FMI
Court decision overturns Fed cap on credit card fees
Ruling slams Fed's $0.21 cap on banks' interchange fees as too high and for running ‘completely afoul of the text, design and purpose' of legislators' intent; bank body calls on Fed to appeal
Palestinian annual report highlights infrastructure progress
Palestine Monetary Authority details successful projects completed in 2012, including the introduction of the region's ‘most efficient’ RTGS system
Yen volatility drives record turnover, central bank surveys reveal
Volume was up across foreign exchange products in the UK and US in April 2013, with nearly $1 trillion traded daily in the US and more than $2.5 trillion in the UK
RBI deputy says improved governance standards ‘holy grail' in fight against fraud
While the number of reported frauds in India is coming down, the amount is growing as large-value, advance-related frauds are becoming increasingly common, notes Kamalesh Chandra Chakrabarty
Consumers' inferior bargain position ‘largest issue to be tackled'
RBI's Deepali Pant Joshi says financial crisis had ‘highlighted the importance of financial consumer protection for the long-term stability of the global financial system'
European Commission floats proposal to cap fees on credit card transactions
EC says retailers will make big savings by paying lower fees to their banks, and consumers will benefit through lower retail prices as a result of new regulation
UAE to mint more small coins - while Ireland starts phasing them out
The introduction of paid parking in shopping centres prompts coin shortage in the UAE; Ireland launches local pilot programme to round bills to the nearest five cents
Reserve Bank of India currency measures may have limited impact on rupee
Moves to halt falling rupee may have unintended consequences, according to rating agencies; volatility is expected to continue
Central Bank of Sri Lanka launches national electronic payments system
The scheme, which will allow customers to withdraw cash from any ATMs of participating banks, is similar to one announced by the Palestinian Monetary Authority earlier this month
BIS international banking stats show advanced and emerging market divergence
Claims on banks in advanced economies continued to fall in the first quarter of 2013, while in emerging markets they bounced back
IMF user guide takes stock of current toolkit for systemic risk monitoring
Paper provides guidance on selecting and interpreting monitoring tools; a continuously updated inventory of key categories of tools; and suggestions on how to carry out systemic risk monitoring
Card fraudsters abandoning ‘safer' Europe for more vulnerable markets, says ECB
Payment fraud is declining steadily in Europe thanks to technology advances; numbers are 'small compared to other kinds of fraudulent activities', expert says
Thailand and Hong Kong launch cross-border settlement scheme
Bank of Thailand and Hong Kong Monetary Authority look to eliminate cross-border settlement risk through establishment of Asia's third PvP link between different currencies
Bank of Lithuania refashions calculation for interbank lending rate
The central bank is replacing interest rates with credit ratings as basis for bank quotes
China unveils raft of reforms to liberalise the renminbi
Series of reforms will facilitate cross-border renminbi settlement; RQFII programme has also been extended to Singapore and London
Polish banks set up joint standard for mobile payments
Participants expect the joint venture to provide a boost to non-cash trading and, by extension, business effectiveness
Banknote counterfeit threat carries significant social costs, paper finds
Bank of Canada working paper shows central banks are right to ‘actively respond' to the threat of counterfeiting despite the small incidence of fraud, due to the social costs of the perceived threat
Finance sector balance sheets vital for monetary policy transmission, IMF paper shows
Balance sheet effects are comparable in magnitude to the traditional interest rate channel in transmitting monetary policy, say IMF researchers
BoE's Tucker wants immediate 3% leverage ratio in UK
BoE deputy governor Paul Tucker calls for 3% leverage ratio to be imposed immediately on UK banks; says banking crisis has taken capacity out of financial system
UK's Royal Mint brings back golden guinea to mark 350th anniversary
New £2 coin designed in the style of the now disused guinea, featuring the crest of King George III; coin will enter circulation later this year
Hong Kong launches renminbi Hibor fixing
New offshore benchmark rates to be produced starting next week; HKMA to provide oversight and surveillance of contributing banks' internal systems to ensure 'integrity' of submissions
Survey finds Lithuanians lack opportunities to use payment cards
Survey respondents would like to pay by card at places that currently do not accept them - but paying through mobile phones is still beyond the pale
UK Payments Council prepares 'roadmap' for reform
'Payments Roadmap' seeks to boost competition and innovation in UK payments, even as a government consultation leaves the future of the Payments Council in doubt
National Bank of Austria vice-governor faces bribery charges
Wolfgang Duchatczek and eight others charged with bribery in connection with note-printing deals with Syria and Azerbaijan