This paper examines issues in the prudential management and regulation of foreign exchange risk. It begins with measurement issues, notably converting foreign currency items into domestic currency terms, and calculating foreign exchange positions. The focus then shifts to managing foreign exchange risks. Although the key to effective management lies in the bank’s reporting and internal control systems, regulators frequently seek to limit such risks directly. This usually involves limiting the overall open position in terms of bank capital or requiring that capital be set aside against such risks.
The paper considers the generic arguments for and against the creation of a unified regulatory agency, covering each of the main types of financial institutions (banks, insurers and securities firms). The strongest arguments for unification are the enhanced oversight of financial conglomerates and the economies of scale they can potentially deliver. However, there are also a number of potentially serious disadvantages to unification, especially the risk that the change process will be mismanaged and will result in a reduction in regulatory capacity. The issue requires careful deliberation and ultimately depends on a matrix of factors which vary in importance from country to country.
A payment system encompasses a set of instruments and means generally acceptable in making payments; the institutional and organizational framework governing such payments, including prudential regulation; and the operating procedures and communications network used to initiate and transmit payment information from payer to payee and to settle payments. This book, by Omotunde E.G. Johnson, with Richard K. Abrams, Jean-Marc Destresse, Tony Lybek, Nicholas Roberts, and Mark Swinburne, identifies main policy and strategic issues in payment system reform, describes the structure of payment systems in selected countries, highlights areas of consensus, and suggests the direction for future policy analysis.
A successful portfolio manager with a passion for jazz, Miles prides himself on being sensitive and attentive when it comes to women. Yet when it comes to himself he struggles with self doubts which have driven him to an insatiable need for acceptance. Enters Desiree, a native of the Virgin Islands, who takes him on an unforgettable journey that evolves into a web of deceit and betrayal... The successful entrepreneur, councilman and retired military officer, Franklin is estranged from his wife and two children when the ghost of his past surfaces in the bedroom. Imperiled by forgiveness and faith he must reach deep inside to shed a burden that has defined his marriage in hopes of salvaging what remains... Tyler, the former college dancer, is an accountant whose world is turned upside down when she uncovers clues that lead to her greatest fear. Feeling completely justified she recoils and strikes back with a tongue of fury... Clarissa, a wife and mother, is forced to reexamine her faith when the truth she knows becomes a lie that changed her marriage...Imperiled by faith, Love, Trust and forgiveness, they each discover new lessons that ultimately renew their feelings about themselves and each other...
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