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CLS Bank
CLS Group (for Continuous Linked Settlement), or simply CLS, is a specialized financial infrastructure group whose main entity is the New York-based CLS Bank. It started operations in 2002 and operates a unique global multicurrency cash settlement system, known as the CLS System, which plays a critical role in the foreign exchange market (also known as forex or FX). Although the forex market is decentralised and has no central exchange or clearing facility, firms that chose to use CLS to settle their FX transactions can mitigate the settlement risk associated with their trades. CLS demonstrated its risk-mitigation value in the financial crisis of 2007–2008, during which the forex market remained orderly even in times of severe systemic financial stress, and again during market turmoil associated with the COVID-19 pandemic in early 2020. The CLS System's sophisticated payment versus payment concept does not entirely eliminate forex settlement risk, but reduces it considerably ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
One Financial Square
32 Old Slip, also known as One Financial Square, is a skyscraper in the Financial District of Lower Manhattan in New York City. Completed in 1987, the building has 36 floors and stands at . 32 Old Slip was designed by the firm of Edward Durell Stone Associates for developer Howard Ronson and his firm HRO International. It is home to various office tenants, including a Convene convention center and the New York Regional Office of the United States Census Bureau. The ground floor houses the New York City Fire Department (FDNY) Engine Company 4 and Ladder Company 15. Designed in a postmodern style, the building has a granite and glass facade, with several setbacks tapering to an octagonal curtain wall. The floor sizes range from of rentable space, totaling . At ground level, a privately owned arcade and urban plaza surround the building. The building's site previously held the United States Assay Office, completed in 1932. HRO bought the Assay office site in 1983 and erecte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1991 Soviet Coup D'état Attempt
The 1991 Soviet coup d'état attempt, also known as the August Coup,, "August Putsch". was a failed attempt by hardliners of the Soviet Union's Communist Party to forcibly seize control of the country from Mikhail Gorbachev, who was Soviet President and General Secretary of the Communist Party at the time. The coup leaders consisted of top military and civilian officials, including Vice President Gennady Yanayev, who together formed the State Committee on the State of Emergency (GKChP). They opposed Gorbachev's reform program, were angry at the loss of control over Eastern European states and fearful of the USSR's New Union Treaty which was on the verge of being signed. The treaty was to decentralize much of the central Soviet government's power and distribute it among its fifteen republics. The GKChP hardliners dispatched KGB agents, who detained Gorbachev at his holiday estate but failed to detain the recently elected president of a newly reconstituted Russia, Bori ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real-time Gross Settlement
Real-time gross settlement (RTGS) systems are specialist Electronic funds transfer, funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a "gross (economics), gross" basis. Settlement (finance), Settlement in "real time" means a payment Financial transaction, transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on a one-to-one basis, without bundling or net settlement, netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable. History As of 1985, three central banks implemented RTGS systems, while by the end of 2005, RTGS systems had been implemented by 90 central banks. The first system that had the attributes of an RTGS system was the US Fedwire system which was launched in 1970. This was based on a previous method of transferring funds ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York State
New York, officially the State of New York, is a state in the Northeastern United States. It is often called New York State to distinguish it from its largest city, New York City. With a total area of , New York is the 27th-largest U.S. state by area. With 20.2 million people, it is the fourth-most-populous state in the United States as of 2021, with approximately 44% living in New York City, including 25% of the state's population within Brooklyn and Queens, and another 15% on the remainder of Long Island, the most populous island in the United States. The state is bordered by New Jersey and Pennsylvania to the south, and Connecticut, Massachusetts, and Vermont to the east; it has a maritime border with Rhode Island, east of Long Island, as well as an international border with the Canadian provinces of Quebec to the north and Ontario to the northwest. New York City (NYC) is the most populous city in the United States, and around two-thirds of the state's population liv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Christopher Allsopp
Christopher Allsopp (born 6 April 1941) is a British economist. He was Director of the Oxford Institute for Energy Studies from 2006-2013, is Emeritus Fellow of New College, Oxford, and a Reader in Economic Policy at the University of Oxford. A former Director of the Bank of England (1997–2000) and Member of its Monetary Policy Committee (2000–2003), he has recently completed a Review of Statistics for Economic Policymaking (the 'Allsopp Review'). He is the Editor of the Oxford Review of Economic Policy ''Oxford Review of Economic Policy'' is a quarterly peer-reviewed academic journal of economics. Each issue concentrates on a current theme in economic policy, with a balance between macro- and microeconomics, and comprises an assessment and a num ... and a Director of Oxford Economic Forecasting. Previous activities include working at HM Treasury, the OECD and the Bank of England (where he was Adviser from 1980–83) as well as extensive involvement with domestic and internat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has devolved responsibility for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Canada
The Bank of Canada (BoC; french: Banque du Canada) is a Crown corporation and Canada's central bank. Chartered in 1934 under the ''Bank of Canada Act'', it is responsible for formulating Canada's monetary policy,OECD. OECD Economic Surveys: Canada 2000'. OECD Publishing; 30 August 2000. . p. 45–. and for the promotion of a safe and sound financial system within Canada.Financial Stability and Central Banks: A Global Perspective'. Routledge; November 2002. . p. 41–. The Bank of Canada is the sole issuing authority of Canadian banknotes,Gene Swimmer. How Ottawa Spends, 1996-97: Life Under the Knife'. MQUP; 15 May 1996. . p. 379–. provides banking services and money management for the government, and loans money to Canadian financial institutions. The contract to produce the banknotes has been held by the Canadian Bank Note Company since 1935. The Bank of Canada headquarters are located at the Bank of Canada Building, 234 Wellington Street in Ottawa, Ontario. The building als ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been described as a '' sui generis'' political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation. Containing 5.8per cent of the world population in 2020, the EU generated a nominal gross domestic product (GDP) of around trillion in 2021, constituting approximately 18per cent of global nominal GDP. Additionally, all EU states but Bulgaria have a very high Human Development Index according to the United Nations Development Programme. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lamfalussy Process
The Lamfalussy process is an approach to the development of financial service industry regulations used by the European Union. Originally developed in March 2001, the process is named after the chair of the EU advisory committee that created it, Alexandre Lamfalussy. It is composed of four "levels", each focusing on a specific stage of the implementation of legislation. At the first level, the European Parliament and Council of the European Union adopt a piece of legislation, establishing the core values of a law and building guidelines on its implementation. The law then progresses to the second level, where sector-specific committees and regulators advise on technical details, then bring it to a vote in front of member-state representatives. At the third level, national regulators work on coordinating new regulations with other nations. The fourth level involves compliance and enforcement of the new rules and laws. The Lamfalussy process has provided a significant impetus in d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alexandre Lamfalussy
Alexandre, Baron Lamfalussy (; 26 April 1929 – 9 May 2015) was a Hungarian-born Belgian economist who served as President of the European Monetary Institute (EMI) from 1994 to 1997, which was the forerunner to the European Central Bank (ECB). Born in Kapuvár, Hungary, Lamfalussy left his native country in 1949. He studied at the Catholic University of Leuven and Nuffield College, Oxford, where he received his doctorate in economics. He later taught at the University of Louvain (UCLouvain) and Yale. In 1963 he was among the founders of SUERF – an association originally set up as a group to promote financial research among academics, and served as the Association's first Honorary Treasurer. In honour of his contribution to European monetary and financial issues, he was made an honorary member of SUERF at the association's 40th anniversary meeting held at the Banque de France in Paris. From 1976 he was an economic adviser to the Bank for International Settlements in Basel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wayne Angell
Wayne D. Angell (born June 28, 1930) is an American economist, politician and professor who served as a member of the Federal Reserve Board of Governors from 1986 to 1994. Angell was born in Liberal, Kansas. Biography He graduated from Ottawa University, from the University of Kansas with an M.A. in 1953, and a Ph.D. in 1954. He taught at Ottawa University from 1959 to 1985. He was elected to the Kansas State House of Representatives, in 1960. He ran for the U.S. House of Representatives in 1966 and the U.S. Senate in 1978, losing in the Republican primaries to Larry Winn and Nancy Landon Kassebaum, respectively. He served as the Governor of the Federal Reserve Board from 1986 to 1994. He left to become a Chief Economist and Senior Managing Director for Bear Sterns & Co., Inc., where he served until 2002. He opened a consultancy, Angell Economics. He is a frequent economics commentator on CNBC's "Kudlow & Company", "Fast Money", and has appeared on "Charlie Rose". A chair in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Committee On Payment And Settlement Systems
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City. History The BIS was established in 1930 by an intergovernmental agreement between Germany, Belgium, France, the United Kingdom, Italy, Japan, the United States, and Switzerland. It opened its doors in Basel, Switzerland, on 17 May 1930. The BIS was originally intended to facilitate reparations imposed on Germany by the Treaty of Versailles after World War I, and to act as the truste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
