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SIA has provided the new real-time gross settlement system in Denmark

The new system has replaced Denmark’s previous high-value payment system with an up-to-date technology infrastructure developed by SIA

Later this year it will be connected to TARGET2-Securities as Denmark will be the first non-euro country to participate in this European platform

This RTGS platform is already used by the central banks of Norway and Sweden and it will soon go live in Iceland too

SIA, European hi-tech company, leader in payment infrastructures and services, has further strengthened its positioning in the Nordic countries, by providing Danmarks Nationalbank with the new real-time gross settlement system (RTGS) that connects banks, mortgage banks and settlement systems. This RTGS platform is already in operation by the central banks of Norway and Sweden and it will soon go live in Iceland too.

The up-to-date technology infrastructure developed by SIA has replaced the previous in-house system that has been in use by the Central Bank of Denmark since 2001. The new RTGS system, that secures safe and real-time transfer of Danish kroner, ensures continued efficiency, operational reliability, functional sophistication and simpler maintenance of the system.

In this initiative, SIA has used its wholly-owned subsidiary Perago, based in Pretoria (South Africa) and specialized in central bank solutions.

Later this year, Denmark will be the first non-euro country to participate in TARGET2-Securities (T2S), the centralized European platform for the settlement of domestic and cross-border securities…

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Focus on issuer fundamentals critical in AT1 market

European banks have been diligently bolstering their capital in recent years to fulfil increasing requirements. But as the regulatory cycle stabilises and banks have more clarity about their specific obligations, the trend is slowing or even reversing.

One outcome of the current situation is that the headroom banks have to their Maximum Distributable Amount (MDA) thresholds is likely to decline.

Consequently, when assessing the credit risks of investing in AT1 securities, Scope remains focused on issuer fundamentals and particularly on the stability and predictability of organic capital generation.

“AT1 investors should not be unnecessarily concerned about the headroom to the MDA threshold as banks overall are solidly capitalised, although differences still exist between individual banks. Importantly, management teams are now more focused and risk conscious. There are unlikely to be rash acquisitions or aggressive expansion into new businesses or geographies,” said Pauline Lambert, an analyst in the banks team at Scope in a report out today.

“Further, banks are working through legacy issues, such as conduct investigations and non-performing loans which pose threats to capital levels,” Lambert added.

Most large European banks have either restructured or are completing restructuring programmes forced by the financial crisis. Aside from the longer-term threats of new competitors and technologies, the earnings generation of banks should now be in a steadier state, although generally lower than pre-crisis. With growth opportunities still somewhat subdued, earnings are being returned to shareholders via dividends and share buybacks.

The report contains a summary of key…

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10 years since Lehman Brothers collapse sparked financial crisis

Cass banking expert reflects on legacy of the crash

It’s been 10 years since Lehman Brothers collapsed, sparking the beginning of the financial crisis.

Dr Francesc Rodriguez Tous, a Lecturer in Banking at Cass Business School, reflects on its legacy and considers the current state of the banking sector.

What do you think has been the most significant legacy of the Lehman’s crash?

“It is difficult to choose just one legacy from the Lehman crash. If I had to pick one, especially thinking from an academic and policy perspective, it would be the realisation that the financial sector matters for macroeconomic stability.

“Before Lehman – and the unfolding of the worst part of the financial crisis – the consensus among policy-makers was that with the amount of regulation and supervision they were applying, the financial sector was safe. More importantly, it was not an issue for macroeconomic stability. What really mattered – what only mattered – was inflation stability. For academics, especially macro-economists, a similar situation was true, even though there were many more voices highlighting the potential problems.

“For instance, Raghuram Rajan, one of the greatest theorists alive, famously presented a paper in 2005 in Jackson Hole at the conference of central bankers, pointing to the growing fragilities in the financial system. This massive intellectual failure has had, and continues to have consequences, with raising unemployment and poverty leading to an increase in populist movements around the most consolidated democracies in the planet.”

Do…

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HC Global Fund Services achieves growth milestones

Fund Administrator Opens New Toronto Office, Expands Workforce and Reaches Over $10 Billion in Client AuA

HC Global Fund Services, a San Francisco-based fund administrator, is pleased to announce the opening of a new Toronto office, a workforce of over 150 people and Assets under Administration (AuA) now exceeding $10 billion.

“At HC Global our goal has always been to be more than a service provider. Our talented professionals are all devoted to providing superior service at every stage of our client’s development,” said Ghufran Rizvi, COO of HC Global. “We are delighted to announce our new office in Toronto, hitting the $10bb AuA mark and growing our team to over 150 people strong.”

“HC Global has seen solid growth year of year since the company was founded. We continue to recruit the best and brightest talent to ensure that we maintain the exceptional level of service that our clients rely on,” said Nick Pasco, Founder and Managing Director of HC Global. “Today HC Global is actively seeking talent in San Francisco, Manila and Toronto. Our next goal on the horizon will be launching a new office in BVI.”

“We are delighted to have launched a new HC Global office in Toronto earlier this year. Our local team is comprised of highly accomplished professionals with proven experience from Big 4 accounting firms and other fund administrators. This recent expansion has strengthened HC Global’s East Coast coverage, and we’re planning further expansion in the months ahead,” said Cha Quilantang, Managing Partner of HC Global’s Toronto office.

About HC Global Fund Services

HC Global Fund Services, LLC is a leading fund administrator based in San Francisco with additional offices in Los Angeles, New York, Manila and Toronto. HC Global was founded on a commitment to deliver excellent quality work and valuable service to its clients. The firm’s principals have over 120 years of combined experience in the financial and alternative investment industries. This depth of knowledge provides the firm with strong technical and analytical skills to provide fund services, tax and consulting services to hedge fund…

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