Part IV UK Payment and Settlement, 12 UK Payment Systems

2021 ◽  
Author(s):  
Rogers Jonathan
Keyword(s):  
Real Time ◽  
Market Economy ◽  
Financial Market ◽  
Financial Institutions ◽  
Global Economy ◽  
Payment Systems ◽  
Future Developments ◽  
Payments Systems ◽  
Efficient Processing ◽  
The Uk

This chapter looks at the main provisions of the Banking Act and the 2013 Act, as well as the actions taken by the regulators under these Acts in the present time and in future developments. It discusses payments systems as an essential part of any modern financial market economy that enables the fast and efficient processing of transactions. It also describes the increase in the turnover of payment systems and digitization of the UK economy that made financial institutions and regulators recognize the central importance of payment systems in supporting a technologically enabled global economy. This chapter talks about regulators that are focused both on real time supervision and the modernization and development of the UK's payment systems. It mentions CREST as one of the eight payment systems that are currently recognised by the Treasury.

Liquidity Saving Mechanisms in Payment Systems and Settlement Liquidity

2016 ◽  
pp. 225-249
Author(s):  
Masashi Nakajima
Keyword(s):  
Real Time ◽  
Financial Market ◽  
Hybrid System ◽  
Waiting Time ◽  
Evolutionary Process ◽  
Payment Systems ◽  
Bank Of Japan ◽  
Saving Effect ◽  
The Impact ◽  
Remarkable Progress

Payment systems are one of the key Financial Market Infrastructures (FMIs) and have showed remarkable progress over the past two decades. The first half of this chapter focuses on the evolutionary process of payment systems, starting with the Deferred Net Settlement (DNS) system and progressing to the Real-Time Gross Settlement (RTGS) system. Subsequently, much more sophisticated payment systems have been put in place, which include the “Hybrid System,” and the “RTGS system with Liquidity Saving Mechanism (LSM).” In the latter half of this chapter, experience from the “Next-Generation Real-Time Gross Settlement” (RTGS-XG) project of BOJ-NET is discussed. BOJ-NET is the large-value payment system operated by Bank of Japan (BOJ). BOJ-NET added an LSM in 2008 and became an RTGS system with LSM. The impact of the LSM's introduction is analyzed, which includes the liquidity-saving effect, the average waiting time in the queue, the turnover ratio, and the volume of idle liquidity.

Payment Habits as a Determinant of Retail Payment Innovations Diffusion: the Case of Poland

2013 ◽  
Vol 1 (2) ◽  
pp. 86-102 ◽  
Author(s):  
Janina Harasim ◽  
Monika Klimontowicz
Keyword(s):  
Financial Institutions ◽  
Success Factors ◽  
Market Development ◽  
Opportunities To Learn ◽  
Payment Systems ◽  
Global Trends ◽  
Innovative Methods ◽  
Preferred Providers ◽  
Polish Experience ◽  
Empirical Foundation

New and innovative methods for electronic funds transfer are emerging globally. These new payment tools include extensions of the established payment systems as well as new payment methods that are substantially different from traditional transactions. They have made the retail payments faster, cheaper, easier and more convenient for customers. Simultaneously, these payment innovations influence retail payment market around the world. During the last few decades it has changed remarkably and has become a very competitive one. Financial institutions are increasingly in competition with technology companies and other organizations to be the preferred providers of consumer payment services. There are huge differences between retail payment markets in developing countries and those in the mature markets. Payment habits are mostly influenced by local cultural drivers, so global trends are few and far between. Nevertheless, as consumer expectations and habits are becoming more homogenized and financial institutions start to be interested in new markets, the opportunities to learn from the experiences of other economies appear. The paper discusses theoretical and empirical foundation of retail payment innovations diffusion, presents the retail payment taxonomy and the results of a survey held in Poland in 2013. It is concluded that Polish experience can be assessed as a benchmark for searching determinants of retail payment markets development. However, copying success factors for sustainable market development is rather impossible with regard to payment culture, experiences and habits.

INTERACTION OF THE NATIONAL ECONOMY OF UKRAINE WITH INTERNATIONAL CREDIT AND FINANCIAL ORGANIZATIONS

2017 ◽  
Author(s):  
Serhii Voitko ◽  
◽  
Yuliia Borodinova ◽  
Keyword(s):  
Financial Institutions ◽  
National Economy ◽  
Financial Support ◽  
Global Economy ◽  
Financial Sector ◽  
Negative Consequences ◽  
International Financial Institutions ◽  
The Future ◽  
International Credit

The article examines the interaction of the national economy of Ukraine with international credit and financial organizations, evaluates the positive and negative consequences and identifies possible areas for further cooperation. The role of international credit and financial organizations in the development of the global economy is analyzed. Today, international financial institutions have taken a leading place among institutions that provide financial support and contribute to the implementation of necessary reforms aimed at developing enterprises in various sectors of the economy and strengthening the country's financial sector as a whole. The importance of cooperation between Ukraine and international financial institutions for the development of the country's economy has been determined. The problems and directions of development of cooperation with leading credit and financial organizations in modern conditions are identified. Despite the presence of certain shortcomings, cooperation between Ukraine and international credit and financial organizations will continue in the future.

Tools for Investing in the “Green” Economy: World Experience and Prospects in Russia

2020 ◽  
pp. 46-50
Author(s):  
N.I. Chovgan ◽  
◽  
O.S. Akupiyan ◽  
Keyword(s):  
Financial Market ◽  
Financial Institutions ◽  
Capital Market ◽  
Capital Flows ◽  
Green Economy ◽  
Financial Resources ◽  
Insurance Markets ◽  
Market Mechanisms ◽  
Research Areas ◽  
Reproduction Process

The development of the modern capital market and innovative technologies, including in the financial sector, creates the need to expand the research areas of the reproduction process and individual mechanisms that support it. Financial institutions are constantly required participants in responsible financing. Investors’ expectations regarding investments in environmental production and technologies reorient capital flows to these areas, and schemes for attracting financial resources and distributing risks in the process of implementing the principles of sustainable development are considered as unified. The article analyzes transformations and reviews the existing experience of forming appropriate mechanisms, justifies the functioning of the most effective ones. Among the investment and financial mechanisms of the “green” economy, the most important are budget investment mechanisms and financial market mechanisms. The mechanisms of the stock, credit and insurance markets are identified as components of the financial market mechanisms.

scholarly journals Modelling the impact of the tier system on SARS-CoV-2 transmission in the UK between the first and second national lockdowns

BMJ Open ◽  
2021 ◽  
Vol 11 (4) ◽  
pp. e050346
Author(s):  
Daniel J Laydon ◽  
Swapnil Mishra ◽  
Wes R Hinsley ◽  
Pantelis Samartsidis ◽  
Seth Flaxman ◽  
...  
Keyword(s):  
Real Time ◽  
Reproduction Number ◽  
Secondary Outcome ◽  
Bayesian Hierarchical ◽  
Time Reproduction ◽  
Tier System ◽  
The Uk ◽  
National Trends ◽  
Tier 3 ◽  
The Impact

ObjectiveTo measure the effects of the tier system on the COVID-19 pandemic in the UK between the first and second national lockdowns, before the emergence of the B.1.1.7 variant of concern.DesignThis is a modelling study combining estimates of real-time reproduction number Rt (derived from UK case, death and serological survey data) with publicly available data on regional non-pharmaceutical interventions. We fit a Bayesian hierarchical model with latent factors using these quantities to account for broader national trends in addition to subnational effects from tiers.SettingThe UK at lower tier local authority (LTLA) level. 310 LTLAs were included in the analysis.Primary and secondary outcome measuresReduction in real-time reproduction number Rt.ResultsNationally, transmission increased between July and late September, regional differences notwithstanding. Immediately prior to the introduction of the tier system, Rt averaged 1.3 (0.9–1.6) across LTLAs, but declined to an average of 1.1 (0.86–1.42) 2 weeks later. Decline in transmission was not solely attributable to tiers. Tier 1 had negligible effects. Tiers 2 and 3, respectively, reduced transmission by 6% (5%–7%) and 23% (21%–25%). 288 LTLAs (93%) would have begun to suppress their epidemics if every LTLA had gone into tier 3 by the second national lockdown, whereas only 90 (29%) did so in reality.ConclusionsThe relatively small effect sizes found in this analysis demonstrate that interventions at least as stringent as tier 3 are required to suppress transmission, especially considering more transmissible variants, at least until effective vaccination is widespread or much greater population immunity has amassed.

scholarly journals Real-time spatial health surveillance: mapping the UK COVID-19 epidemic

2021 ◽  
pp. 104400
Author(s):  
Richard Fry ◽  
Joe Hollinghurst ◽  
Helen R Stagg ◽  
Daniel A Thompson ◽  
Claudio Fronterre ◽  
...  
Keyword(s):  
Real Time ◽  
Health Surveillance ◽  
The Uk

COVID -19 and Indian Financial Markets: A Review

2020 ◽  
Vol 16 (02) ◽  
pp. 1-8
Author(s):  
Kamaldeep Kaur Sarna
Keyword(s):  
Financial Markets ◽  
Financial Institutions ◽  
Financial Services ◽  
Stock Markets ◽  
Global Economy ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Negative Impact ◽  
Management Strategies ◽  
The Impact

COVID-19 is aptly stated as a Black Swan event that has stifled the global economy. As coronavirus wreaked havoc, Gross Domestic Product (GDP) contracted globally, unemployment rate soared high, and economic recovery still seems a far-fetched dream. Most importantly, the pandemic has set up turbulence in the global financial markets and resulted in heightened risk elements (market risk, credit risk, bank runs etc.) across the globe. Such uncertainty and volatility has not been witnessed since the Global Financial Crisis of 2008. The spread of COVID-19 has largely eroded investors’ confidence as the stock markets neared lifetimes lows, bad loans spiked and investment values degraded. Due to this, many turned their backs on the risk-reward trade off and carted their money towards traditionally safer investments like gold. While the banking sector remains particularly vulnerable, central banks have provided extensive loan moratoriums and interest waivers. Overall, COVID-19 resulted in a short term negative impact on the financial markets in India, though it is making a way towards V-shaped recovery. In this context, the present paper attempts to identify and evaluate the impact of the pandemic on the financial markets in India. Relying on rich literature and live illustrations, the influence of COVID-19 is studied on the stock markets, banking and financial institutions, private equities, and debt funds. The paper covers several recommendations so as to bring stability in the financial markets. The suggestions include, but are not limited to, methods to regularly monitor results, establishing a robust mechanism for risk management, strategies to reduce Non-Performing Assets, continuous assessment of stress and crisis readiness of the financial institutions etc. The paper also emphasizes on enhancing the role of technology (Artificial Intelligence and Virtual/Augmented Reality) in the financial services sector to optimize the outcomes and set the path towards recovery.

INVITED POLICY ECONOMICS PAPER — ECONOMICS IN ASIA 1995–2020

2021 ◽  
pp. 1-15
Author(s):  
JOERGEN OERSTROEM MOELLER
Keyword(s):  
Market Economy ◽  
Value Chain ◽  
Global Economy ◽  
Consumer Preferences ◽  
Low Cost ◽  
Second Phase ◽  
Public And Private ◽  
The Us ◽  
Anglo American ◽  
Asian Economy

Over the last 25 years, Asia’s economic rise has been extraordinary. Its share of global gross domestic product (GDP) has risen from 5.8% to 22.9%. 1 The first phase of high economic growth — up to 1995 — saw Asia enter the global supply chain primarily with labor-intensive/low-cost manufacturing. Domestic consumption was a fairly low share of GDP; Asia was manufacturing mainly for consumption in the US and Europe. As such, it was primarily a rule-taker. In the second phase — from 1995 to 2020 — it gradually turned into an economic force joining the US and Europe in shaping the global economy, exercising significant influence upon the value chain, the cycles of the global economy, transport and logistics, the global capital markets and consumption patterns (consumer preferences and tastes). While not yet among the leading rule-makers, it had become difficult for policymakers (public and private) to make decisions without Asia’s consent. To form an opinion of today’s emerging third phase — post 2020 — the intriguing question is whether the Asian countries have adopted what may be termed Anglo-American economic thinking (basically, the primacy of the market). Or whether behind the curtain, the Asian economy works in its own way diverging from the American and British economic schools. Since demographics and sheer economic scale mean that Asia will dominate the global economy in the years to come, the nature of the Asian economy will be of crucial importance for the future global economy. The conclusion of this paper is that “Asia” in many respects differs — and fundamentally so — from market economy principles. How this prospect should be interpreted is also evolving, as circumstances change. Certainly, the repercussions of COVID-19 have not been the same in the US, Europe, East Asia and South Asia — and this may suggest that socio-political structures have a stronger impact on economic outcomes than economic theory teaches, thus calling into question the global validity of market economy principles.

Financial Markets and Exchanges Law

2021 ◽  
Keyword(s):  
Financial Markets ◽  
New Technology ◽  
Payment Systems ◽  
Regulation Of Financial Markets ◽  
Market Location ◽  
Clearing And Settlement ◽  
The Uk ◽  
Securities Trading ◽  
Market Infrastructure ◽  
Financial Technology

The book provides a comprehensive and authoritative analysis on the regulation of financial markets and market infrastructure. It focuses on stock markets and exchanges, associated trading, clearing, and settlement, and on payment systems, set in their historical and current contexts. This new edition addresses a number of major developments that have impacted the UK, wider European and international financial markets, such as within the UK, the PRA, the FCA and the Bank of England have become established financial regulators, each with its distinguishing responsibilities; MiFID has been substantially revised and strengthened through new directly applicable EU regulation; MiFID 2 also addresses the challenges posed by the use of fast-technology such as high frequency and algorithmic trading; and new technology is beginning to make an impact on the infrastructure of financial markets. This new edition includes updated content on the growing importance of financial technology with two new chapters on the emerging impact of financial technology on markets and on the regulation of markets. There is also a new chapter on MiFID 2 and MiFIR – the new securities trading architecture that will see the introduction of a new trading venue as well as significant changes to and the pre- and post-trade transparency and reporting regime. The introduction of mandatory trading of derivatives on trading venues is addressed together with the related post-EMIR regime for the mandatory clearing of certain classes of derivatives. Chapters on the role of the European Commission and ESMA have been updated, and consideration is given to the possible implications of Brexit for market location and access

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