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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


MilitiaMan Saturday PM: "HSBC and Wells Fargo to Clear Currency With BlockChain Technology"

rocky
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Join date : 2012-12-21
  • Post n°1

MilitiaMan Saturday PM: "HSBC and Wells Fargo to Clear Currency With BlockChain Technology" Empty MilitiaMan Saturday PM: "HSBC and Wells Fargo to Clear Currency With BlockChain Technology"

Post by rocky Sun 19 Dec 2021, 3:05 pm

[size=30]MilitiaMan Saturday PM: "HSBC and Wells Fargo to Clear Currency With BlockChain Technology"[/size]
KTFA:
Samson: The Board of Directors of The Arab Monetary Fund will hold its two hundred first meeting on Thursday 16, 2021
17th December, 2021
The Fund organized a number of “remote” meetings and workshops, during the fourth quarter of 2021, on regional and global economic developments, and priorities in the post-pandemic phase, to support the return of the economic, financial and banking sectors to the usual paths of growth
The Fund offered 17 “remote” training courses for official Arab cadres
Issuing 3 new issues of a series of introductory booklets to increase economic and financial awareness among Arab youth
Successful completion of the first-of-its-kind joint experiment of interconnection between the “Bunna” platform for Arab payments and the European Instant Payment Settlement System to carry out instant payment settlement business in multiple currencies

The Fund has issued a number of studies and working papers on the current developments at the regional and international levels and its repercussions on Arab economies
The eighth meeting of the Technical Committee of the Arab Statistics Initiative “Arabstat” discussed several priority topics for Arab countries, including sustainable development statistics, government finance and public debt statistics, foreign investment statistics, and the quality of statistics
The Sixth Public Finance Forum, discussed the procedures and measures for recovery in the Arab countries in the post-pandemic stage
Fiscal policy issues, prospects for economic and financial developments, and digital transformation in public finance
Today, Thursday, December 16, 2021, the two hundred first meeting of the Board of Executive Directors of the Arab Monetary Fund was held, headed by Dr. Abdul Rahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors.
 The meeting reviewed the developments of the fund’s activities, and the most important things it did in its various fields of work during the fourth quarter of 2021, within the framework of its five-year strategy (2020-2025)
With regard to lending activity, the Council was informed of the position of loan requests submitted by Arab member states to benefit from the Fund’s resources, as well as the Fund’s follow-up to the agreed reform programs, supported by loans to support the efforts of Arab countries in strengthening the economic, financial and monetary conditions
On the other hand, the board’s agenda included a review of the developments in the investment activity of the fund, including the activity of accepting deposits from central banks and Arab monetary institutions, the performance of investment portfolios, developments in the global financial markets, and the measures taken to implement the fund’s investment strategy
The Board was also briefed on the Fund’s initiatives to develop the Arab financial and banking sector and financial markets, which comes among its top priorities, as the Fund organized a number of consultative events on the most important developments related to the role of the financial and banking sector in supporting economic activities during the recovery phase from the Covid-19 pandemic
The esteemed council was also briefed on the fund’s activities within the framework of financial inclusion initiatives, developing bond markets in Arab countries, enhancing Arab countries’ capabilities in the field of using modern financial technologies, and other initiatives
The Board was also briefed on the Fund’s activities in the field of enhancing cooperation with regional and international financial organizations and institutions.
On October 10, 2021, the Fund organized the International Conference on “Promoting Digital Innovation and Cross-Border Payments”, in cooperation with the Digital Monetary Institute of the Official Forum of Monetary and Financial Institutions (OMFIF), to discuss the opportunities offered by digital innovations to develop financial services and capital markets, and enhance financial inclusion.
The Board was also briefed on the Fund’s participation in the sixth periodic meeting at the level of heads of regional financial arrangements institutions and the International Monetary Fund, on the current situation of the global economy, and ways to strengthen the global financial system and the global financial safety net
In the context of its role as a technical secretariat for the Board of Governors of Central Banks and Arab Monetary Institutions and its committees and work teams, the Board was briefed on the Fund’s “remotely” organization, the twenty-first meeting of the Regional Working Group to Promote Financial Inclusion in the Arab Countries, where a number of topics were discussed, most notably “Ways to develop the microfinance sector in the Arab region, and the role of the micro-insurance sector in supporting financial inclusion, by enhancing insurance awareness and diversifying and promoting products, especially for micro, small and medium enterprises, which contributes to developing activity, supporting investment and contributing to economic growth”. The Honorable Council was also informed of the Fund’s organization of the thirty-sixth meeting of the Arab Committee on Banking Supervision, and the sixth meeting of the Regional Working Group for Modern Financial Technologies in the Arab Countries
During the meeting, the Board was also briefed on the most important developments with regard to the “Buna” platform for Arab payments, which included the Fund’s completion of all requirements related to the establishment of the institution, and the joint announcement at the end of September (September) 2021 with the Italian Central Bank on the success of completing the joint experiment of consensual interdependence between Buna and the European Instant Payments Settlement System (known as TIPS ), to carry out instant payments settlement business in multiple currencies
The establishment of the Fund for the technical system and data centers, the continuation of progress in the development of applications related to the functions and services of instant payment, as well as the holding of technical workshops with banks interested in instant payments that have the initial technical readiness to launch this innovative service, to start developing its infrastructure to match the requirements of connectivity with “Bunni” instant payment system
Within the framework of its role as the secretariat of the Council of Arab Finance Ministers, the honorable Council was informed that the Fund organized a workshop on “Improving the Efficiency of Public Debt Management in Arab Countries”, at the level of public debt managers and senior technicians concerned with public debt issues in Arab countries, where the workshop dealt with the repercussions of the pandemic crisis. Corona on public debt and its trends, and the policies and methodologies used to support the sustainability of public debt after the pandemic
The Board was also informed of the Fund’s latest publications of reports, research, bulletins, books and working papers, since the previous meeting of the Board in September 2021   LINK

Clare:  THIS SUPPORTS EVERTHING MM & PETRA HAVE BEEN TEACHING US ABOUT INTERCONNECTION & DIGITIZATION ....TIE THIS INTO WHAT WS & FRANK SHARED WITH US LAST NIGHT IN THE UB2B……WOW! WHAT A GREAT SPOT WE ARE IN!! IMO THANK GOD!   
MilitiaMan: Now add that HSBC and Wells Fargo are to clear currency with blockchain technology, Monday.. The implications are astounding!!! We have been watching a digital transformation right before our eyes.
 These two banks at this time frame will start Monday, allow those us with multi currencies to clear currency trades, globally.
What a time to have that ability. There are no coincidences. Just as there has been no coincidences in the Reverse Repo Market being at historic highs..
All things come full circle. imo ~ MM
https://financialpost.com/fp-finance/cryptocurrency/hsbc-and-wells-fargo-to-settle-currency-trades-with-blockchain
 ~~~~~~~~~~
HSBC and Wells Fargo to settle currency trades with blockchain
Bypassing CLS, a nearly two-decades-old utility central banks urge market participants to use to neutralize risk of trade failures
 HSBC and Wells Fargo are cutting out a key part of the currency market’s infrastructure from some trades after the two banks agreed to settle transactions directly on blockchain technology.
From Monday, they will use blockchain technology to reconcile and pay out on deals in dollars, sterling, euro and Canadian dollars between the two banks, using HSBC’s FX Everywhere platform.
The agreement means they will bypass CLS, the nearly two-decades-old utility that central banks urge market participants to use to neutralize the risk of certain trade failure.
 The move is the latest example of blockchain technology seeping into the US $6.6-trillion-a-day foreign currency market, and resetting relationships between the big investment banks and central banks.
Earlier this month, the central banks of Switzerland and France successfully tested the first cross-border payment on the blockchain as part of a series of projects around central bank digital currencies.
He acknowledged the move would cut out CLS, the U.S .Federal Reserve-regulated entity that settles trillions of dollars worth of global currency deals and ensures both sides of a trade are paid simultaneously. The two banks also said they hoped to expand the system to other banks and emerging market currencies that CLS does not settle.
Mark Williamson, global head of FX partnerships at HSBC, said the banks were also talking to financial market infrastructure operators about their potential involvement. He declined to name the parties but said a decision was likely to come next year.
https://financialpost.com/fp-finance/cryptocurrency/hsbc-and-wells-fargo-to-settle-currency-trades-with-blockchain

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