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Investors do not physically hold their investment securities any more. Securities are held and transferred through a complex, sophisticated, and international network of financial intermediaries, including central securities depositories, investment banks, and brokers-dealers. Investors buy and sell their holdings by having book-entries made to their securities accounts; they provide collateral to secured lenders by book-entries or by control agreements. Because transfers and collateral transactions are critical to the liquidity of the financial markets and to financial stability, market participants and regulators have become increasingly concerned with the legal soundness, the internal consistency, and the international compatibility of national laws regulating the holding and transfe...
It is commonly believed that the Fed's ability to control the federal funds rate stems from its ability to alter the supply of liquidity in the overnight market through open market operations. This paper uses daily data compiled by the author from the records of the Trading Desk of the Federal Reserve Bank of New York over the period March 1, 1984, through December 31, 1996: He analyzes the Desk's use of its operating procedure in implementing monetary policy and the extent to which open market operations affect the federal funds rate-the liquidity effect. The author finds that the operating procedure was used to guide daily open market operations; however, there is little evidence of a liquidity effect at the daily frequency and even less evidence at lower frequencies. Consistent with ...
The Farm Credit Administration (FCA, we or us) proposes to amend its liquidity regulation. The purpose of the proposed rule is to strengthen liquidity risk management at Farm Credit System (FCS or System) banks, improve the quality of assets in the liquidity reserve, and bolster the ability of System banks to fund their obligations and continue their operations during times of economic, financial, or market adversity.
... are cooperatives that are owned and controlled by their agricultural borrowers, and their common ...
Over the past 12 months the European cash management sector has undergone a dizzying array of change, and some anticipate that this is only the tip of the iceberg. Royal Bank of Scotland is now majority owned by UK taxpayers and is selling its Asian retail and commercial banking operations. And after being bailed out by the Dutch, Belgian and Luxembourg governments to the tune of E11.2 billion, Belgo-Dutch bank Fortis will be majority owned by French bank BNP Paribas. While corporate treasurers still rely on banks for credit and other banking services, Francois Masquelier, honorary chairman, European Associations of Corporate Treasurers, says it will be some time before their faith in banks is fully restored. Meanwhile, given that bank credit is no longer freely or cheaply available, ba...
... companies gain greater visibility and control over their cash and liquidity. Citi has bolted on ...
As globalization casts its net ever wider, the multinationals flocking to developing countries are finding themselves enmeshed in a complex web of legal and regulatory requirements that hinder their movement of capital -- and, hence, their ability to do business. Banks are now stepping up to try to create workable global liquidity management solutions so companies can achieve greater visibility into their payment flows and control demands on liquidity from a single location. But technology and ingenuity can only achieve so much in the face of local taxation, currency restrictions and the physical impediments that exist when companies operate in multiple markets. Global liquidity management is still a relatively immature business. Despite all the technological advances banks may make, co...
The last few years have brought an explosion in the number and size of hedge funds. Additionally, recent deals by private equity funds are much larger than in the past and include taking publicly traded companies private. Although these funds do not represent long-term threats to each other, secured lenders must recognize that private equity and hedge funds have markedly different characteristics, goals and behaviors. Major differences between the two types of funds include: 1. time to hold, 2. liquidity and leverage, 3. strategic direction, 4. due diligence methodology, 5. risk tolerance, 6. mark to market, 7. desired return on investments, 8. control, 9. assessment of EBITDA, leverage, liquidity and other standard financial metrics, 10. industry focus, and 11. management fees. Knowing...
The parent company of Wheeling-Pittsburgh Steel Co. lost $41.6 million in the second quarter and its accountants questioned whether it can continue as a going concern, according to a securities filing Thursday. Wheeling-Pitt lost $2.71 per share on revenue of $467 million. The steelmaker reported a profit of $9.3 million, or 63 cents per share, on revenue of $493.9 million in the same period of 2006. Wheeling-Pitt lost $59.8 million in the first quarter, and the SEC filing indicates losses and high capital investments and working capital expenses in the first half are causing liquidity problems. Wheeling-Pitt said it expects its proposed combination with Illinois- based Esmark Inc. would solve its liquidity problems. Esmark gained control of Wheeling-Pitt in a proxy fight last fall, tho...
..., ranging from changes to capital and liquidity regulation to changes to the institutional structu..., since the fear of regulatory control will induce banks not to disclose and liquidate we...
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