In the decade following the global financial crisis, banks have faced a flood of new laws and regulations. The pace of change has been furious. Banks have been forced to hire more and more bodies to manage large, enterprise-wide efforts in an attempt to simply stay ahead of regulatory enforcement actions and the ensuing fines and penalties.
Organizations are developing creative strategies to better deal with threats against the balance sheet. Alternative risk solutions, such as captives, are gaining relevance as firms search for cost efficient methods to adequately cover exposures, both traditional and unique.
It’s not news that the innovation sweeping most of the financial world has been slow to meet up with the realm of international trade finance. That’s why the world’s premier international-payments network, SWIFT, has joined forces with various financial institutions and utilities to make cross-border payments a whole lot faster as well as more efficient, transparent and traceable.
Just as HSBC’s global head of foreign-exchange cash trading in London was about to fly out of New York’s Kennedy International Airport on the evening of Tuesday, July 19, he was arrested by US federal officials.
Colombia, Chile and Peru have agreed to combine their stock markets into the Latinamerican Integrated Markets (MILA). The move comes to expedite the money exchange operations of the three partners. Participating partners are the Electronic Bourse of Chile, the Colombia Stock Exchange, the Stock Exchange of Lima, Colombia’s Set ICAP EX and Datapec from Peru.