Wednesday 5th August 2015
NEWS TICKER, Tuesday, AUGUST 4TH: The US inland revenue service says the FATCA International Data Exchange Service (IDES) will be unavailable this weekend from 6:00 pm Eastern Daylight Time (EDT) (UTC/GMT -4) on Saturday, August 8th until 2:00 am EDT on Sunday, August 9th. This extends the regularly scheduled maintenance window by an additional 2 hours – According to Telecoms.com Apple has been trialling a mobile virtual network operator (MVNO) service in the US and is in talks to launch one in Europe too. Apple filed a patent in 2006 detailing an MVNO set up in which Apple acts as the hub for a number of networks. The idea seems to be for there to be some kind of real-time process in which network operators effectively bid for business each time an Apple MVNO subscriber wants to make a call for example. Apple has already installed an embedded SIM in the latest iPads, so its interest in controlling the relationship between users of its devices and mobile networks is already apparent. The specialist web news service says that Apple is also reportedly working on using Siri to automatically transcribe voicemails. However, any application is years away. Symbiont, a pioneer in the use of the blockchain and distributed ledger technology in capital markets, today issued the first Smart Securities™ on the Bitcoin blockchain. Symbiont’s live platform allows institutions and investors to issue, manage, trade, clear, settle and transfer a range of financial instruments more efficiently on decentralized and distributed peer-to-peer financial networks that are cryptographically secured. Initial use cases for Smart Securities include corporate debt, syndicated loans, securitised instruments and private equity. Generically known as “smart contracts”, these instruments are programmable versions of traditional securities issued on any type of distributed ledger, such as a blockchain. Once a security is issued onto the ledger, it acts autonomously, eliminating traditionally manual mid- and back-office functions. Mark Smith, CEO and co-founder of Symbiont. “With interest in distributed ledger technology growing rapidly, financial institutions are exploring how to leverage it to improve the efficiency and security of trading and processing financial transactions. Smart Securities™ will ultimately change the way that financial instruments are issued, managed, and traded.” Symbiont was formed as a combination of MathMoney (fx) and Counterparty, the most successful Bitcoin 2.0 project, which was founded in 2013. Mark Smith is joined at Symbiont by co-founders Robbie Dermody (President); Evan Wagner (MD, Operations); and Adam Krellenstein (CTO).

Latest Video

Global economic conditions hit Guernsey bank deposits

Friday, 15 June 2012
Global economic conditions hit Guernsey bank deposits The value of bank deposits in Guernsey fell £6.5bn (6.1%) in the first quarter of the year. http://www.ftseglobalmarkets.com/

The value of bank deposits in Guernsey fell £6.5bn (6.1%) in the first quarter of the year.

The total value of deposits held by banks in Guernsey was down to £101bn at the end of March 2012, a decrease of £11.8bn (10.5%) year on year. The quarterly report on banking sector activity from the Guernsey Financial Services Commission (GFSC) said that the overall fall in value of deposits was the result of both declining volumes and exchange rate factors.

In particular, sterling strengthened against the US dollar and euro but weakened against the Swiss franc, which had a negative effect on the level of deposits expressed in sterling. The overall currency mix shows that the proportion of deposits in sterling is 25.7%, US dollars is 47.2%, euro deposits 19.1% and Swiss franc deposits 3.3%.



 Fiona Le Poidevin, deputy chief executive of Guernsey Finance – the promotional agency for the Island’s finance industry, says: “It is disappointing to see this further decline in the value of deposits held by banks in Guernsey. Some of the fall was due to exchange rate factors but there was also a material drop in volumes as a result of the global trend of banks deleveraging in the face of uncertainties surrounding the eurozone, capital adequacy pressures and weak economic growth. 

“Due to current conditions, we continue to experience an unprecedented low interest rate environment which has a significant negative impact on the attractiveness of having funds on deposit in a bank and as such, investors are moving capital into other higher yielding products,” continues Le Poidevin. “However, on a more positive note, there have recently been more inquiries from banks which have expressed an initial interest in establishing operations in Guernsey. It is still very early days but it is encouraging news and of course, comes in the wake of the announcement by HSBC that it will be consolidating its Channel Islands private banking operations in Guernsey,” she adds.

“In addition, one of the great strengths of Guernsey’s finance industry is its diversity. Latest figures show that the value of investment funds being managed or administered in Guernsey was up nearly £9 bn in the first three months of the year. Also, during the first four months of the year, there has been net growth of 44 licensed international insurance entities, taking the total number to 731 at the end of April. Therefore, we can see that, in broad terms, Guernsey’s finance industry is performing robustly in what are difficult global economic conditions,” she continues.

Tweets by @DataLend

DataLend is a global securities finance market data provider covering 42,000+ unique securities globally with a total on-loan value of more than $1.8 trillion.

What do our tweets mean? See: http://bit.ly/18YlGjP

Related News

Related Articles

Related Blogs