FMI
Cœuré sees cyber threats and virtual currencies rising on payments agenda
Chair of the CPSS suggests the organisation should look beyond securities and derivatives markets in the 25th anniversary edition of Central Banking journal
Lithuania takes delivery of first euro coins
1,740 tonnes of coins must be minted ahead of currency switchover on January 1; delivery is supervised by police under special agreement signed in May
Payments achitecture fit for the 21st century
Globalisation, changes in FMIs and the emergence of new payment schemes will require ever closer co-operation to ensure the safety and efficiency of the underpinnings of the financial markets
Renminbi as a reserve currency
China’s renminbi is gaining traction as a global currency, which will pave the way for a multiple global reserve currency system. Discussed here by John Zhu, economist, Greater China, HSBC
Time for clock synchronisation – regulators
Global regulators assess the need for a central reference clock to aid investigations into alleged abuse of financial markets
Malaysian deputy targets 'distortions’ in payments market
Muhammad bin Ibrahim says ‘more needs to be done’ to correct price distortions that he believes are holding back electronic payments in the country
UK government to 'explore potential of virtual currencies'
Major study will look into whether regulation is required for businesses to set up in the UK, says chancellor George Osborne, who adds virtual currencies can ‘transform lives’
Chan says Hong Kong has nothing to fear from further mainland liberalisation
Competition from Shanghai 'not a zero sum game' says HKMA head; rather, further internationalisation of the renminbi will create a 'bigger pie'
Better budgeting tools could encourage low earners to switch from cash to card
Researchers find that low earners prefer to use cash over the debit card because they find it more effective as a monitoring and budgeting tool
Opinion: Sepa opens borders for European money
ECB’s director-general of market infrastructure and payments reflects on the successful creation of the single euro payments area, its beneficial impacts and the payment cards challenge to come
Central Bank of Nigeria inks deal to set up credit fund for small businesses
Governor Godwin Emefiele signs MoU with state governments on $1.4 billion fund to lower lending rates for SMEs, but critics call for speedier remedies
Hong Kong and Thailand link settlement systems
New link will ensure the simultaneous delivery of US Dollars in Hong Kong and Thai Baht in Thailand; HKMA’s Peter Pang says it creates a ‘safer’ environment for settling forex transactions
Credit cards account for more than half of all payment cards in the US, report shows
Credit cards accounted for 334 million of the 776 million ‘general purpose cards' used in 2012; Over 250 million mobile payments made using mobile wallet application, Fed study finds
ECB data stolen in blackmail attempt
Hackers raid ECB database that contains around 20,000 email addresses of people who have registered for its events; security breach did not impact internal systems
RBA deputy hints at renminbi clearing bank and RQFII quota
Philip Lowe reveals that Australia should get a designated clearing bank ‘in the coming months’ and hopes to obtain a quota for investment in mainland China shortly after
Sri Lanka seeks return of money offered at Indian shrines
Sri Lankan central bank seeks to repatriate estimated 20 tonnes of coins offered as part of religious worship in India
Tanzania hits financial inclusion target early due to mobile surge
Benno Ndulu says the number of adults with access to financial services has doubled in five years; describes mobile phones as ‘critical link’ between the unbanked and the formal system
Euro banknote counterfeiting rises 4.4% year-on-year
‘Europa’ series will not address forgery problem until 2015; Eurosystem central banks urge consumers to ‘look, feel and tilt’ notes to look out for counterfeits
UAE central bank to put Braille on banknotes
Emirati authority joins Hong Kong in using feature rejected by the Bank of England and Bank of Canada, on the basis that not all blind people read Braille
Former SEC chair urges US to accept use of NGAs for overseas swaps
Recent focus on US banks' use of non-guaranteed affiliates risks taking regulators down a slippery slope - issue could be tackled via disclosure instead, argues ex-SEC chair Harvey Pitt
Effective oversight needed to consolidate gains from mobile payments infrastructure
Increased diffusion of mobile payments in developing countries calls for better oversight, IMF paper says - recommending that central banks cooperate with other regulators
Fed official reiterates forex options clearing guidelines
Lawrence Sweet highlights industry discussions around forex options clearing as key component of a private sector solution
Regulation may force some banks out of repos, says NY Fed's Davis
The New York Fed's head of financial market infrastructure, Jeanmarie Davis, says some banks will 'revisit their presence' in the repo business due to increased regulatory requirements
Georgia selects symbol for national currency
Central bank hopes new symbol, chosen by a commission guided by a public vote, will increase the popularity of the lari