News 

Retail Forex transactions once again at the heart of FX benchmark rate fixing case

“In brief, the plaintiffs want the term to include debit, credit and ATM foreign currency transactions” reports financefeeds.com. They accept the benchmark exchange rates that Defendants manipulated and add on a small handling fee, the plaintiffs say.Importantly, on the credit, debit and ATM cards issued by the defendant banks, Visa and MasterCard accept the spot benchmark exchange rates that the banks allegedly manipulated and do not make independent determinations.By including the FX benchmark exchange rates that the banks allegedly manipulated as the primary component in foreign currency conversions on the…

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Santander Adopts nCino Platform For Faster SMB Lending

“Santander Bank is adopting nCino technology to accelerate its business lending operations, the FI announced on Wednesday (July 18)” reports pymnts.com. Last year, nCino announced updates to its banking operating system to accelerate small business lending functionality, including underwriting and eSignature capabilities.Additional features will be added onto the nCino platform for Santander customers as the year continues, the bank noted, beginning with online loan application and customer relationship features.In another statement, nCino CEO Pierre Naudé said that Santander’s adoption of the nCino platform represents the bank’s understanding of the importance of…

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Crypto News 

Congressman says we should be banned from mining, using cryptocurrency

“Congressman Brad Sherman, D-California, believes the government should prohibit U.S. citizens from mining and using cryptocurrencies” writes Mark Coppock for digitaltrends.com. Also brought up during the hearing was the idea of central banks issuing their own digital currency.Cryptocurrency is just a new form of electronic payment that should be embraced and treated like any other form of payment.But U.S. citizens also use a form of digital currency: Electronic payments. Having central banks issue digital currencies is “one of the worst financial ideas of recent times,” he said. Source: digitaltrends.com Share This:

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Fed’s banking supervisor backs new interest rate benchmark

“The Federal Reserve’s banking supervisor gave his backing Thursday to a new interest rate benchmark for institutions to use when lending to each other” writes Jeff Cox for cnbc.com. In furtherance of providing a LIBOR alternative, Quarles said the Fed could publish an SOFR average that banks could use.Fed Governor Randal Quarles said banks can use the central bank’s Secured Overnight Financing Rate as an alternative to the London Interbank Offered Rate, or LIBOR, a benchmark that has come under scrutiny due to multiple issues of fraud.SOFR indicates the cost…

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Crypto News 

Switzerland seeks to regain cryptocurrency crown

“Despite the challenges, Switzerland is working on new rules to reassure banks and encourage them to accept the accounts of cryptocurrency companies” writes Midwest Communications Inc for 95kqds.com. “They raised concerns about problems with opening bank accounts, which was a worry for them, and asked for help,” Moser told Reuters.Providing the legal framework to launch ICOs and for banks to do business with cryptocurrency companies is not easy.Another large Swiss bank kicked out crypto project Smart Valor at around the same time, said a person familiar with the project.The bank,…

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Wall Street traders set for best year since aftermath of crisis

“Wall Street trading desks started to see their fortunes fade in 2010 as the huge relief rally that came after the 2007-2009 financial crisis dissipated” writes Midwest Communications Inc for 95kqds.com. As Wall Street banks overhauled trading businesses and waited for markets to pick up, revenue tracked almost consistently downward since 2009.Citigroup Inc was the only major bank to report lower trading revenue, citing challenges in fixed income markets.New regulations on proprietary trading, derivatives and capital crimped big banks’ trading profits in the following years, as did the popularity of…

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America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson

“A decade after the 2008 recession, the policymakers who countered it on its front lines are worried that the U.S. may not be adequately armed for the next economic crisis” writes Natasha Turak for cnbc.com. Post-crisis reforms also strengthened the banking system and made it easier for big banks to be shut down rather than needing government bailouts.The former economic officials said that the changes so far made sense, like exempting some smaller banks from the law’s strictest requirements.Current efforts are underway by Congressional Republicans and President Donald Trump to…

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NY Regulator Looks To Interest Rate Caps For FIs And FinTech Firms

“However, looking elsewhere beyond U.S. shores, one will find another pairing between a traditional financial services firm and a FinTech” reports pymnts.com. The duo will integrate Strand’s business financial management offering and Mastercard’s digital payments technology.Yet, noted the publication, only one traditional banking player in the region, Standard Chartered, has said it will apply for that license, and the deadline looms at the end of August.In the past (and the present), some online lenders have sought to help leverage that exemption as a way to avoid relatively lower interest rate…

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Crypto News Platforms 

Blockchain Makes It Out Of Piloting — Now What?

“For instance, Mancone explained, we.trade initially had small- and medium-sized businesses (SMBs) in mind as prime targets for the blockchain platform” reports pymnts.com. Gartner’s 2018 CIO Survey found most companies don’t have plans to adopt blockchain technology, and only 1 percent have already implemented the technology in one form or another.One of them is the blockchain platform developed by we.trade, a solution designed for banks to facilitate trade transactions for their corporate clients.There are a lot of doubts around it.” Though most CIOs surveyed by Gartner don’t plan to implement…

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