euro payments respectively Over a dozen large banks and building societies are “direct” or settlement members while there are also over 400 “indirect” members – typically smaller banks and building societies – who have access to the system through a settlement memberCHIPS Clearing House Interbank Payment System : CHIPS is a bank-owned privately operated real-time multilateral electronic payments system that transfers funds and settles transactions in U S dollars CHIPS began operations in 1970 with 9 participating banks and as of mid 2006 it processes about 300000 payments a day with an average daily amount of 15 trillion It currently has 46 participants from 19 countries around the world including large U S banks and U S branches of foreign banks The payments transferred over CHIPS are often related to international interbank transactions including the payments resulting from foreign currency transactions such as spot and currency swap contracts and Euro placements and returnsCLS Continuous Linked Settlement : The CLS system is the private sector response to a G-10 strategy to reduce foreign exchange settlement risk CLS was founded in 1997 to create the first global settlement system eliminating settlement risk in the foreign exchange market Formed in response to regulatory concern related to the temporal and systemic risks Herstatt risk associated with foreign exchange transactions CLS simultaneously settles both sides of foreign exchange trades using a multi-currency payment-versus-payment PVP mechanism CLS is a unique real-time process enabling simultaneous foreign exchange settlement across the globe eliminating the settlement risk caused by delays arising from time-zone differences CLS settles well over 1 trillion per day accounting for a substantial majority of cross-currency transactions across the globeEurogiro : owned by 16 banks/postal financial service companies is an electronic payment network for postal and giro postbank organizations that exchange cross-border credit transfers and cash-on-delivery orders Established in 1989 Eurogiro has more than 40 participants from 37 countries in Europe Asia Africa South America and the U S Members act as correspondents for one another and hold reciprocal accounts with each other to execute paymentsEURO1 : a private sector-owned high-value payment system operated by the EBA Clearing Company for cross-border and domestic transactions in euro between banks operating in the European Union and it is the largest of Europe’s four large-value net settlement systems processing on average 170000 payments a day with a total value of about €170 billion Launched in 1998 EURO1 was developed to provide an efficient secure and cost-effective infrastructure for large-value payments in the new single currency environment of the EU EURO1 is based on state-of-art messaging infrastructure and computing facilities supplied by SWIFTFedACH International Services : This international gateway arrangement service is owned and operated by the Federal Reserve System Currently the Federal Reserve Banks offer a suite of FedACH International Services as part of FedACH Services and provide U S- originating depository financial institutions with the ability to send international non-time-critical payments via the same process used to send domestic transactions for many decades FedACH International Services offer an integrated uncomplicated method to ensure straight-through processing STP of cross-border transactions using NACHA formats that are supported by most software vendorsFedwire Federal Reserve Wire Network : This is a high-speed electronic network through which the U S Federal Reserve provides the Fedwire Funds Service the Fedwire Securities Service and the National Settlement Service The Fedwire Funds Service provides an RTGS system in which more than 9500 participants initiate funds transfers that are immediate final and irrevocable when processedLVTS Large Value Transfer System : The fully electronic LVTS Canada’s real-time gross settlement system became operational in early 1999 As Canada’s wire payment mechanism it facilitates the electronic transfer of Canadian dollar payments across the country in real-time Canada’s national payments system has been operated by the Canadian Payments Association CPA since 1980MasterCard : is a publicly-traded company that operates a global payment system In addition to the MasterCard brand the Maestro and Cirrus brands are also part of the company MasterCard branded cards generated 17 trillion in global sales in 200516RTGSPLUS : is the German Bundesbank’s new liquidity-saving RTGS which became operational in November 2001 It combines the risk-reducing benefits of gross settlement of the former German RTGS system known as the Euro Link System ELS with the advantages of liquidity-saving processing of the former hybrid system known as Euro Access Frankfurt EAFSWIFT Society for Worldwide Interbank Financial Telecommunications : SWIFT is an industry-owned limited liability cooperative that supplies secure messaging services and interface software for financial transactions to more than 7650 banks securities brokers and investment managers in more than 200 countriesSWIFT payment messages are processed by the Financial Information Network FIN which operates on a secure IP network called SWIFTNet SWIFT is integrating into the ACH market segment as a payment service provider via its FileAct messaging service ACH networks such as the EBA Clearing Company and the South African Automated Clearing Bureau are already using SWIFT’s messaging platformSTEPS Straight Through Euro Payment System : The STEPS program was launched by the Euro Banking Association EBA to offer a full range of euro payments across Europe STEPS has evolved into two systems aimed at accommodating a broad base of processing needs within the European Union: STEP1 a pan-European system designed to process single cross-border low-value retail payments and STEP2 a pan-European ACH for bulk/high volume low-value cross-border and domestic interbank paymentsSTEP2 : a pan-European ACH solution is a joint venture between the EBA and Italy’s ACH operator SIA STEP2 processes high-volume commercial and retail payment orders sent to the system via files through a secure network Characteristics of payment orders that are processed via STEP2 are commercial and retail transfers in euro that are formatted to agreed technical standards Accessible through SWIFTNet STEP2 offers payment processing and settlement in euroTARGET Trans-European Automated Real-time Gross Settlement Express Transfer : The Eurosystem which comprises the European Central Bank ECB and the national central banks NCBs of the 12 EU member states which have adopted the euro has created TARGET for large-value payments in euro The TARGET system is a “system of systems” composed of the national payment systems of 16 of 25 countries that are currently members of the EU the ECB payment mechanism EPM and an interlinking mechanism that enables the processing of payments between the linked systemsTARGET2 : The current structure of TARGET was decided on in 1994 and was based on the principles of minimum harmonization and interconnection of existing infrastructures This was the best way of ensuring that the system would be operational from the very start of the European Economic and Monetary Union EMU in 1999 TARGET2 is an enhanced version of the current TARGET incorporating technical consolidation a single system-wide pricing structure for domestic and cross-border payments a harmonized service level and the system-wide pooling of available intraday liquidity The go-live date for TARGET2 is set for November 19 2007 with gradual migration to the new system by the member states in four waves All central banks participating in TARGET2 together with their national banking communities are expected to be using the new system by May 2008Visa : is a private membership association jointly owned by more than 20000 member financial institutions around the world Visa develops common standards and specifications to facilitate commerce and provide member financial institutions with the global payment platform to support transactions on 146 billion cards that generate more than 43 trillion in global transactions in over 160 countries17Voca : was formed in 1968 and was known as the “Bankers Automated Clearing System” or BACS which is similar to ACH in the US BACS changed its name to Voca in 2004 Voca is one of a number of domestic ACH-type systems in Europe and owns the BACS infrastructure that processes the majority of non-RTGS non-card electronic credit and debit payments for B2C C2B and B2B in the UK VOCA performed 5 billion transactions in 2005 28China’s Central Bank RMB Currency Swap LinesChina’s Offshore RMB Clearing CentersExplaining cross-border large-value payment flows: Evidence from TARGET and EURO1 dataSimonetta Rosati Stefania SecolaThe Inefficiencies of Cross-Border Payments: How Current Forces Are Shaping the FutureWritten by Yoon S Park PHD amp DBA George Washington UniversityThere Is No Such Thing As An International Wireby ERIN MCCUNE on MAY 15 2014The Elements of the Global Network for Large-Value Funds TransfersCross-border RMB SettlementsChina launch of renminbi payments system reflects Swift spying concernsPossible RMB – Clearing model for the city of FrankfurtRMB Initiative Frankfurt Frankfurt December 2013Working Group on the establishment of an RMB clearing houseCIPS and the International Role of the RenminbiJanuary 27 2016By Nicholas BorstCorrespondent banking July 2016Rethinking correspondent bankingThe complexity of correspondent bankingCLS Bank amp the World of FX SettlementForeign exchange trading and settlement: Past and presentby John W McPartland financial markets consultantChicago Fed Letter 2006Settlement risk in foreign exchange markets and CLS BankCross-Border Payments PerspectivesResearch conducted by Glenbrook PartnersRedefining the Landscape of Payment SystemsSummary of Proceedings of the World Bank ConferenceReport to the Congress on the Use of the Automated Clearinghouse System for Remittance Transfers to Foreign CountriesESTABLISHING AN INTEGRATED PAYMENT SYSTEMREAL-TIME GROSS SETTLEMENT IN ASEANA Proposal for a Cross-Border Mechanism to Support the AEC 2015PAYMENT SYSTEMS TO FACILITATE SOUTH ASIAN INTRA – REGIONAL TRADEImplementing Cross-border Payment Clearing and Settlement Systems: Lessons from the Southern African Development CommunityAlbert Mutonga MatongelaThe emerging single market in South-East AsiaPayment System Interoperability and Oversight: The International DimensionRegional Monetary Co-operation in the Developing World Taking StockBarbara Fritz / Laurissa MühlichFRAMING A NEW ASIAN FINANCIAL ARCHITECTURECreating an Association of Southeast Asian Nations Payment System: Policy and Regulatory IssuesPayments in ASEAN post AECRegional Integration and Economic Development in South AsiaSultan Hafeez RahmanTowards South Asia Economic UnionProceedings of the7th South Asia Economic Summit SAES5-7 November 2014 New Delhi IndiaSiga o Blog via e-mailCategory CloudFebruary 2018 2 January 2018 2 November 2017 3 October 2017 9 September 2017 8 August 2017 2 July 2017 2 June 2017 1 May 2017 1 March 2017 8 February 2017 13 January 2017 14 December 2016 6 November 2016 3 October 2016 2 September 2016 2 August 2016 5 July 2016 17 June 2016 13 May 2016 2Postagens recentesSupply Chain Finance SCF / Financial Supply Chain Management F-SCM February 12 2018 Gantt Chart Simulation for Stock Flow Consistent Production Schedules February 1 2018 Instant Immediate Real Time Retail Payment Systems IIRT-RPS January 31 2018 Network Economics of Block Chain and Distributed Ledger Technology January 12 2018 Consciousness of Cosmos: A Fractal Recursive Holographic Universe November 16 2017 Integral Philosophy of the Rg Veda: Four Dimensional Man November 6 2017 Meta Integral Theories: Integral Theory Critical Realism and Complex Thought November 3 2017 Boundaries and Networks October 31 2017 Regional Trading Blocs and Economic Integration October 28 2017 Global Liquidity and Cross Border Capital Flows October 25 2017 Production Chain Length and Boundary Crossings in Global Value Chains October 22 2017 Intra Industry Trade and International Production and Distribution Networks October 17 2017 Cash and Investments: Corporate Savings Glut in USA October 12 2017 Why do Firms buyback their Shares Causes and Consequences October 10 2017 Understanding Trade in Intermediate Goods October 10 2017 Production and Distribution Planning : Strategic Global and Integrated October 5 2017 Trends in Intra Firm Trade of USA September 27 2017 FDI vs Outsourcing: Extending Boundaries or Extending Network Chains of Firms September 25 2017 Slowdown in Global Investment FDI Flows September 24 2017 Trends in Cross Border Mergers and Acquisitions September 20 2017 Trading Down: NAFTA TPP TATIP and Economic Globalization September 19 2017 Boundary Spanning in Multinational and Transnational Corporations September 18 2017 On Inequality of Wealth and Income – Causes and Consequences September 12 2017 Rising Profits Rising Inequality and Rising Industry Concentration in the USA September 3 2017 Why are Macro-economic Growth Forecasts so wrong August 23 2017 Low Interest Rates and Business Investments : Update August 2017 August 1 2017 Low Interest Rates and Monetary Policy Effectiveness July 15 2017 Low Interest Rates and Banks’ Profitability : Update July 2017 July 9 2017 Some of my earlier published papers June 18 2017 Short term Thinking in Investment Decisions of Businesses and Financial Markets May 24 2017 Systems Biology: Biological Networks Network Motifs Switches and Oscillators March 27 2017 Hierarchy Theory in Biology Ecology and Evolution March 22 2017 Bank of Finland’s Payment And Settlement System Simulator BoF-PSS2 March 16 2017 On Anticipation: Going Beyond Forecasts and Scenarios March 15 2017 Clock of the Long Now: Time and Responsibility March 10 2017 Socio-Cybernetics and Constructivist Approaches March 8 2017 Growth and Form in Nature: Power Laws and Fractals March 6 2017 Shapes and Patterns in Nature March 1 2017 TARGET2 Imbalances in European Monetary Union EMU February 27 2017 Economics of Digital Globalization and Information Data Flows February 26 2017 Development of Global Trade and Production Accounts: UN SEIGA Initiative February 24 2017 Accounting For Global Carbon Emission Chains February 22 2017 Stock Flow Consistent Models for Ecological Economics February 21 2017 Currency Credit Networks of International Banks February 17 2017 The Dollar Shortage Again! in International Wholesale Money Markets February 15 2017 Understanding Global OTC Foreign Exchange FX Market February 12 2017 Global Financial Safety Net: Regional Reserve Pools and Currency Swap Networks of Central Banks February 10 2017 Evolving Networks of Regional RTGS Payment and Settlement Systems February 7 2017 Cross Border/Offshore Payment and Settlement Systems February 6 2017 Large Value Wholesale Payment and Settlement Systems around the Globe February 4 2017 Structure and Evolution of EFT Payment Networks in the USA India and China February 2 2017 Next Generation of B2C Retail Payment Systems January 31 2017 Relational Turn in Economic Geography January 29 2017 Economics of Trade Finance January 27 2017 Understanding Global Value Chains – G20/OECD/WB Initiative January 25 2017 The Collapse of Global Trade during Global Financial Crisis of 2008-2009 January 24 2017 Oscillations and Amplifications in Demand-Supply Network Chains January 22 2017 Financial Stability and Systemically Important Countries – IMF-FSAP January 18 2017 Balance Sheets Financial Interconnectedness and Financial Stability – G20 Data Gaps Initiative January 16 2017 Integrated Macroeconomic Accounts NIPAs and Financial Accounts January 15 2017 A Brief History of Macro-Economic Modeling Forecasting and Policy Analysis January 12 2017 Low Interest Rates and International Investment Position of USA January 10 2017 Jay W Forrester and System Dynamics January 9 2017 Increasing Returns Path Dependence Circular and Cumulative Causation in Economics January 7 2017 Economic Growth Theories – Orthodox and Heterodox January 4 2017 Long Wave Economic Cycles Theory December 30 2016 Mergers and Acquisitions – Long Term Trends and Waves December 28 2016 Business Investments and Low Interest Rates December 22 2016 The Decline in Long Term Real Interest Rates December 19 2016 Low Interest Rates and Banks Profitability: Update – December 2016 December 15 2016 Hierarchical Planning: Integration of Strategy Planning Scheduling and Execution December 4 2016 External Balance sheets of Nations November 29 2016 Low Interest Rates and International Capital Flows November 23 2016 Networks and Hierarchies November 12 2016 Systems View of Life: A Synthesis by Fritjof Capra October 27 2016 Milankovitch Cycles: Astronomical Theory of Climate Change and Ice Ages October 2 2016 Process Physics Process Philosophy September 17 2016 Shape of the Universe September 4 2016 Myth of Invariance: Sound Music and Recurrent Events and Structures August 26 2016 Sounds True: Speech Language and Communication August 19 2016 Mind Consciousness and Quantum Entanglement August 12 2016 Society as Communication: Social Systems Theory of Niklas Luhmann August 8 2016 Geometry of Consciousness August 5 2016 Art of Long View: Future Uncertainty and Scenario Planning July 31 2016 Reflexivity Recursion and Self Reference July 27 2016 Truth Beauty and Goodness: Integral Theory of Ken Wilber July 24 2016 Semiotics Bio-Semiotics and Cyber Semiotics July 22 2016 Autocatalysis Autopoiesis and Relational Biology July 19 2016 Systems and Organizational Cybernetics July 17 2016 Micro Motives Macro Behavior: Agent Based Modeling in Economics July 15 2016 Feedback Thought in Economics and Finance July 13 2016 Repo Chains and Financial Instability July 11 2016 Multiplex Financial Networks July 11 2016 Glimpses of Ancient Indian Mathematics July 9 2016 Bring back M3 – Monetary Aggregate July 8 2016 Increasing Returns and Path Dependence in Economics July 7 2016 Economics of Money Credit and Debt July 6 2016 Boundaries and Relational Sociology July 5 2016 George Dantzig and History of Linear Programming July 3 2016 Phillips Machine: Hydraulic Flows and Macroeconomics July 1 2016 Monetary Circuit Theory June 30 2016 Morris Copeland and Flow of Funds accounts June 30 2016 Financial Social Accounting Matrix June 29 2016 Classical roots of Interdependence in Economics June 28 2016 Stock-Flow Consistent Modeling June 26 2016 Foundations of Balance Sheet Economics June 24 2016 Contagion in Financial Balance sheets Networks June 22 2016 Interdependence in Payment and Settlement Systems June 19 2016 Evolution of Banks Complexity June 17 2016 Economics of Broker-Dealer Banks June 17 2016 Shadow Banking June 13 2016 Low Interest Rates and Risk taking channel of Monetary Policy June 4 2016 Funding Strategies of Banks June 2 2016 Non Interest Income of Banks: Diversification and Consolidation May 31 2016 Impact of Low Interest Rates on Bank’s Profitability May 22 2016Comentários recentesAbout Me / My ProfileI am interested in continuous learning My interests are wide ranging I attempt to integrate knowledge I believe it to be a worthy pursuit in lifeYou can contact me through my email address Twitter or LinkedinThanks for visiting my research blogHours amp InfoEstatísticas do Blog11658 Readers’ Views10000 Views by the ReadersAll Copy Rights Reserved by the AuthorAuthor reserves all copyrights for the content on this blog |
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North Beach Celebrates Re-Opening of Washington Square |
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Viral videos show Black Lives Matter protesters confronting diners in Washington… |
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Food Lifeline provides this food to 300 food banks shelters and meal programs across Western Washington |
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Washington NFL Team Coach Ron Rivera Says He Has Cancer |
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GOP set to propose smaller coronavirus stimulus bill – CNBC GOP set to propose smaller coronavirus stimulus bill CNBC White House says Trump could act unilaterally to avoid US airline layoffs AOL Stimulus Update: White House’s Meadows Says He’s Reached Out To Pelosi To Restart Talks Forbes POLITICO Playbook PM: The latest on Covid relief negotiations Politico White House chief of staff says additional executive actions are in the works as airline furloughs loom The Washington Post View Full Coverage on Google News |
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Character Animation Student’s Graphic Essay Published in ‘The Washington Post’ |
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DATABASE ADMINISTRATOR II IHME has an outstanding opportunity for a Database Administrator II Funding is currently available until June 2021 with a possibility of renewal The Database Administrator will University of Washington 07 Apr 2020 |
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PAUL DOBSON looks at how the Latin American country has coped with coronavirus in the face of Washington’s hostility |
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Notice is hereby given that the County of Washington County has prepared its Five-Year Consolidated Plan for the period of FY 2020-2024 |
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Le Washington Post liste les 2000 mensonges du président Trump |
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Turkish Heritage month is happening in September in Washington DC |
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Diretrizes do forex do Bnm No 4T 2017 o emprego total no setor de serviços financeiros abrangendo instituições bancárias instituições financeiras de fomento e seguradoras / operadoras Takaful aumentou 03 para 164885 pessoas 4T 2016: 164463Taxas de base BLR e Taxas de Empréstimos Efetivas Indicativas das Instituições Financeiras em 19 de fevereiro de 2018Resposta às perguntas de Bernama sobre a economia e o sistema financeiro da MalásiaIniciativa nacional para Go Green este ano novo chinês com notas de ajuste de qualidadeObservações do Governador no 40º Jantar de Aniversário do Harvard Business School Alumni Club Malaysia: “Perspectivas de Políticas Públicas – Alguns Pensamentos e Contemplações de um Banqueiro Central”Ucapan Penutup por Timbalan Gabenor di Karnival Kewangan Kedah 2018LegislaçãoPara permitir que o Banco atenda aos objetivos de um banco central ele é investido de amplos poderes legais sob a seguinte legislação para regular e supervisionar o sistema financeiroAções de ExecuçãoPadrões e DiretrizesTaxas de Câmbio do RinggitÚltimas taxas de câmbio do mercado interbancário de câmbio em Kuala Lumpur As taxas em 1130 são as melhores taxas cotadas para moedas selecionadas por bancos comerciais selecionados Use a função de pesquisa histórica para taxas de outras datasDireitos autorais e cópia 2018 Bank Negara Malaysia Todos os direitos reservadosContate-NosComo Banco Central da Malásia o Bank Negara Malaysia promove estabilidade monetária e estabilidade financeira conducente ao crescimento sustentável da economia malaia50480 Kuala Lumpur Malásia 1300 88 5465 BNMTELELINK603 2698 8044 linha geral bnmtelelinkbnm gov myFOTO STREAMBNM Twitterampcópia de 2018 Bank Negara Malaysia Todos os direitos reservadosTag: RTGS interligadosRedes em Evolução dos Sistemas Regionais de Pagamento e Liquidação do LBTRRedes em Evolução dos Sistemas Regionais de Pagamento e Liquidação do LBTRA globalização criou incentivos para que as nações formassem uniões econômicas regionais para aproveitar a escala e o pool de recursosHá muitos esforços em andamento para desenvolver e implementar o RTGS regional entre os bancos centrais Existem vários modelos para integraçãoMuitos Estados muitas moedas amp 8211 Hong Kong SAR Muitos Estados Moeda Única amp 8211 UE usa EURO e América Central usa USD SADC usa RAND sul-africanoSistemas LBTR destinados a facilitar essa integração econômicaRTGS amp 8211 RTGS amp 8211 Modelo de interligação amp 8211 Hong Kong ASEAN 5 RTGS-RTGS amp 8211 Modelo SSP Single Shared Platform amp 8211 EUDa interoperabilidade e supervisão do sistema de pagamento: a dimensão internacionalVários fatores podem levar à interligação internacional de PSIs In most cases linking national PSIs to achieve international interoperability of certain payment services comes from a country’s decisions to exploit the benefits of international economic and financial integration i e greater international trade and investment activities attraction of foreign investment capital risk diversification and deepening and broadening domestic financial and capital markets since integration requires economic units to have convenient access to cross-border payment service facilities A powerful driver to regional PSI interlinking is constituted by the political agreements among countries in a region on a broad long-term economic and financial development cooperative program Usually in this case the efforts to link payment system as well as other financial market infrastructures are supported actively by a core group of countries in organized regional development policy and planning forums5 In some cases interlinking may result from decisions by national financial authorities to address the demand from market participants and/or their customers including asset managers other securities servicers and other types of businesses for cross-border access to international markets at lower end-to-end transaction costsCross-border transactions can be made possible by establishing bilateral links between national PSIs8 Perhaps the simplest form of PSI interlinking is achieved when two central banks agree on a scheme to support or facilitate cross-border transactions This likely requires linking the large-value transfer systems of the countries involved by developing technical interfaces between them Some other solutions are possible which link national payment systems through central bank bilateral accounts whereby participating central banks hold settlement accounts either with one another or with a common commercial bankMore advanced solutions for PSI interlinking are characterized by the adoption of a unified scheme and a common technical-operational facility to process the transactions defined under the scheme The common regional or global technical-operational facility follows one of two basic architectures: the decentralized model or the single or fully centralized model Arrangements adopting a decentralized model for regional cross-regional and/or global payments link existing national settlement systems Figure 1 These normally feature different degrees of sophistication and complexity Most decentralized regional payment systems are designed in a “hub-spoke” structure in which there is a central administrative and technical-operational facility referred to as the “hub entity” which links the participating systems9 The interlinking mechanism is usually a standardized messaging and connectivity technology which links account management and the various national operating systems together while participants access the hub entity through the national settlement infrastructure of their jurisdictionIn the centralized platform model the national payment system infrastructures are replaced by a single international system Figure 2 In this case it is more appropriate to talk about international payment system integration Participants access the system directly through the relevant telecommunications network or indirectly through any direct participant in the system Centralized platforms are mostly identified with international integration projects most notably regional which have evolved into monetary unions with the use of a regional currency They minimize or even eliminate the distinction between cross-border and domestic payments and allow for processing both types of transactions in the same system seamlesslyVarious examples illustrate the different technical modalities of interlinking discussed above One example of bilateral links between national payment systems is the linking of the Hong Kong Monetary Authority ’s U S dollar real-time gross settlement RTGS system with the RTGS systems of other central banks in the region specifically Bank Negara Malaysia’s RENTAS and Bank Indonesia’s BI-RTGS These systems operate on a common operating platform Their links which are independent from each other allow payment-versus-payment settlement between the national currencies of those countries and the U S dollar Other illustrative examples are the East African Payments System EAPS which shows the case of national payment systems linked through the holding of bilateral accounts among central banks and the Sistema de Pagos en Moneda Local involving the national RTGS systems of Argentina and Brazil which is an example of the national payment systems linked through their respective central banks which hold settlement accounts with a common commercial bank Currently two SML systems are operational: one linking the RTGS systems of Argentina and Brazil and other linking the RTGS systems of Brazil and Uruguay Other cases exemplify the decentralized and centralized models of international payment system integration Schemes with a decentralized settlement system involving multiple parties have been developed in regions where there is a regional currency as well as for settling cross-border payments denominated in a single foreign currency The most well-known example of a unified scheme with a decentralized settlement system for a regional currency was the original TARGET in Europe which linked the Euro RTGS systems of EU national central banks Another example is the Sistema de Interconexión de Pagos in Central America and the Dominican Republic which uses a decentralized architecture for settling cross-border payments in U S dollars11With regard to the centralized model of PSI interlinking or integration relevant examples are TARGET2 and EURO1 supporting euro denominated payments in the European Union12 the STAR-UEMOA for the West African CFA Franc throughout the West African Economic and Monetary Union and the RTGS system of the Eastern Caribbean Central Bank ECCB for the EC dollar in the Eastern Caribbean Currency Union Over the past decade centralized payment system infrastructures have also been developed regionally where no regional currency existed to facilitate settlement of domestic regional and cross-regional payments in more than one settlement currency e g RAPID in the United Arab Emirates and CHATS in Hong Kong Finally an example of a unified global system for settlements denominated in multiple currencies is CLS Bank International which links the national RTGS systems of the participating jurisdictions/currencies with a strong reliance on the legal agreement of the rulebook and the technical standardsThe Southern African Development Community SADC regional payment integration project in the Southern African region captures aspects of a centralized model The project develops on the International Payments Framework IPF concept to construct a regional payment infrastructure composed of a regional automated clearing house ACH and settlement system14 The current architecture consists of the SADC Integrated Regional Electronic Settlement System SIRESS an electronic central system that facilitates cross border trade in the SADC region SIRESS and excludes domestic inter-bank payments and settlements It allows participating banks to settle regional transactions denominated in South African Rand ZAR within SADC countries on an RTGS basis The system is operated by the South African Reserve Bank SARB on behalf of the SADC Committee of Central Bank Governors with SARB also acting as the ZAR settlement bank It is a safe and efficient payment/settlement system which reduces the cost to banks since there is no correspondent bank intermediary involved15 The project should eventually evolve into a single regional payment settlement infrastructure in tandem with the planned monetary unionThe prototypal regional systems for retail payments were multilateral arrangements governed by service agreements and operational protocols of limited standardization between participating banks in different countries For example TIPANET which was designed as a cross-border retail payment service for credit transfers between cooperative banks in Europe and Canada provided participating members with somewhat lower cost and faster payment delivery than the usual correspondent banking arrangements of that time16 The widespread growth of credit and debit card payment schemes since the late 1980s provided a second wave of regional and crossregional PSI linkages and integrationSome regional cross-border arrangements have developed across direct horizontal linkages between national schemes This is the case of the arrangement linking the Interac debit card system in Canada the NYCE Payments Network and PULSE systems in the United States and Union Pay in China for access by the schemes’ cardholders to the cross-border debit and ATM networks Global card payment schemes such as VISA and MasterCard provide cross-border interoperability in transaction systems for credit and debit payments and ATM cash withdrawals for cardholders and vertical integration of these systems with proprietary clearing and settlement systems As global card payment schemes they deal with domestic regional and cross-regional payments17Regional and cross-regional interlinking of national and funds transfer systems in general is a fairly recent development Some such as EBA Clearings’ STEP2 in Europe and SICA-UMEOA in the West African Monetary and Economic Union are single regional schemes and systems for both domestic and cross-border payments among member countries using the euro and the CFA franc respectively Others are generally constructed through horizontal bilateral linkages between national ACHs These linkages allow the ACH members in one country to transmit customer payments typically via credit transfers to end-receivers holding accounts with ACH members in other countries The network architecture for regionally or cross-regionally linked payment clearing infrastructure and for single regional ACHs can be either a hub-spoke arrangement with a central hub connection a centralized network structure or a distributed bilateral network structure which contemplates the operation of large providers of payment clearing and processing services Box 1 Another example in Europe is the Single Euro Payments Area SEPA scheme compliant clearing and settlement mechanisms CSMs Services offered by competing CSMs based on the SEPA payment schemes are governed by market forces and are outside the remit of the European Payments Council EPC The EU regulation provides that within the EU a PSP reachable for a national euro credit transfer or direct debit shall be reachable for euro credit transfers or direct debits initiated through a PSP located in any member state Any PSP participating in any of the EPC SEPA Schemes SEPA Credit Transfer SEPA Direct Debit under the relevant scheme adherence agreement with the EPC and the relevant EPC SEPA Scheme Rulebook is permanently obligated to comply with reachability from its readiness date Each PSP needs to determine how to achieve full reachability for the EPC SEPA Schemes it has adhered to There are several ways for PSPs to send and receive euro payment transactions to and from other PSPs across SEPA PSPs can choose and use any solution or combination of solutions directly or indirectly as long as reachability and compliance with the EPC SEPA Schemes are effectively ensuredMain Regions with Regional RTGS SystemsEU TARGET2 Hong Kong SAR West Africa – WAMZ East Africa – EAPS South Africa SADC – SIRESS ASEAN AEC – ASEAN 5 RTGS Central America – USD based RTGS – SIPSince the establishment of the European Economic Community in 1958 there has been a progressive movement towards a more integrated European financial market This movement has been marked by several events In the field of payments the most visible were the launch of the euro in 1999 and the cash changeover in the euro area countries in 2002The establishment of the large-value central bank payment system TARGET was less visible but also of great importance It formed an integral part of the introduction of the euro and facilitated the rapid integration of the euro area money marketA unique feature of TARGET2 is the fact that its payment services in euro are available across a geographical area which is larger than the euro area National central banks which have not yet adopted the euro also have the option to participate in TARGET2 to facilitate the settlement of transactions in euro When new Member States join the euro area the participation in TARGET2 becomes mandatory The use of TARGET2 is mandatory for the settlement of any euro operations involving the EurosystemAs of February 2016 25 central banks of the EU and their respective user communities are participating in or connected to TARGET2:The 20 euro area central banks including the ECB andfive central banks from non-euro area countries: Bulgaria Croatia Denmark Poland and RomaniaHong Kong’s financial infrastructure is designed to cater for cross-border as well as domestic economic activities Links with payment systems and debt securities systems in other economies provide an easily accessible payment and settlement platform for cross-border economic transactions and financial intermediationLinks with Guangdong including Shenzhen – Launched in phases since January 1998 these links cover cross-border RTGS payments in Hong Kong dollars and US dollars and cheque clearing in Hong Kong dollars US dollars and renminbi with Guangdong Province including Shenzhen1 The use of these links which helps expedite payments and remittances between Hong Kong and Guangdong has been rising gradually with the increasing economic integration between Hong Kong and the MainlandCross-border payment arrangements with Mainland – Cross-border payment arrangements involving the Mainland’s Domestic Foreign Currency Payment System were established in March 2009 to facilitate foreign currency funding and liquidity management of Mainland banks and commercial payments The cross-border payment arrangements currently cover four currencies – the Hong Kong dollar US dollar euro and British poundLink with Macau – The one-way joint clearing facility for Hong Kong dollar and US dollar cheques between Hong Kong and Macau was launched in August 2007 and June 2008 respectively reducing the time required for clearing Hong Kong dollar and US dollar cheques drawn on banks in Hong Kong and presented in Macau from four or five days to twoLink with Malaysia – A link between the Ringgit RTGS system in Malaysia the RENTAS system and the US dollar RTGS system in Hong Kong came into operation in November 2006 The link helps eliminate settlement risk by enabling PvP settlements of foreign exchange transactions in ringgit and US dollars during Malaysian and Hong Kong business hours This is the first cross-border PvP link between two RTGS systems in the regionLink with Indonesia – The PvP link between Hong Kong’s US dollar RTGS system and Indonesia’s Rupiah RTGS system was launched in January 2010 The link helps eliminate settlement risk by enabling PvP settlements of foreign exchange transactions in Rupiah and US dollars during Indonesian and Hong Kong business hoursLink with the Continuous Linked Settlement CLS system – The CLS system operated by CLS Bank International is a global clearing and settlement system for cross-border foreign exchange transactions It removes settlement risk in these transactions by settling them on a PvP basis The Hong Kong dollar joined the CLS system in 2004Regional CHATS – This is an extension of the RTGS systems in Hong Kong in the regional context Regional payments in Hong Kong dollars US dollars euros and renminbi can use the RTGS platform in Hong Kong to facilitate cross border/cross bank transfers in those currenciesIn 2014 Hong Kong started operating PvP link between HK’s US dollar RTGS system and Thailand’s BAHT RTGS systemThis is surprisingly subtleWhen for instance when bank A in the Richmond Federal Reserve district sends 1000 in reserves to bank B in the Minneapolis Federal Reserve district reserves are taken out of bank A’s account at the Richmond Fed and placed into bank B’s account at the Minneapolis FedNow bank A’s reserves are a liability on the books of the Richmond Fed while bank B’s reserves are a liability on the books of the Minneapolis Fed Without any offsetting change therefore the process would result in the Richmond Fed discharging a liability and the Minneapolis Fed gaining a liability – and if this continued regional Fed assets and liabilities could become highly mismatchedThe principle then is that there should be an offsetting swap of assets It would be too complicated to swap actual assets every time there is a flow of reserves between banks in different districts There’s over 3 trillion in transactions every day on Fedwire the Fed’s RTGS system – and if even a fraction of those are between different districts the amounts are really enormous Instead in the short run the regional Feds swap accounting entries in an “Interdistrict Settlement Account” ISA In the example above the Minneapolis Fed’s ISA position would increase by 1000 while the Richmond Fed’s ISA position would decrease by 1000 to offset the transfer of liabilitiesSo far this is all very similar to the controversial TARGET2 system in the Euro area in which large balances between national banks have recently been accumulating The American system is different however because ISA entries are eventually settled via transfers of assets Every April the average ISA balance for each regional Fed over the past year is calculated and this portion of the balance is settled via a transfer of assets in the System Open Market Account the main pile of Fed assets run by the New York Fed Hence if in April the Minneapolis Fed has an ISA balance of 500 but over the past year it had an average balance of 2000 its balance is decreased by 2000 to -1500 and it has an offsetting gain of 2000 in SOMA assetsAs this example shows since it is average balances over the past year that are settled not the current balances ISA balances do not necessarily go to zero every April Historically they were fairly tiny anyway but since QE brought dramatic increases in reserves these balances have sometimes been large and irregular In the long run though the system prevents any persistent imbalances from accumulatingNote: the process in April is a little bit more complicated than I describe since some minor transfers of gold certificate holdings are also involved Basically gold certificates are transferred between regional Feds to maintain a constant ratio of gold certificates to federal reserve notes the transfers of SOMA assets are adjusted to account for this Wolman’s recent piece for the Richmond Fed is one of the few sources that describes the system in detailTwelve Districts of Federal ReservesEAC Payment and Settlement Systems Integration Project EAC-PSSIPThe East African Community Secretariat has received financing from the African Development Fund ADF toward the cost of the establishment of EAC Payment and Settlement Systems Integration Project EAC – PSSIP and intends to apply part of the agreed amount for this grant to payments under the contract for Audit Services for the EAC Payment and Settlement Systems Integration Project EAC-PSSIPThe EAC-PSSIP is an integral part of the EAC Financial Sector Development and Regionalisation Project’s FSDRP higher objective of broadening and deepening the financial sector and is aimed at complementing the integration of the regional financial market infrastructure to facilitate the undertaking of cross border funds transfer in support of the economies of the region as a whole The project objective is to contribute to the modernization harmonization and regional integration of payment and settlement systemsThe project specifically aims at: enhancing convergence and regional integration of payment and settlement systems and strengthening a harmonized legislative and regulatory financial sector capacity in the Partner States The Project is structured under the following components: Component 1: Integration of Financial Market Infrastructure Component 2: Harmonization of Financial Laws and Regulations and Component 3: Capacity BuildingThe project commenced its operation in January 2014 and it was officially launched in March 2014Towards A Single CurrencyThe latest development is the 2013 Monetary Union protocol which sets out the terms for the introduction of a single currency by 2024 The IMF has stated that greater integration is “expected to help sustain strong economic growth and improve economic efficiency A larger regional market will lead to economies of scale lower transaction costs increased competition and greater attractiveness as a destination for FDI” The first step towards this goal has already been taken In May 2014 the East African Payment System EAPS was launched The new system will facilitate real-time cross-border payments between member states Initially the EAPS was operational between Kenya Tanzania and Uganda linking the Tanzania Interbank Settlement System the Kenya Electronic Payment and Settlement System and the Uganda National Interbank Settlement Lucy Kinunda director of national payment systems at the Tanzanian central bank told the local press “We see the enthusiasm among commercial banks and traders building up as it facilitates intra-regional trade by reducing costs and risks in money transfers across border”While there is much expectation for the single currency and the political and economic integration it will bring the main challenge will be the process of macroeconomic convergence There has been substantial variation in inflation and economic growth rates within the EAC For Kenya there will also be a challenge in meeting the macroeconomic criteria laid out in the Monetary Union Protocol In the decade to the end of 2013 Kenya only achieved the inflation target of below 8 in 2010 and 2013 The country fares better on the ratio of public debt to GDP maintaining a ratio below the target level of 50 every year between 2008 and 2013 The member states have almost a decade to meet the convergence criteriaSADC – Southern African Development Community – uses RAND as settlement CurrencyThe Southern African Development Community SADC aims to achieve economic development peace and security alleviate poverty and enhance the standard and quality of life of the peoples of Southern Africa through regional integration Current status In order to achieve the above objective a comprehensive development and implementation framework – the Regional Indicative Strategic Development Plan RISDP – was formulated in 2001 guiding the regional integration over a period of fi fteen years 2005-2020 The RISDFP outlines key integration milestones in fi ve areas: free trade area customs union common market monetary union and single currency The free trade area was achieved in August 2008 meaning that for 85 of intra-regional trade there is zero duty The second milestone to establish a customs union has been postponed with a new target date of sometime in 2013 Although the ultimate goal of monetary union with a single currency is several years away the SADC Payment System integration project is already in motion This has strategic objectives to: harmonise legal and regulatory frameworks to facilitate regional clearing and settlement arrangements implement an integrated regional cross-border payment settlement infrastructure and establish a co-operative oversight arrangement based on the harmonised regulatory framework The first phase of the cross-border payment settlement infrastructure SIRESS went live for the Common Monetary Area countries that use the South African rand South Africa Lesotho Namibia and Swaziland in July 2013 The new system allows the settlement of payment transactions in a central location using rand as the common settlement currency Next steps – towards an Economic Union If successful the new system will be rolled out to the rest of the SADC Member States as the region advances towards its eventual establishment as an economic union In parallel the immediate next step is the establishment of the SADC customs union which presents a number of challenges the major one is the establishment of a single Common External Tariff which requires convergence of all individual tariff policies into a single and uniform tariff regimeThe first stage of the Sadc Integrated Regional Electronic Settlement System SIRESS being the first go-live involving countries in the Common Monetary Area CMA namely Lesotho Namibia South Africa and Swaziland was initiated in July 2013 Phase Two involved Malawi Tanzania and Zimbabwe going live in April 2014 followed by Mauritius and Zambia which went live in September 2014 under Phase Three Since the launch of Siress 43 of payments in the Sadc region are now executed through the system which settles payments in South African rand By April 2015 Siress had reached the ZAR1 trillion US851 billion settlement mark This phenomenal growth of Siress is emblematic of the growing importance and influence of regional payment systems in general the rationale of which is the subject of this articleAs of 2015 9 out of the 15 countries have joined the RTGS systemECOWAS – West Africa Monetary Zone WAMZThe Economic Community of West African States ECOWAS’ Monetary Cooperation Programme EMCP provided the blueprint for the economic integration of the countries of West Africa Amongst other measures the EMCP called for the creation of a single monetary zone in the sub-regions known as the West African Monetary Zone WAMZ The WAMZ was created in April 2000 with the goal to establish an economic and monetary union of the member countries In 2001 WAMZ created the West African Monetary Institute WAMI to undertake preparatory activities for the establishment of the West African Central Bank WACB and the launching of a monetary union for the Zone The WAMZ programme aims to increase trade among the ECOWAS/WAMZ member countries reduce transaction costs for the users of payment systems domesticate cross-border transactions within the WAMZ through the use of a single currency develop safe secure and effi cient payment systems that conform to global standards and build a payment system that will facilitate monetary policy management for the WACBAhead of the establishment of the WACB having a modernised safe and stable financial infrastructure in place is a prerequisite to introduce a monetary union successfully To this effect a grant of about USD 30 million from African Development Bank Fund was approved for the WAMZ Payments System Development Project which aims to improve the basic infrastructure of the fi nancial sector through upgrade of the payment systems of our countries – The Gambia Guinea Sierra Lone and Liberia The system components of the project include Real-Time Gross Settlement RTGS system Automated Clearing House ACH / Automated Cheque Processing ACP systems Central Securities Depository CSD / Scripless Securities Settlement SSS systems Core Banking Application CBA system and infrastructure upgrade telecommunication and energy The Gambia’s high-value payment system went live in July 2012 and Sierra Leone is currently going through the implementation The target date of the project completion in all four countries is June 2014COMESA – Common Market for East and Southern AfricaThe COMESA launched the COMESA Customs Union in 2009 and the COMESA Regional Payment and Settlement System REPSS to facilitate crossborder payment and settlement between Central Banks in the COMESA region The new system provides a single gateway for Central Banks within the region to effect payment and settlement of tradesBurundi Comoros DRC Djibouti Egypt Eritrea Ethiopia Kenya Libya Madagascar Malawi Mauritius Rwanda Seychelles Sudan Swaziland Uganda Zambia ZimbabweECOWAS – WAEMU/UEMOA – West African Economic and Monetary Unioncreated as a single monetary zone is the West African Economic and Monetary Union WAEMU / Union Economique et Monétaire Ouest Africaine UEMOA The WAEMU was established to promote economic integration among member countries and a common market that share West African francs CFA francs as a common currency monetary policies and French as an official language It is a trade zone agreement to encourage internal development improve trade establish uniform tariffs for goods establish a regional stock exchange and a regional banking systemThe UEMOA/WAEMU has successfully implemented macro-economic convergence criteria and an effective surveillance mechanism adopted a customs union and common external tariff and combined indirect taxation regulations in addition to initiating regional structural and sectoral policies Uniquely amongst Africa’s regionalisation projects UEMOA/WAEMU has a single central bank Banque Centrale des Etats de l’Afrique de l’Ouest BCEAO which governs all of the fi nancial institutions across the Union As part of the project for modernisation of the payment and financial infrastructure the BCEAO launched a regional Real Time Gross Settlement RTGS system in 2004 and the regional Automated Clearing House ACH system in 2008Benin Burkina Faso Ivory Coast Guinea-Bissau Mali Niger Senegal TogoSIP — A NEW INTEGRATED REGIONAL PAYMENT SYSTEMGuatemala Costa Rica Honduras El Salvador Nicaragua Dominican RepublicUses US Dollar as settlement CurrencyThe SIP is a novel framework in the Americas with several elements that dis – tinguish it from other cross-border arrangements: it involves participants in various countries allows for payment flows in all directions among participants uses an RTGS concept for its ‘hub’ and interlinks exclusively central bank RTGS systems not ACHs and uses a foreign currency for its settlement accountsThere may certainly be some doubts as to whether the degree of existing commercial integration among the countries of Central America and the Dominican Republic will suffice to make SIP a commercially viable propositionBut one can see the SIP as part of a wider initiative which seeks to develop the financial infrastructure with a view to furthering a regional financial market The SIP will be an integral part of the local payment systems of CMCA member countries and as such will widen the coverage of available services to the benefit of participants of the national payment systems Furthermore the SIP could act as a direct stimulus for those banks that operate in only one of the member countries to offer affordable cross-border payment services to its clients and thus assist in the strengthening of regional financial integrationPayment issues : Deputy Trade Minister Bayu Krisnamurthi second right accompanied by Artajasa president director Arya Damar right inspects a booth during the Integrated Payment System seminar in Jakarta on Wednesday The seminar aimed at informing business players about the integrated payment system ahead of the ASEAN Economic Community in 2015 Antara/Prasetyo UtomoBank Indonesia BI is currently developing tools to create a more time-efficient and low-cost payment system ahead of the launch of the ASEAN Economic Community AEC in 2015 when there will be a free flow of goods services and people among ASEAN member countries‘€œWe are working to develop a more integrated national payment system before having an integrated payment system within the ASEAN region’€ BI payment system executive director Rosmaya Hadi said at a seminar held by electronic payment service provider PT Artajasa Pembayaran Elektronik on WednesdayWith the new system the Indonesian banking industry will have a new real-time gross settlement system RTGS in which bank customers can carry out multi currency transactions on a real-time basis she said‘€œWith this system a bank customer can carry out multicurrency transactions in only minutes through non-cash payments’€ she said adding that BI would launch the new system this yearRosmaya also said the Indonesian central bank and its counterparts in five ASEAN members including Malaysia the Philippines Singapore and Thailand had agreed to prepare for an integrated payment system‘€œCentral banks of the ASEAN 5 have formed task forces on trade settlements retail payments monthly remittances capital market settlements and standardization to formulate a set of regulations and schemes with which we will have an ASEAN integrated payment system’€ she saidUnder the regional integrated payment system people in ASEAN will be able to make financial transactions through ATMs credit cards or electronic money without sacrificing much time and moneyAccording to a report by the ASEAN Working Committee on Payment and Settlement Systems WC-PSS the integrated payment system will reduce bank charges such as foreign exchange spread among ASEAN currencies and handling fees and encourage regulated non-bank remittance service providers to adopt international/common standards in retail payment systemsOf all the ASEAN member countries only Indonesia the Philippines and Thailand currently have full ATM interoperability according to an Asian Development Bank Institute report published in 2013‘€œWhen the AEC commences ASEAN member countries will have greater need for an integrated payment system as people from across the region will have to carry out transactions from and to their home countries’€ said Deputy Trade Minister Bayu Krisnamurthi at a similar eventThe AEC also known as the ASEAN single market will commence at the end of 2015 Under the AEC the ASEAN 5 and Brunei Darussalam will have free trade agreements while Cambodia Laos Myanmar and Vietnam will fully participate in the community in 2018Artajasa president director Arya Damar said that Indonesia should also develop its banking sector to tap its large market by utilizing more cashless transactions otherwise other ASEAN countries’€™ banks would do soCiting BI data Artajasa said that with a total of 800000 local branches commercial banks in Indonesia could reach only 20 percent of the total working-age population of around 150 million people‘€œMeanwhile with only 15000 ATMs Malaysian commercial banks can reach 66 percent of its total working-age population’€ he saidThai commercial banks with around 66000 ATMs can reach about 30 percent of Of Thailand’€™s total working-age population he added koiSINGAPORE – The five largest members of ASEAN – Indonesia Malaysia Singapore the Philippines and Thailand – have agreed to implement an integrated payment system to enable real time gross settlement RTGS systems to be in effect by next year“With this system a bank customer can carry out multi-currency transactions in minutes through non-cash payments” said Rosmaya Hadi with Bank IndonesiaThe ASEAN 5 Central Banks are currently working on establishing protocols for intra-trade settlement retail payments monthly remittances capital market settlements and standardization to enable the system to be up and running by the time the ASEAN Economic Community AEC unification occurs next January“When the AEC commences ASEAN member countries will have greater need for an integrated payment system as people from across the region will have to carry out transactions from and to their home countries” according to Deputy Trade Minister Bayu KrisnamurthiUnder the system individual users across ASEAN will be able to make financial payments through ATMs credit cards or electronic money without spending a significant amount of time or money doing so As ASEAN currently has no plan to establish a unified currency this program is expected to increase multi-currency transactionsASEAN members are also developing their ATM networks Indonesia for example has an ATM reach of 20 percent of its total working population of 150 million compared with 66 per cent for MalaysiaIndonesia Malaysia and Thailand are currently the only ASEAN members to have full ATM integration according to the Asian Development Bank This will soon change as the other ASEAN member nations work towards greater integrationIndonesia Thailand Phillipines Singapore Malaysia and Brunei Darussalam in 2015Cambodia Laos Myanmar and Vietnam to join in 2018ASEAN 3 Cross Border InfrastructureIn Delhi in May 2013 the Finance Ministers and Central Bank Governors of the Association of Southeast Asian Nations ASEAN the People’s Republic of China PRC Japan and the Republic of Korea—collectively known as ASEAN3—agreed to set up a Cross-Border Settlement Infrastructure Forum CSIF to discuss detailed work plans and related processes for the improvement of cross-border settlement in the region which included the possibility of establishing a regional settlement intermediary RSI Members observers and the CSIF Secretariat are listed in Appendix 1Based on the intensive discussions among CSIF members the first report Basic Principles on Establishing a Regional Settlement Intermediary and Next Steps Forward was published by the Asian Development Bank in May 2014 after being endorsed by the ASEAN3 finance ministers and Central Bank governors at their 17th meeting held in May 2014 in Astana The members agreed that the central securities depository CSD–real-time gross settlement RTGS linkages which connect national CSD systems and RTGS systems in a flexibleway would be an achievable model for cross-border settlement infrastructure in the short term and medium term This model linking existing infrastructure enables local bonds to be settled in delivery versus payment DVP via central bank money which ensures the safety of settlement and is compliant with international standards as well as being cost – efficient As such the CSD–RTGS linkages are to be studied as the most feasible model for implementing the RSI in ASEAN3The Joint Statement of the 17th ASEAN3 Finance Ministers and Central Bank Governors Meeting reads as follows:We welcomed the recommendations submitted by the Cross-Border Settlement Infrastructure Forum CSIF and the direction of developing the implementation roadmap of CSD-RTGS linkages as short-term and medium-term goals and integrated solution as a long-term goal for making it possible to deliver securities smoothly and safely versus payment across borders We are of the view that this is a practical and efficient approach to advance regional settlement infrastructure that promotes cross-border securities transactions in the regionThe 4th and 5th CSIF meetings were held in Hong Kong China September 2014 and Manila January 2015 respectively Specific topics to develop an implementation plan for the CSD–RTGS linkages—such as a desktop study possible road map—were discussed at these meetings As an initial step the Bank of Japan BOJ and the Hong Kong Monetary Authority HKMA agreed to conduct a desktop studyRegional Integration in South Asia: BIMSTEC SAARC SAPTA SAFTAJanuary 1 2016 marked the tenth anniversary of the South Asian Free Trade Area Safta The agreement which was reached in January 2004 at the 12th Saarc Summit in Islamabad Pakistan came into force on January 1 2006 and became operational after the agreement was ratified by seven nations Afghanistan the eighth member ratified it in May 2011It created a free trade area for the people of eight South Asian nations and aimed at reducing custom duties of all traded goods to zero by 2016 That year is here but the South Asian nations see trade among them making up a meagre five per cent of their total transactionsThe purpose of Safta was to promote common contract among the member-nations and provide them with equitable benefits It also aimed at increasing the level of cooperation in economy and trade among the Saarc nations by lowering the tariff and barriers and give special preference to the least developed countries in the Saarc regionAt a time when regional trade blocs and free trade area have emerged as models of cooperative economic growth the Safta had offered a great opportunity to take forward the process of South Asian integrationBut South Asia has too much problemsBut South Asia is a unique regional entity in the entire world It is a region which has remained a prisoner of the past and pressing geopolitical realities involving India Pakistan and ChinaThanks to the relentless rivalry between India and Pakistan and the latter’s proximity to the Chinese who have included the strategy of containing India in its scheme of things in South Asia the idea of integration of South Asia in other forms have remained elusiveOther smaller countries like Nepal Bengladesh Maldives and Sri Lanka too have played the China card against India time and again hurting the prospects of mutual confidenceIn such an atmosphere of suspicion achieving what the Safta had envisioned a decade back has been next to impossible Despite a free trade pact since 2006 trade among South Asian nations makes up five percent of their total trade They share few transport and power connections between themWe saw how Saarc fell apart at its 2014 summitWe saw how the Saarc was split during the 18th summit held in Kathmandu in 2014 end when India and Nepal accused Pakistan of creating an obstacle on the way of regional integration by refusing to sign three multilateral agreements including road trade and sharing of electricityIndian Prime Minister Narendra Modi even went to the extent of warning at that time saying the integration would happen through the Saarc or without itHe found backing in the Nepali ranks India then went ahead with ties visa energy road with other neighbours like Nepal and Bangladesh and also promised to cut its trade surplus with the South Asian nations But in all Modi expressed displeasure that the progress was too slowDespite the presence of instruments like Safta and Bimstec Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation South Asia has only languished The state of affairs in connectivity financial infrastructure including banking and mobility of people and goods have remained stuck in the complex cobweb of customs visa and transit normsIndia too is responsible for the poor state of affairsIndia being the largest nation in South Asia has been equally guilty by not attaching much significance to the forum in the past as it did in nurturing relation with the West and Russia There has been a sheer lack of continuity in the country’s successive governments’ priorities towards South AsiaFor most a combative policy towards Pakistan and dominating approach towards the smaller neighbours have been the most-after stand No wonder opportunities like Safta were lost without a traceCan Narendra Modi govt turn the tables aroundHowever the Narendra Modi regime has attached much importance to the issue of South Asian integration which is a silver lining The way India’s PM invited all South Asian heads of states or representatives to his swearing-in ceremony or kicked off his foreign tours with visits to small states like Bhutan and Nepal or suddenly landed in Lahore to reach out to his Pakistani counterpart-all these suggest that his government aspires to see a better surroundingsYes there have been a serious goof-up by India’s foreign-policy makers in Nepal in the wake of its ratifying a new constitution which has left the Himalayan neighbour distraught but yet going by PM Modi’s general intent of improving the state of South Asian cooperation the decade-old Safta could still have a futureAs of now the wait will be for the 19th Saarc summit in Islamabad later this yearRegional Monetary Co-operation in the Developing World Taking StockBarbara Fritz / Laurissa MühlichRedefining the Landscape of Payment SystemsSummary of Proceedings of the World Bank ConferencePAYMENT SYSTEMS TO FACILITATE SOUTH ASIAN INTRA – REGIONAL TRADERegional Integration and Economic Development in South AsiaCreating an Association of Southeast Asian Nations Payment System: Policy and Regulatory IssuesNo 422 May 2013BASIC PRINCIPLES ON ESTABLISHING A REGIONAL SETTLEMENT INTERMEDIARY AND NEXT STEPS FORWARDCROSS-BORDER SETTLEMENT INFRASTRUCTURE FORUMPAYMENT AND SECURITIES SETTLEMENT SYSTEMS IN THE MIDDLE EAST AND NORTH AFRICAMASSIMO CIRASINO AND MARCO NICOLÌPayments Systems and Intra African TradeAfrica Payments: Insights into African transaction flowsPAYMENT SYSTEMS DEVELOPMENT IN THE WEST AFRICAN MONETARY ZONE WAMZBY TEMITOPE W OSHIKOYASADC Regional payments integration Project – Annexure 6CROSS-BORDER LOW VALUE PAYMENTS AND REGIONAL INTEGRATION: ENABLERS AND DISABLERSDR LEO LIPIS COLIN ADAMSEAC – PAYMENT AND SETTLEMENT SYSTEMS INTEGRATION PROJECT EAC-PSSIPThe development of a regional payment system in Central America: A step towards further integration and economic developmentGregor Heinrich and Enrique Garcıa DubonImplementing Cross-border Payment Clearing and SettlementSystems: Lessons from the Southern African Development CommunityAlbert Mutonga MatongelaPayment System Interoperability and Oversight: The International DimensionPayment systems to facilitate South Asian integrationTowards South Asia Economic UnionRBI suspends euro transactions via Asian Clearing UnionFinancial Infrastructure in Hong KongPEOPLE’S REPUBLIC OF CHINA––HONG KONG SPECIAL ADMINISTRATIVE REGIONOVERSIGHT AND SUPERVISION OF FINANCIAL MARKET INFRASTRUCTURES–TECHNICAL NOTEIMF Country Report No 14/208FINANCIAL SECTOR ASSESSMENT PROGRAMPAYMENT AND SETTLEMENT SYSTEMSBonk of MalaysiaFinancial Sector Reforms and Prospects for Financial Integration in Maghreb CountriesAmor Tahari Patricia Brenner Erik De Vrijer Marina Moretti Abdelhak Senhadji Gabriel Sensenbrenner and Juan SoléThe Southern African Development Community Integrated Regional Settlement System SIRESS: What Como and WhyThe Payment and Settlement Systems in the Republic of China TaiwanPAYMENT SYSTEMS IN JAPANThe Inefficiencies of Cross-Border Payments: How Current Forces Are Shaping the FutureWritten by Yoon S Park PHD amp DBA George Washington UniversityBI prepares for ASEAN integrated payment systemThe Jakarta PostJakarta |
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Komputer Generasi I 1940-1959 ENIAC Electronic Numerical Integrator and Calculator ENIAC merupakan generasi pertama komputer digital elektronik yang digunakan untuk kebutuhan umum Pgamroposal ENIAC dirancang oada tahun 1942 dan mulai dibuat pada tahun 1943 oleh Dr John W Mauchly dan John Presper Eckert di Moore School of Electrical Engineering University of Pennsylvania dan baru selesai pada tahun 1946 ENIAC berukuran sangat besar untuk penempatannya membutuhkan ruang 500m2 ENIAC menggunakan 18000 tabung hampa udara 75000 relay dan saklar 10000 kapasitor dan 70000 resistor Ketika dioperasikan ENIAC membutuhkan daya listrik sebesar 140 kilowatt dengan berat lebih dari 30 ton dan menempati ruangan 167 m2 Mesin Von Neumann Mesin ini dikembangkan oleh seorang ahli matamatika yaitu John Von Neumann yang juga merupakan kosultan proyek ENIAC Mesin ini dikembangkan mulai tahun 1945 yang memberikan gagasan sebagai stored-program concept yaitu sebuah konsep untuk mempermudah proses program agar dapat direpresentasikan dalam bentuk yang cocok untuk penyimpanan dalam memori untuk semua data Gagasan ini juga dibuat hampir pada waktu yang bersamaan dengan Turing Selanjutnya Von Neumann mempublikasikannya dengan nama baru yaitu: Electronic Discrete Variable Computer EDVAC Semua input dan output dilakukan melalui kartu plong Dalam waktu satu detik ENIAC mampu melakukan 5000 perhitungan dengan 10 digit angka yang bila dilakukan secara manual oleh manusia akan memakan waktu 300 hari dan ini merupakan operasi tercepat saat itu dibanding semua komputer mekanis lainnya ENIAC dioperasikan sampai tahun 1955 Teknologi yang digunakan ENIAC adalah menggunakan tabung vakum yang dipakai oleh Laboratorium Riset Peluru Kendali Angkatan Darat Army’s Ballistics Research Laboratory-LBR Amerika Serikat Selanjutnya mesin ini dikembangkan kembali dengan perbaikan-perbaikan pada tahun 1947 yang disebut sebagai generasi pertama komputer elektronik terprogram modern yang disediakan secara komersial dengan nama EDVAC EDSAC Electronic Delay Storage Automatic Calculator dan UNIVAC1 dan 2 Universal Automatic Computer yang dikembangkan oleh Eckert dan Mauchly Untuk pertama kalinya komputer tersebut menggunakan Random Access Memory RAM untuk menyimpan bagian-bagian dari data yang diperlukan secara cepat Dengan konsep itulah John Von Neumann dijuluki sebagai bapak komputer modern pertama di dunia yang konsepnya masih digunakan sampai sekarang John Von Neumann lahir di Budapest Hongaria 28 Desember 1903 dan meninggal pada tanggal 8 Februari 1957 di Washington DC AS Von Neumann sangat cerdas dalam matematika dan angka-angka Pada usia eman tahun dia sudah dapat menghitung pembagian angka dengan delapan digit tanpa menggunakan kertas atau alat bantu lainnya Pendidikannya dimulai di University of Budapest pada tahun 1921 di jurusan kimia Tapi kemudian dia kembali kepada kesukaannya matematika dan menyelesaikan doktoralnya di bidang matematika di tahun 1928 di tahun 1930 dia mendapatakan kesempatan pergi ke Princeton University AS Pada tahun 1933 Institute of Advanced Studies dibentuk dan dia menjadi salah satu dari enam professor matematika di sana Von Neumann kemudian menjadi warga negara Amerika Von Neumann juga merupakan orang pertama yang mencetuskan istilah “Game Theory” yang kemudian berkembang menjadi ilmu tersendiri Game theory bermanfaat untuk mensimulasikan permainan seperti catur bridge dan sejenisnya Dia juga bermanfaat untuk mensimulasikan perang Komputer Komersial Pertama Pada pertengahan tahun 1950 UNIVAC mengalami kemajuan dalam beberapa aspek pemrograman tingkat lanjut sehingga merupakan komputer general purpose pertama yang didesain untuk menggunakan angka dan huruf dan menggunakan pita magnetik sebagai media input dan output-nya Inilah yang dikatakan sebagai kelahiran industri komputer yang didominasi oleh perusahaan IBM dan Sperry Komputer UNIVAC pertama kali digunakan untuk keperluan kalkulasi sensus di AS pada tahun 1951 dan dioperasikan sampai tahun 1963 |
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DATA SPECIALIST IHME has an exciting opportunity for a Data Specialist to join our team The person in this position will work with a dynamic team of researchers and staff at all levels on the University of Washington 07 Apr 2020 |
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Food Lifeline provides this food to more than 300 food banks shelters and meal programs across Western Washington |
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Washington Post: Democrats’ Claim about GOP’s Tax Plan is False |
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The Washington Post: Ticks and mosquitoes may await the pandemic-weary seeking outdoor exercise |
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After New Harassment Claims Snyder Vows More Oversight of Washington NFL Team |
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Washington Governor’s COVID-19 Order Restricts HOA Fines and Late Fees |
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