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The Changing European Payments Landscape Sibos Special Interest Session
EBA CLEARING Services: The Changing European Payments Landscape Sibos Special Interest Session Toronto, 20th September 2011 EURO1 Reform Program Update: Improvements to liquidity management and risk control Alan Taylor Director, EURO1/STEP1 Services EURO1/STEP1 volume evolution EURO1/STEP1 daily average volume 2009-2011 300,000 250,000 200,000 150,000 100,000 50,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2009 2010 2011 3 EURO1/STEP1 transaction value evolution EURO1/STEP1 daily average value 2009-2011 300 290 280 270 260 250 240 230 220 210 200 € bn Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2009 2010 2011 4 ONE YEAR ON The press still reads the same: * Bank “crisis” * Country “crisis” * Currency “crisis” EURO1 in the middle of three important industry discussions EURO1 finds itself in the middle of three important industry discussions Liquidity Risk discussions discussions SEPA migration & end-date 6 Sequencing of issues 5. Review of governance model 4. SEPA migration & end-date 3. Review of Participation rules 2. Algorithm and liquidity efficiency of scheme 1. Review of risk sharing scheme 7 Future Development Group Established with 12 members equally from OTC (Payments) and TLG (Liquidity) Barclays Intesa Sanpaolo BNP Paribas J.P. Morgan Citibank Royal Bank of Scotland Commerzbank Société Générale Deutsche Bank UBS ING UniCredit • Largest users of system • Systemically important banking groups • Meetings and conference calls • Also information exchange with CHIPS 8 LIQUIDITY MANAGEMENT EURO1 – Optimisation of liquidity -
Opening Speech
OPENING SPEECH Christian Noyer Governor Banque de France am delighted to open this 5th international We are facing a combination of two diffi culties. symposium of the Banque de France, which I is an opportunity to bring together heads of First, at present, for all countries, the risks for growth central banks and international institutions, leading are on the downside and for infl ation on the upside. academics and directors of private banks, as well Beyond the diversity of their mandates, this represents as representatives of industrialised and emerging a common challenge for all central banks. countries, in order to address a topical issue of common interest and concern to us all. Today’s debate Second, we are all affected, to differing degrees, by will be rich and intense. The fi rst session, chaired the turmoil of the past eight months in the credit by Jean-Claude Trichet, President of the European markets. In the coming hours we shall hold an in-depth Central Bank, will present the main concepts and debate on the relationship between fi nancial stability stylised facts of globalisation and world infl ation. and price stability. But I believe that we will all agree The second session, chaired by Jean-Pierre Roth, that the conduct of monetary policy is more diffi cult President of the Swiss National Bank, will focus on the and more uncertain in a less stable and more volatile links between globalisation and the determinants of fi nancial environment. domestic infl ation. The third session, which will take the form of a round table chaired by Nout Wellink, I would briefl y like to develop these two points. -
Program Handout
Brexit : What does it mean for Europe and its financial industry? with Christian Noyer, Former Governor of the Banque de France Monday, April 29, 2019 10:45 a.m. – 2:00 p.m. Cercle de l'Union Interalliée 33 rue du faubourg Saint-Honoré 75008 Paris Agenda 10:45 a.m. | Registration and Coffee • Welcome by Don Rissmiller, Chief Economist, Strategas & GIC Chair 11:00 a.m. – 12:00 p.m. | A Conversation with Governor Noyer Brexit : What does it mean for Europe and its financial industry? • Christian Noyer, Former Governor, Banque de France • Facilitated by Kathleen Stephansen, Senior Economic Advisor to the Boston Consulting Group Henderson Institute Center for Macroeconomics & GIC Vice Chair of Programs 12:00 – 2:00 p.m. | Lunch Duc de Luynes Dining Room - Ground floor Christian Noyer was born in 1950 near Paris. After obtaining a Bachelor of Laws (LL.B.), he received a Master’s Degree in Public Administration from the Paris Institute of Political Studies (“Scienc- es Po”). He then joined the Ecole Nationale d’Administration (ENA), of which he is a graduate. He entered the French Treasury in 1976, and spent two years in 1980-82 in Brussels as a financial attache at the French Delegation to the European Union. Back at the Treasury, he held various posi- tions, dealing both with domestic and international affairs, and was appointed Director of the Trea- sury in 1993. He also served as an adviser to Mr .Balladur, then Minister of Finance, in 1986-88, and as chief of staff to two other Finance Ministers in 1993 and 1995-97. -
Report of the Board EBA CLEARING Shareholders Meeting 23Rd May 2013 Contents
Report of the Board EBA CLEARING Shareholders Meeting 23rd May 2013 Contents 1. Introduction: Letter from the Chairman 3 2. The Company’s activities in 2012 7 2.1 EURO1/STEP1 Services 7 2.2 STEP2 Services 12 2.3 Operations of the clearing systems 20 2.4 Resilience, Business Continuity and Incident Management 23 2.5 Risk Management 24 2.6 MyBank initiative 28 2.7 Activities of Board Committees 34 2.8 Corporate matters 37 2.9 Financial situation 40 3. The Company’s activities in 2013 45 3.1 EURO1/STEP1 Services 45 3.2 STEP2 Services 48 3.3 Operations of the clearing systems 53 3.4 Internal Audit, Resilience, Business Continuity and Incident Management 54 3.5 MyBank initiative 55 3.6 Other relevant matters of interest 56 Appendix 1: List of participants in EURO1/STEP1 57 Appendix 2: List of direct participants in STEP2 64 Appendix 3: Annual accounts for 2012 73 layout: http://www.quadratpunkt.de Shareholders Meeting 23rd May 2013 // Report of the Board EBA CLEARING 2 1. Introduction: Letter from the Chairman Dear EBA CLEARING Shareholders and Friends, Over the past year, EBA CLEARING has added another chapter to its corporate success story. A large number of steps were taken to ready the services of the Company for the current and upcoming challenges facing the industry and to optimally support our users in dealing with these challenges. And in this year of the great rush towards the SEPA instruments, there is more in our delivery pipeline in terms of additional service functionality, processing enhancements and risk mitigation features. -
Program Handout
2019 GLOBAL CITIZEN AWARD & ECONOMIC OUTLOOK Friday, December 13, 2019 FEDERAL RESERVE BANK OF PHILADELPHIA TABLE OF CONTENTS Agenda 2 2019 Global Citizen Award Recipient 3 • E. Martin Heldring, Senior Vice President and Managing Director, TD Bank & GIC Treasurer Speaker Biographies 5 • Michael Drury, Chief Economist, McVean Trading & Investments & GIC Chair Emeritus • Peter A. Gold, Esq., Principal, TheGoldGroup LLC & GIC Vice Chair • Dennis P. Lockhart, Former President and CEO of the Federal Reserve Bank of Atlanta • Stephanie Mackay, Chief Innovation Officer, Columbus Community Center & GIC Board Member • Charles I. Plosser, Ph.D., Former President and CEO of the Federal Reserve Bank of Philadelphia • Donald Rissmiller, Founding Partner of Strategas & GIC Chair 2018 College of Central Bankers 7 • Christian Noyer, Honorary Governor, Banque de France • Anthony Santomero, Former President of the Federal Reserve Bank of Philadelphia • William Poole, Senior Fellow, Cato Institute and Former President of the Federal Reserve Bank of St. Louis About the Global Interdependence Center 9 • 2019 Board of Directors • GIC Advisory Council • GIC Members Tribute Letters and Congratulatory Messages 13 Upcoming GIC Events 25 Notes 26 1 AGENDA 10:00 a.m. | Registration & Coffee 10:30 a.m. | Welcome • Don Rissmiller, Founding Partner & Chief Economist, Strategas and GIC Chair Presentation of the Global Citizen Award • E. Martin Heldring, Senior Vice President and Managing Director, TD Bank and GIC Treasurer – 2019 Global Citizen Award Honoree Announcement of the 2020 Board Officers and Remarks on Board Updates • Don Rissmiller, Founding Partner & Chief Economist, Strategas and GIC Chair • Stephanie Mackay, Chief Innovation Officer, Columbus Community Center and GIC Board Member 10:45 a.m. -
The International Monetary and Financial
April 2016 The Bulletin Vol. 7 Ed. 4 Official monetary and financial institutions ▪ Asset management ▪ Global money and credit Lagarde’s lead Women in central banks Ezechiel Copic on gold’s boost from negative rates José Manuel González-Páramo on monetary policy Michael Kalavritinos on Latin American funds Christian Noyer on threat to London’s euro role Paul Tucker on geopolitics and the dollar You don’t thrive for 230 years by standing still. As one of the oldest, continuously operating financial institutions in the world, BNY Mellon has endured and prospered through every economic turn and market move since our founding over 230 years ago. Today, BNY Mellon remains strong and innovative, providing investment management and investment services that help our clients to invest, conduct business and transact with assurance in markets all over the world. bnymellon.com ©2016 The Bank of New York Mellon Corporation. All rights reserved. BNY Mellon is the corporate brand for The Bank of New York Mellon Corporation. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorised by the Prudential Regulation Authority. The Bank of New York Mellon London branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Products and services referred to herein are provided by The Bank of New York Mellon Corporation and its subsidiaries. Content is provided for informational purposes only and is not intended to provide authoritative financial, legal, regulatory or other professional advice. -
Decision of the Representatives of the Governments of the Member States Appointing the Members of the Executive Board of the ECB (26 May 1998)
Decision of the Representatives of the Governments of the Member States appointing the members of the Executive Board of the ECB (26 May 1998) Caption: Decision taken by common accord of the Governments of the Member States adopting the single currency at the level of Heads of State or Government of 26 May 1998 appointing the President, the Vice-President and the other members of the Executive Board of the European Central Bank (98/345/EC). Source: Official Journal of the European Communities (OJEC). 28.05.1998, n° L 154. [s.l.]. "Decision taken by common accord of the Governments of the Member States adopting the single currency at the level of Heads of State or Government of 26 May 1998 appointing the President, the Vice-President and the other members of the Executive Board of the European Central Bank (98/345/EC)", p. 33. Copyright: All rights of reproduction, public communication, adaptation, distribution or dissemination via Internet, internal network or any other means are strictly reserved in all countries. The documents available on this Web site are the exclusive property of their authors or right holders. Requests for authorisation are to be addressed to the authors or right holders concerned. Further information may be obtained by referring to the legal notice and the terms and conditions of use regarding this site. URL: http://www.cvce.eu/obj/decision_of_the_representatives_of_the_governments_of_the_member_states_appointing_the_ members_of_the_executive_board_of_the_ecb_26_may_1998-en-7d52a340-40ed-4b38-99b0-03536fc4de5d.html -
Members of the Contact Group on Euro Payments Strategy (Cogeps)
MEMBERS OF THE CONTACT GROUP ON EURO PAYMENTS STRATEGY (COGEPS) LARGE VALUE AND RETAIL PAYMENTS ISSUES Co-chairs European Central Bank RUSSO, Daniela Chair of the EPC HARTSINK, Gerard Banking industry Chair of FBE Payments Committee GAGGI, Pierfrancesco ACCB (Association of Cyprus Banks) NICOLAOU, Marios Banco Santander and EPC Chair SPS WG SANTAMARIA, Francisco Javier Bank of Valletta, Malta SANT, Peter Banque et Caisse d’Épargne de l’État / State and Savings Bank Luxembourg ERNST, Gilbert BNP Paribas KRAFT, Thomas Chair of ESBG Payment Committee DENÈLE, Fabrice Citi Bank and EPC Chair of Information Security SG WANDHÖFER, Ruth Bundesverband deutscher Banken (Association of German Banks) KARASU, Ibrahim Caixa Geral de Depositos and EPC Chair Cash WG MACHADO, Leonor CECA HUERTAS, Francisco Deutscher Sparkassen- und Giroverband (DSGV) WEISS, Axel DnB NOR and EPC Chair of Mobile Channel WG FLATRAAKER, Dag-Inge EPC Secretary General MUSTO, Marco EPC Vice Chair and Crédit Mutuel BRUN, Claude Erste Bank MATTES, Klaus Euro Banking Association LICHTER, Gilbert European Association of Co-operative Banks (EACB) GUIDER, Hervé European Banking Federation (FBE) RAVOET, Guido European Savings Banks Group (ESBG) DE NOOSE, Chris FBF DUTREUIL, Bernard Hellenic Banking Association TAVLARIDIS, Kostas INTESA SANPAOLO SpA FERRERO, Giorgio Irish Payment Services Organisation Ltd MCLOUGHLIN, Pat Page 1 KBC Bank GUNS, Bart Millenium BCP Bank FONTES, Alirio Payments Council Ltd SMEE, Paul Pohjola Bank Plc and EPC Chair of Standards SG AALTO, Petri Rabobank Nederland -
UK Payment Systems
UK payment systems An OFT market study of clearing systems and review of plastic card networks. May 2003 OFT658 Further copies Further copies of this paper can be downloaded from our website at www.oft.gov.uk/News/Publications/Leaflet+Ordering.htm please see Reports. OFT publications order line OFT information leaflets can be ordered free of charge on 0870 6060321. Information on the internet You can also order OFT publications online and find advice and information on consumer rights and on the work of the OFT at www.oft.gov.uk Crown copyright © Crown copyright 2003 This publication (excluding the OFT logo) may be reproduced free of charge in any format or medium provided that it is reproduced accurately and not used in a misleading context. The material must be acknowledged as Crown copyright and the title of the publication specified. CONTENTS Chapter Page Foreword 1 Executive summary 1 Part I: Introduction and overview 2 The aim of the report 14 3 Why different systems exist 17 4 The economic characteristics of payment systems 19 5 Methodology 21 Part II: Clearing systems 6 The clearing systems and recent trends 22 7 The clearing cycle 35 8 Recent developments 42 9 Pricing, access, innovation and the impact on retail competition 49 10 European developments 94 Part III: Plastic card networks 11 Credit and debit card systems 105 12 The LINK ATM network 122 Annexes A Glossary 127 B Terms of reference 132 C Methodology: questionnaires and meetings 135 D Questionnaire: Tariffs and costs – settlement members 138 E Questionnaire: Tariffs and costs – indirect members 143 F Questionnaire: Innovation 147 G Questionnaire: Merchant acquirers 150 H Membership to APACS, BACS, CCCL, CHAPS Sterling and CHAPS Euro. -
Understanding the Business Relevance of Open Apis and Open Banking for Banks Information Paper
API € Understanding the business relevance of Open APIs and Open Banking for banks Information Paper EBA Working Group on Electronic Alternative Payments Version 1.0 May 2016 CONTENTS 1. Executive summary 4 2. Introduction 5 2.1. Services on top of the infrastructure layer 5 2.2. Trend: interfacing between market participants through APIs 6 2.3. Reading guide 6 3. Relevant concepts in APIs 7 3.1 The level of API openness determines potential reach 7 3.2 Creating value with Open APIs 8 3.3 Examples of successful Open API strategies 9 3.4. Financial APIs need agreements beyond technical aspects 10 3.5. Examples of Open APIs in the financial industry 10 3.6. Governance of APIs 11 3.7. API standardisation initiatives in the payments industry 11 3.8. From ‘Open API’ to ‘Open Banking’ 15 4. Open Banking from a bank’s perspective 16 4.1. API: pivot between products and distribution 16 4.2. Four potential roles in the financial value chain 17 Role 1: Integrator 17 Role 2: Producer 18 Role 3: Distributor 19 Role 4: Platform 20 5. Challenges and Opportunities for banks when opening up 22 5.1. The concept of opening up 22 5.2. Challenges for banks when opening up 22 5.3. Opportunities for banks when opening up 23 6. Key observations on Open Banking 24 Appendix 1: Overview Open API businesses 25 Appendix 2: Overview Open API initiatives - payments 28 Appendix 3: Reference documents 31 Appendix 4: Glossary 32 Copyright © 2016 Euro Banking Association (EBA) The information paper is the result of an analysis carried out by the EBA Working Group on Electronic Alternative All rights reserved. -
What the Rest of the Eu Thinks About Brexit & The
WHAT THE REST OF THE EU THINKS ABOUT BREXIT & THE CITY OF LONDON Analysis of the main concerns, priorities and positions of policymakers in the 27 EU member states on the other side of the negotiating table April 2017 by Panagiotis Asimakopoulos and William Wright www.newfinancial.eu │ @NewFinancialLLP │ Tel : +44 20 3743 8269 What the rest of the EU thinks about Brexit and the City Introduction There are few issues more challenging for the City of London and the European New Financial is a think tank and fina ncial services industry than the potential implications of Brexit. But the debate in forum that believes Europe needs the UK over the past year has inevitably been UK-centric, focusing on what different bigger and better capital markets parts of the industry want, fear and expect from Brexit; what the impact of Brexit to help drive its recovery and will be on different sectors and how they will react; and what the UK government growth. should be asking for in the negotiations ahead. We think this presents a huge Too little attention has been paid to what the other 27 member states of the EU will be thinking about the future of the City and of financial services in the EU when opportunity for the industry and they take their seats on the other side of the negotiating table later this year - and its customers to embrace change why. Too often, their views are caricatured as attempts to ‘punish’ the UK, steal and rethink how capital markets market share from the City, and to shoot themselves in the foot. -
Concluding Remarks
CONCLUDING REMARKS William R. WHITE Chairman Economic and Development Review Committee, OECD I want to thank the Governor of the Bank of France “imbalances” of some kind are the essence of the for the invitation to make the concluding remarks problem, which is in fact a huge analytical leap. at this prestigious conference. I consider it an Today Lorenzo Bini Smaghi, Kiyohiko G. Nishimura honor. A number of years ago my BIS colleague, and Kenneth Rogoff have reminded us that the Andrew Crockett, was said to have given a brilliant macromodels commonly in use at universities, summing up at a conference at the Bank of Japan. central banks, and international fi nancial institutions, When I asked him how he did it, he joked in replying in fact, contain no imbalances of any signifi cant that “it was easier when you told people what they importance. The question which motivates this should have said, rather than what they did actually session implicitly says those models must change, say”. Today I will do mostly the latter, but I will not and change fundamentally. be able to resist doing some of the former as well. This is not to say that I think I fully understand Accepting that imbalances are an issue, should we what has precipitated the current crisis and where worry only about external imbalances (global trade it might be leading us.1 Rather the words of Keynes, imbalances) or are domestic imbalances also a source of written in 1931, seem to me to be still relevant today.2 concern. In their comments today, Olivier Blanchard, “We are in a colossal muddle.