FMI
ECB research uses game theory to assess optimal T2S adaptation
Working paper attempts to find optimal lump-sum investment by central securities depositories migrating to Target2 Securities, and tests possibility of tacit collusion
VocaLink: Seven-day account switching set to shake up UK banks
Chris Dunne says UK payments are undergoing important changes that could see ‘economic battle' between banks; expects closer scrutiny of infrastructure by regulators
RBI sees scope for Giro payments system
Committee finds India’s existing payments system fails to meet consumers’ needs when paying bills; proposes a supplementary system to move bill paying onto a single interoperable platform
Bank of Estonia scraps new payments system
Plans for new interbank retail payments system are dropped due to a lack of popularity among commercial banks; hunt for a set-up compliant with Sepa requirements continues
Carney launches ‘safer, cheaper, greener’ banknotes
New Canadian $5 and $10 polymer banknotes aim to cut counterfeiting, lower costs and reduce environmental impact; notes unveiled 350km above the earth by International Space Station commander
Winston Churchill to appear on Bank of England’s next new banknote
UK set to release new £5 banknote series in 2016 featuring portrait of former prime minister Winston Churchill; honours his parliamentary and literary work
Ireland chases €1bn saving with payments overhaul
Central bank launches new initiative to curb high cash and cheque use and boost electronic payments; proposals include possibility of scrapping one and two cent coins
ECB’s Cœuré says cashless society is neither likely nor desirable
Executive board member believes cash is too popular to phase out, but should be made more efficient; €5 note awareness campaign shows mixed results
Fed to release new $100 bill in October after three-year delay
New $100 bill with new security features is finally ready to enter circulation, after 'creasing' issues caused delays in 2011
Bank of Canada annual report highlights banknote success
New series of polymer banknotes introduced in 2012 as counterfeiting continues to fall; inflation kept shackled throughout year but falls below target in December
Independent Scotland would face ‘significant risks’ under sterling union, says Westminster
UK government report points to drawbacks of all the currency options for an independent Scotland; refuses to back Scotland’s preference for a sterling union
National Bank of Poland updates 18-year-old banknote security
Security features of Polish banknotes to be overhauled in 2014; central bank keeping tight-lipped on the upgrades
ECB’s Cœuré highlights US and Europe payments division
Executive board member Benoît Cœuré says credit cards play a larger role in the US payments industry; identifies benefits of expanding European debit card usage
Emirates central bank to introduce direct debit system
Central Bank of UAE to bring in direct debit system to allow payment in instalments without the need for post-dated cheques
Payment pricing preventing electronic migration in Ireland
Article in central bank’s quarterly bulletin finds Ireland could save €1 billion by switching from cheques to a more efficient payment instrument
Bank of Lithuania chief urges banks to consider fee cuts as non-cash payments rise
Report shows sharp increase in volume of non-cash payments in Lithuania; governor Vitas Vasiliauskas says this gives banks room to consider cutting fees
Fiji's new $5 note is island nation's polymer pioneer
New FJ$5 note will be Fiji's first polymer banknote, and will supplant the defunct FJ$2 note as the country's smallest
Norwegian paper finds implicit intra-day interest rate in UK money market
Research says that – in the absence of contractually binding repayment time – there is an implicit cost of delaying payments in the UK’s overnight money market
Canadian deputy encourages use of derivatives central counterparty
Bank of Canada deputy calls for ‘material increase’ in central counterparty membership; supports smaller institutions accessing service through existing participants
BoE urges banks to use payments systems directly
Bank of England identifies need to clamp down on banks accessing high-value payment systems through other banks as it creates credit and liquidity risks
Dutch paper analyses changes in unsecured overnight money market
Study examines changes to the ECB’s monetary policy framework in the mid-2000s; finds they reduced volatility in Dutch segment of Target II system
Sepa migration at risk due to poor preparedness, says ECB
First progress report expresses alarm at some companies planning to migrate very close to deadline; payments could be disrupted if deadline missed, but Benoît Cœuré says ‘there is no plan B’
RBI paper develops method for estimating counterfeit volumes
Researchers redesign inverse sampling statistical method, aiming to measure extent of counterfeiting in India with ‘credible precision’
T2S chief warns regulatory inaction could damage harmonisation process
Jean-Michel Godeffroy says CSD regulation must be passed this year to avoid harmonisation delays; conference panellists raise concerns over costs, limited participation and financial transaction tax