clearing | Common News Update

Feb242021 by adminNo Comments

BoE’s Bailey warns EU against ‘dubious’ attempt to grab multi-trillion clearing business

Business

Bank of England governor Andrew Bailey has warned Brussels against creating a "serious escalation" by forcing firms to relocate euro clearing business away from the UK.Mr Bailey told MPs Britain should "resist very firmly" any attempt by the EU to try to dismantle by "dubious" means the dominance of London in clearing euro-denominated derivatives - a business sometimes described as the plumbing of the financial market. It was the latest broadside by the governor on Europe, two weeks after he took Brussels to task over its apparent intransigence on granting post-Brexit "equivalence" for Britain's financial services sector. Image: Andrew Bailey said moves possibly being considered by Brussels would be controversial Appearing before the ...

North, South begin clearing away landmines along Korean border

World

SEOUL, Sept. 30 (UPI) -- North and South Korean authorities began removing landmines along the border on Monday as part of the process to ease military tensions, agreed in the third inter-Korean summit. Seoul's defense ministry said it will start removing landmines in the Joint Security Areas to disarm one of the most heavily guarded areas on the border, according to South Korean media Kyunghyang Sinmun. The North and South will then withdraw guard posts and soldiers, as well as surveillance and firing equipment from the area -- a symbolic step to end hostilities from the 1950-53 Korean War. The North and South also began to clear mines on an old battleground in the Demilitarized Zone before they launch a joint excavation for remains of soldiers who died in the Korean War. ...

India going digital, paper clearing at banks falls

Finance

The Reserve Bank of India data shows the value of paper-clearing transactions fell a fifth from Rs 100 lakh crore in 201213 to Rs 80.9 lakh crore at the end of 2016-17. In the same period, the volume of such transactions fell to 120.6 crore from 131.3 crore. Between 2016 and 2017, the volume of cheque transactions fell by over 11 crore. Paper clearing transactions, which accounted for 82 per cent value of total retail payments in 2011-12, shrunk to 37 per cent in 2016-17. "Paper-clearing transactions have gone down because other modes like NEFT, RTGS, IMPS have climbed up significantly ," said Mrityunjay Mahapatra, DMD, State Bank of India. Paper clearing consists of cheque truncation system, MICR (Magnetic Ink Character Recognition) clearing and nonMICR clearing. The RBI data shows t...