77 Results
Bob Lyddon Consultant at Lyddon Consulting Services
The EU has unveiled the awaited plan to create Sovereign Bond-Backed Securities or SBBS in Euro, supposedly “to encourage banks and investors to diversify their holdings of euro zone bonds”. The plan is “meant to address a weakness in the currency bloc that came to light in the 2010-2012 euro zone debt crisis, when banks’ high exposure to their sov...
24 May 2018 /wholesale SEPA and European Payments
We have been analysing, for the thinktank the Bruges Group, the extreme difficulties in which the Eurozone finds itself, after years of economic stimulus totalling over 3% of GDP per annum and the build-up of both the ECB's Asset Purchase Programmes and the loans within the TARGET2 system. These imbalances are insoluble, and there is a big bullet ...
22 May 2018 /wholesale SEPA and European Payments
Qualifying applicants under the UK Financial Conduct Authority's Senior Managers Regime must complete a lengthy form and, in certain circumstances, provide full explanatory information. A candidate must give full answers to all the questions and in such a way that the result is not "materially false, misleading or deceptive". Otherwise t...
20 May 2018 /payments Banking Regulations
I blogged two weeks ago that NPSO had become the operator of BACS and Faster Payments while in the control of just one person, and a natural legal person at that. NPSO has quickly appointed two new Member-Guarantors from amongst its non-executive Board Members - a Ms Ashton who is a "CTO-in-residence" at SAP and a Mr Anderson who is a for...
18 May 2018 /payments Transaction Banking
In a shock announcement BACS and Faster Payments are being run, as of today, by a company controlled by a single private individual. This must be a first for a critical UK national infrastructure. New Payment System Operator issued a press release this morning to say that "Operational responsibility for the Bacs and Faster Payments systems, wh...
01 May 2018 /payments UK Faster Payments
Occasioned by the recent Financial Standards Board reports on Correspondent Banking and on Remittances, I am of the opinion that Wolfsberg Group's 2016 “Wolfsberg Guidance on SWIFT Relationship Management Application (RMA) Due Diligence” should be withdrawn. I have sent a paper to the Wolsfberg Group to this effect. The guidance has given a clean b...
09 April 2018 /payments Trends in Financial Services
Yesterday Reuters published an article entitled "Restive bond markets may complicate ECB's exit plans". This was a piece speculating about how and when the ECB can taper off and finish its Asset Purchase Programme ("APP"), its version of Quantitative Easing. The piece stated that "Currency strength and a doubling of benchma...
21 February 2018 SEPA and European Payments
Ripple enjoyed high profile in Q4 2017, running its conference in Toronto alongside that of the organisation it aims to take down (SWIFT), seeing the price of its XRP cryptocurrency rise from $0.25 on October 10th to $2.25 on December 31st, and releasing a steady stream of positive publicity about interest in/take-up of its core service: payment m...
02 February 2018 /payments Fintech
Since my earlier blog it has come out that the liquidator is indeed “dealing in” Carillion’s contracts and this is very important for the unsecured creditors who have supplied and remained unpaid in those contracts. The key point is that the liquidator has not repudiated the contracts, and declared them null and void, which was within their gift. T...
24 January 2018 /payments /wholesale Financial Supply Chain
The collapse of Carillion poses an urgent question for participants in Supply Chains who have no payment security, and have made deliveries of goods and services with a credit period. That means almost every business. The question is whether the shareholders will really experience “moral hazard”: do they only make a recovery from the liquidation on...
19 January 2018 /payments /regulation Financial Supply Chain
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