News 

Homeless man arrested for second time for bank robbery

“A homeless man was accused of robbing a string of banks for the second time in 14 months, police said” reports nypost.com. Heelan allegedly saved the majority of his crime spree for Tuesday, when he hit five banks, cops said. This was not his first brush with the law –– Heelan was arrested in August 2018 for robbing six banks, police said.In each case, the 32-year-old slipped a note to the bank teller, requesting cash, cops said. Source: nypost.com

Read More
Crypto News 

How Can EEA’s Reward Token System Help Banks Motivate Their Employees?

“Examples of large banks around the world show that reward token systems are not only tested but also successfully applied by financial corporations” writes Julia Magas for cointelegraph.com. It has been reported that one of them is designed to reward employees for the implementation of the project deliverables and can be exchanged for corporate bonuses. Source: cointelegraph.com

Read More
News Platforms 

Raiffeisen Among 18 Banks in First Global Tokenized Collateral Trial

“Twenty-eight organizations including Raiffeisen and 17 other banks have participated in the successful completion of the Ivno Global Tokenized Collateral Trial” writes Jack Martin for cointelegraph.com. This is the first global token trial on the R3 Corda platform, hosted on Microsoft Azure, as reported on Oct. 17.This represents the first global-scale trial on R3’s Corda platform.This was a live demonstration of how mobile collateral tokens can be used for instant settlement, collateral management and effective cash transfer. Source: cointelegraph.com

Read More
Markets News Regulators 

Fed’s Williams says central bank would adjust plan to soothe funding markets ‘as appropriate’

“New York Fed President John Williams said Thursday that the central bank was closely monitoring its measures to soothe pressures in funding markets, and could adjust its plans” writes Sunny Oh for marketwatch.com. Williams said the central bank could still tweak “technical details,” suggesting this could include buying short-dated coupon-bearing securities later.Investors and analysts have raised worries that the U.S. central bank will struggle to source sufficient bills from banks and investors.The repo market is where hedge funds and banks lend funds in return for collateral such as Treasurys or…

Read More
Markets News Regulators 

Exclusive: Wall Street banks see green light from Fed on reserves – sources

“Banks can park those excess reserves at the Fed, either in idle cash or by buying Treasury bonds” writes Midwest Communications Inc for 95kqds.com. Bankers previously came out of that process understanding that the Fed preferred them to hold cash rather than Treasury bonds in times of stress, industry sources said.NEW YORK/WASHINGTON (Reuters) – Wall Street banks believe they are getting a green light from supervisors to hold more Treasury debt and less cash after last month’s volatility in overnight lending markets, three industry sources told Reuters. Source: 95kqds.com

Read More
News 

German bank regulator tells banks cutting fat is not enough, magazine reports

“No large bank mergers including a German bank have taken place in the recent past” writes Midwest Communications Inc for 95kqds.com. BERLIN (Reuters) – The head of German financial regulator BaFin called on banks to restructure amid challenges from a weakening economy and persistently low interest rates, the German business magazine Wirtschaftswoche reported on Thursday.Merger talks between Deutsche Bank Since then, Deutsche Bank has announced a restructuring that will eliminate 18,000 jobs.BaFin is not opposed to large tie-ups among banks, including cross-border mergers, Hufeld said, although he added that the…

Read More
News 

‘Addiction’ to cheap money will do ‘tremendous damage’ to the global economy

“U.S. President Donald Trump has consistently called for low interest rates, tweeting in September that the Fed should cut interest rates to zero or even set negative interest rates” writes Weizhen Tan for cnbc.com. Speaking at the Forbes Global CEO Conference in Singapore on Tuesday, Hedrick-Wong said: “I’m a firm believer that zero interest rate, or negative interest rates (is) actually doing tremendous damage to the economy over the long term.Low interest rates hurt lenders’ profits as they narrow the margin that banks can earn.Still, analysts are expecting the Federal…

Read More
Markets News 

Funding market strains resurface as repo rates stay elevated

“The overnight repo rate spiked as high as 2.26%, according to one estimate” writes Sunny Oh for marketwatch.com. The repo rate usually closely tracks the central bank’s benchmark interest rate as they both are considered sources of short-term borrowing.This compared with the effective fed funds rate, which stood at 1.90% on Oct. 15.Strains in short-term lending markets popped up again on Wednesday as the cost of borrowing funds overnight in return for high-quality collateral, or the repo rate, shot up on Wednesday.Hedge funds and banks use the repo market to…

Read More
News 

UK banks fail to meet loan insurance claims timetable: watchdog

“LONDON (Reuters) – Britain’s banks won’t be able to deal with remaining complaints about mis-sold loan insurance on time, the Financial Conduct Authority said on Wednesday” writes Midwest Communications Inc for 95kqds.com. Loan insurance or payment protection insurance (PPI) is Britain’s costliest retail financial scandal with banks having paid out more than 43 billion pounds ($54.64 billion) in compensation so far. Source: 95kqds.com

Read More