Tag: eliteforexblog
Russia To Have SWIFT Alternative By May
Russia intends to have its own international inter-bank system up and running by May 2015. The Central of Russia says it needs to speed up preparations for its version of SWIFT in case of possible ”challenges” from the West.“Given the challenges, Bank of Russia is creating its own system for transmitting financial messaging… It’s time to hurry up, so in the next few months we will have certain work done. The entire project for transmitting financial messages will be completed in May 2015,” said Ramilya Kanafina, deputy head of the national payment system department at the Central Bank of Russia (CBR).Calls not to use the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system in Russian banks began to grow as relations between Russia and the West deteriorated over sanctions. So far, SWIFT says despite pressure from some Western countries to join the anti-Russian sanctions, it has no intention of doing so.Ramilya Kanafina says the system will meet all the market requirements due to its security. A center for processing messages in SWIFT format is in the process of development. It is expected that all messaging options will be operating by December 2014, she added.The National Payments Council, a non-profit partnership comprising members of the Russian national payment system, proposed establishing a Russian version of SWIFT 100 percent owned by Bank of Russia in September.SWIFT, is currently one of Russia’s main connections to the international banking system, and if turned off, could hurt the Russian economy, in the short-term. Globally it transmits orders for transactions worth more than $6 trillion, and involves more than 10,000 financial institutions in 210 countries. According to SWIFT’s statute, the system has national groups of members and users in each country. In Russia it’s ROSSWIFT – the second biggest worldwide SWIFT association after the US.
http://www.zerohedge.com/news/2014-11-12/russia-have-swift-alternative-may
Continue ReadingRegulators fine banks $3.1bn+ for FX rates manipulation
The FCA found that between January 1st 2008 and October 15th 2013, ineffective controls at the banks allowed G10 spot FX traders to put their banks’ interests ahead of their clients, “other market participants and the wider UK financial system. The banks failed to manage obvious risks around confidentiality, conflicts of interest and trading conduct. These failings allowed traders at those banks to behave unacceptably. They shared information about clients’ activities which they had been trusted to keep confidential and attempted to manipulate G10 spot FX currency rates, including in collusion with traders at other firms, in a way that could disadvantage those clients and the market”.
– See more at: http://www.ftseglobalmarkets.com/news/regulators-fine-banks-$31bn-for-fx-rates-manipulation.html#sthash.ERGYGCRH.dpuf
Regulators fine banks $3.1bn+ for FX rates manipulation – See more at: http://www.ftseglobalmarkets.com/news/regulators-fine-banks-$31bn-for-fx-rates-manipulation.html#sthash.ERGYGCRH.dpuf
Continue ReadingChina’s Latest Ghost Town: A $50 Billion Fake Replica Of Manhattan
China’s $50-billion knock-off of the Big Apple sits on a river bend — much like its namesake — near the port city of Tianjin, some 120 miles from Beijing. Complete with its own Rockefeller Center and Twin Towers, it’s been billed as the world’s largest financial center in the making. But this Manhattan still has a long way to go.
A recent visit shows that construction that began in 2008 on the back of a massive credit boom unleashed in China after the global financial crisis appears to have ground to a halt. While the stunted version of “Rockefeller Center” and its Twin Towers appeared to be complete — both were empty and fenced off.
“It’s the financial crisis. The impact is big,” said one man on the site who preferred not to be identified but said he worked for a transportation company. “I think there are still working on a building over there,” he added, pointing down a wide and empty highway, strewn with litter.
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It was scheduled for completion in 2019, offering 164 million square feet of office space over an area larger than Manhattan’s financial district in a bid to stimulate development of vast residential districts nearby.
“They are building stuff that nobody really wants or needs — and there will come a day of reckoning,” explained Gillem Tulloch, a Hong Kong-based analyst and managing director of GMT Research who has studied the growth of China’s “ghost cities” across the country.
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“Our leading economists in the West were lauding the Soviet-style system from the 1950s up until the 1980s,” he said. “They were all wrong. I think it’s the same with China.”
Former Goldman Banker Reveals The Path To The Next Depression And Stock Market Collapse
BofA: “Change Your Thinking On Gold” Friday Marked The End Of A 4 Year Decline
For the week ahead, BofAML’s MacNeil Curry is focused on the plight of the USDollar, US Treasuries, and commodities; especially gold and oil. All of these markets, he warns, are showing signs of changes in trend. Most notably, Curry explains, we are&nb…
Continue ReadingSaxobank CIO Warns We’re About To See A Full-Scale Currency War
There’s increasing risk we’ll soon see a “significant paradigm shift” from China in its attitude to the strength of its currency, warns Saxobank CIO and Chief Economist Steen Jakobsen. He says we’re about to see a full-scale currency war, notably …
Continue ReadingRuble-yuan settlements will cut energy sales in US dollars – Putin
![Reuters/Stringer](https://rt.com/files/news/31/c7/f0/00/uuu-1.jpg)
‘New level of cooperation’
Russia, China Sign Second Mega-Gas Deal: Beijing Becomes Largest Buyer Of Russian Gas
Miller, who heads Russia’s state-run energy giant, told reporters that “taking into account the increase in deliveries via ‘western route,’ the volume of supplied [natural gas] to China could exceed European exports in the mid-term perspective.”This came after Russian and Chinese energy executives signed on Sunday a package of 17 documents, including a framework deal between Gazprom and China’s energy giant CNPC to deliver gas to China via the western route pipeline.Miller said Gazprom and CNPC were in talks on a memorandum of understanding that would see Russia bring gas to China through the western route pipeline, as well as a framework agreement between the two state-owned companies to carry out the deliveries.
Russia’s President Vladimir Putin and China’s President Xi Jinping have discussed the possibility of using the yuan in mutual transactions in different fields of cooperation, Kremlin spokesman Dmitry Peskov said Sunday.“Much attention has been paid to the topic of mutual payments in diverse fields … in yuans which will help to strengthen the yuan as the region’s reserve currency,” Peskov said commenting on the meeting held between Putin and Xi on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Beijing.On October 13, Russian Economic Development Minister Alexei Ulyukayev announced that Russia was considering Chinese market to partially substitute access to the financial resources of the European Union and the United States.The European Union and the United States have imposed several rounds of economic sanctions on Russia over its alleged involvement in the Ukrainian crisis, a claim Moscow has repeatedly denied. The restrictions prohibit major Russian companies from seeking financing on western capital markets.
The U.S. blocked China’s initiatives because it worried that launching FTAAP talks would impede progress on a separate trade deal,the Trans-Pacific Partnership. The ministers’ statement said that any FTAAP deal would build on “ongoing regional undertakings”—a reference to TPP and other regional trade deals.“The Chinese got all they could expect—a reaffirmation that we all share in the vision of having a regional integrated model” for trade, said U.S. Chamber of Commerce Executive Vice President Myron Brilliant.U.S. Secretary of State John Kerry said Saturday that negotiating the TPP “is a battle that we absolutely must win.” Ministers from the 12 TPP nations met Saturday afternoon to try to narrow differences, including disputes between the U.S. and Japan over agriculture and auto trade. On Monday, the leaders of the TPP nations are again scheduled to discuss the trade deal, although no breakthrough is expected.The U.S. is trying to tie an ITA deal to progress on other trade deals with China, as a way to increase its leverage with Beijing. “How the ITA negotiations proceed is an important and useful data point” on China’s ability to negotiate an investment treaty with the U.S., Mr. Froman said.Trade analysts say the U.S. also hopes to use China’s desire to have the Beijing conference produce concrete results as leverage. This is the first major international summit held in China since Xi Jinping took over as Communist Party chief in 2012, and the government wants to use the session to affirm China’s greater role in the world.
US Economy Shudders: East Coast Set To Freeze As Polar Vortex 2 Arrives
Images from the European Space Station show that Nuri is a growing meteorological bomb blanketing the Bering Sea. The 50-foot waves and 100 mile-an-hour winds will make conditions similar to those we had two years ago, and could make Nuri the biggest storm of the year.“The remnants of Super Typhoon Nuri will create a big buckle in the jet stream,” WBBM’s meteorologist Megan Glaros in Chicago explains. “And in several days time, it’s going to mean a big dip in the jet which will connect us with a big mass of Arctic air — taking temperatures east of the Rockies down to 10 to 30 degrees below average.”
To put that into perspective, consider if the storm’s minimum central pressure bottoms out below 925 millibars — as is currently forecast by most computer models — it would set a record for the lowest pressure recorded in the Bering Sea. The current record holder is 925 millibars, set in October 1977 in Dutch Harbor, Alaska