OUR INTERMEDIATION BUSINESS DEPENDS UPON PEOPLE REFORMING, RESHAPING THEIR PORTFOLIOS.
|
|
P22P websites connect borrowers and lenders without a bank's intermediation.
|
|
It has potential to significantly reduce intermediation costs in our society.
|
|
But we still need to have a structure that supports credit-intermediation.
|
|
"I don't see an underlying change in intermediation," Wilkins told the conference.
|
|
Others dabble in real estate, financial intermediation or other non-core business lines.
|
|
Absent good answers to the intermediation dilemma, the current downward spiral will continue.
|
|
As expected, they voted against the shift, warning it would hurt financial intermediation.
|
|
These ceremonies allow for something vital, a language that can be spoken without intermediation.
|
|
It's a fight between intermediation, disintermediation, and who ultimately owns the ride-hailing consumer.
|
|
There is a variety of underlying causes for the sudden investor revulsion over financial intermediation.
|
|
However, 89% of total revenue in 2016 was related to fund distribution and intermediation activities.
|
|
INDONESIA C.BANK GOV: RELAXES RULES ON MACROPRUDENTIAL INTERMEDIATION RATIO FOR OVERSEAS BRANCHES OF INDONESIAN BANKS
|
|
BI plans to implement a new measure called "macroprudential intermediation ratio" to gauge wider liquidity.
|
|
"In the present case, the Court found that an intermediation service such as that provided by Airbnb Ireland satisfied those conditions, and the nature of the links between the intermediation service and the provision of accommodation did not justify departing from the classification of that intermediation service as an 'information society service' and thus the application of Directive 2000/31 to that service," it writes in a press release on the judgement.
|
|
"Uber's business is intermediation rather than transportation, as the service contract clearly stipulates," the tribunal said.
|
|
It is favored by strong income generation from both financial intermediation and insurance and commission revenues.
|
|
Such large holdings could compromise financial stability and financial intermediation, the OECD warned in the report.
|
|
In the Airbnb case, the court points to differences versus the Uber ruling, noting that an online intermediation service may be classed otherwise if the intermediation service forms an integral part of an overall service whose main component is a service coming under another legal classification.
|
|
On that reckoning, the costs of intermediation have stayed roughly constant at between 1.5-2% (see chart).
|
|
The move is a part of eBay's strategy to "transition to full payments intermediation," the firm said.
|
|
It would be a 3 percent value-added tax on targeted advertising services and digital intermediation services.
|
|
Third, and this is the key point: We need to think harder about what good intermediation looks like.
|
|
America's banks play a crucial role in global financial intermediation, helping to propagate changes in sentiment around the world.
|
|
Rosneft would also make a profit by receiving an intermediation fee, the source and an internal PDVSA document said.
|
|
" LOW RATES FOR PROLONGED PERIOD "If low rates are sustained for a prolonged period, that could hurt financial intermediation.
|
|
When combined, Tokyo, Hong Kong and Singapore accounted for 21 percent of intermediation, up from 15 percent three years ago.
|
|
These centres boost cross-border trade and financial intermediation and play a critical part in facilitating growth around the world.
|
|
"In the labor market the internet allows for more services being offered with less intermediation at lower prices," Mersch added.
|
|
That regulatory accumulation goes some way to explain why the cost of financial intermediation hasn't really gone down since 1960.
|
|
Higher capital requirements will make the largest banks less competitive relative to smaller banks and other channels of financial intermediation.
|
|
"Since Uber provides an intermediation platform, the company is jointly responsible for events resulted from such a relationship," Truzzi said.
|
|
You've said, quote: the available wallet in market intermediaries—intermediation for large institutions has materially declined over the last five years.
|
|
"This might disrupt transaction banking and financial market intermediation," Weidmann, who also sits on the European Central Bank's Governing Council, said.
|
|
" INFLATION TARGET "It's true the BOJ must be mindful of the impact prolonged ultra-low rates could have on financial intermediation.
|
|
It isn't asking for easier money, but for a stable store of value in the face of dislocation in financial intermediation.
|
|
Who needs a late-night chat with the stars when stars are available on Instagram and Twitter, 24/7 and without intermediation?
|
|
"With this system of intermediation, most of the money stayed in the hands of intermediaries," Lopez Obrador said at a news conference.
|
|
The Iranian market is dominated by chemicals and by-products, which make up over 20 percent, followed by monetary intermediation and basic metals.
|
|
So did "credit intermediation" — a category that includes home mortgages, which fell nearly 10 percent in the week after Hurricane Irma made landfall.
|
|
Shadow-banking activities have become an important source of financial intermediation in China, and the authorities curbing their expansion could hurt the economy.
|
|
Banks are mostly deposit funded, but there is structural weakness in funding due to the intermediation of many retail deposits by money managers.
|
|
"If you think about it, the stock market is a reflection of financial intermediation in the broadest sense of the term," Daco said.
|
|
The European Commission has been planning to regulate "online intermediation services," according to the report, to make sure they aren't abusing their dominant position.
|
|
A second panel discussed how liquidity requirements and supervisory expectations have increased the cost of repo intermediation and discouraged banks from relying on repo.
|
|
By design, it is a system of record that avoids intermediation by traditional financial institutions and instead allows for value transfer directly between two parties.
|
|
Kuroda, speaking at the same session, said he would pay attention of the risk of monetary stimulus lowering financial intermediation and destabilizing the financial system.
|
|
"All these centers will coexist and complement each other and in this region there is a lot more need for financial intermediation," he told CNBC.
|
|
Wages rises have remained stubbornly low and the decision in early 2016 to take interest rates into negative territory only served to undermine financial intermediation.
|
|
"However, the capital regime could reduce the efficiency of financial intermediation if ratios are pushed too high or standards are made overly complex," he said.
|
|
It could alter the way monetary policy is conducted and transmitted, and also affect the banking sector, credit intermediation and bank funding, the paper notes.
|
|
Nakaso acknowledged the BOJ's decision in January to adopt negative rates may impair financial intermediation by hurting financial institutions' profits, if maintained for a long time.
|
|
"Should this situation persist, loss-absorbing capacity in the event of stress would decrease, intensifying downward pressure on the economy by weakening financial intermediation," it said.
|
|
"There was a risk financial intermediation would be pulled back if the low-yield environment was further prolonged," and hurt financial institutions' profits, one member said.
|
|
But the uptick in yields has failed to dispel worries by some central bankers that narrowing margins will hurt commercial banks and impede Japan's financial intermediation.
|
|
Malaysia passed two bills in July to legalize ride-hailing services which would operate on an "intermediation business license", a new category specific for the service.
|
|
"Weak profitability and squeezed margins pose a risk to financial stability as they may hamper banks' intermediation and capital generation capacity," de Guindos told a conference.
|
|
"Whatever we do, however, we need to carefully balance the benefits and the costs of the step such as the impact on financial intermediation and market functioning."
|
|
There could be damage to financial intermediation, which could mean regional banks may not be able to lend as much or could begin taking on excessive risk.
|
|
Meanwhile, it also plans to implement a new measure called "macroprudential intermediation ratio" to gauge wider financing distributions by banks, which could include purchase of corporate debts.
|
|
Financial intermediation problems generally point to how ultra-low rates hurt commercial banks' profits and discourage them from lending, thereby eroding the positive effect of monetary easing.
|
|
It said some forms of financial intermediation "have not only produced manifest abuses and injustice, but also demonstrated a capacity to create systemic and worldwide economic crisis".
|
|
The changes included a broadening of BI's macroprudential intermediation ratio (MIR), which regulates banks' loan-to-deposit ratio, that would give banks greater room to extend credit.
|
|
"If maintained for too long, they could weigh negatively on the profitability of financial intermediation with possible adverse consequences for the smooth transmission of monetary policy," Villeroy said.
|
|
"With the increasing role of NBFCs in direct credit intermediation, there is a need for NBFCs to augment risk management practices," the central bank said in a statement.
|
|
GREENSPAN: THAT MEANS YOUR INTEREST RATE ON INTERMEDIATION, WHICH IS ALL BANKING, ALL FINANCE IN GENERAL, AND A VERY IMPORTANT PART OF A CAPITALIST SYSTEM AS IT DEVELOPS.
|
|
Wary of a flattening yield curve that risks impairing financial intermediation, it will also seek ways to steepen the curve such as making its bond buying more flexible.
|
|
The watchdog did also clear Google of any competition violations related to other elements of its business — specifically specialized search design (OneBoxes), AdWords, online intermediation and distribution agreements.
|
|
The Financial Stability Board, which coordinates financial rules for the Group of 20 Economies (G20) is replacing the term with "non-bank financial intermediation" in all its work.
|
|
The tax would be also be levied on online platforms offering "intermediation services," a concept under which the Commission includes gig economy firms such as Airbnb and Uber.
|
|
Instead, non-hydrocarbon growth will come from private investments on the back of government projects, and from accompanying growth in the services sectors (trade, financial intermediation, and real estate).
|
|
Fitch believes it is difficult for regulators to clamp down on the growth in entrusted investments as their scale has grown to become an important part of financial intermediation.
|
|
BI is considering a loosening of what it calls the "macroprudential intermediation ratio", or the central bank's preferred measure for a commercial bank's loans compared to deposits, she said.
|
|
No. If Iran reciprocates, U.S. military personnel captured by Iran or its surrogates would lose Geneva Conventions protections or the intermediation of the International Committee of the Red Cross.
|
|
TOKYO (Reuters) - Bank of Japan Deputy Governor Hiroshi Nakaso on Monday defended the central bank's negative interest rate policy, saying that concerns it will undermine financial intermediation were unfounded.
|
|
"BI will maintain an accommodative macroprudential policy stance and strengthen coordination with other relevant authorities in order to maintain financial system stability and stimulate the bank intermediation function," he said.
|
|
This could happen as a result of financial institutions' lending income getting squeezed and their intermediation function, or role as money middlemen between borrowers and depositors, is impaired, Kuroda said.
|
|
So today, I feel that anyone who's going to be successful in credit intermediation needs to have a very good understanding of balance sheet risk, liquidity risk and capital requirements.
|
|
The unit cost of a dollar of financial intermediation, like lending, has hovered around two cents for 130 years, according to Thomas Philippon, Professor of Finance at New York University.
|
|
FRANKFURT - Opening remarks by de Guindos at the joint conference of the ECB and the Journal of Money, Credit and Banking 'Financial Intermediation, Regulation and Economic Policy' in Frankfurt, Germany.
|
|
The unit cost of a dollar of financial intermediation has remained about two cents for 130 years, according to figures from Thomas Philippon, Professor of Finance at New York University.
|
|
Apart from commission-free stock trading and a few other tech-enabled business models, financial intermediation has seen little change from the beginning to the end of the 2010&aposs.
|
|
The BOJ will pursue its massive asset-buying program and negative rates by "striking the right balance" between the program's powerful policy effects and possible impairment of financial intermediation, Nakaso said.
|
|
"As financial intermediation continues to shift from banks to non-banks, we need to adapt our policy framework," Draghi said in his capacity as the head of the European Systemic Risk boars.
|
|
Inequality skyrocketed in the 1920s, and the reason that this unpleasant fact could be ignored was because of the increase of personal debt and financial intermediation, much like the years preceding 2008.
|
|
Central bank Governor Benjamin Diokno said the RRR cut "is in line with the BSP's broad financial sector reform agenda to promote a more efficient financial system by lowering financial intermediation costs".
|
|
Consolidated net banking income rose 2300 percent to 21 billion dirhams, thanks to interest rate cuts that improved margins in the bond market and financial intermediation activity, BMCE said in a statement.
|
|
The agency cited particular risks from the practice of borrowing short-term and lending long-term, a practice called "maturity intermediation" that helped doom Lehman Brothers and shook Wall Street to its core.
|
|
THURSDAY, MARCH 28 ** FRANKFURT - Opening remarks by de Guindos at the joint conference of the ECB and the Journal of Money, Credit and Banking 'Financial Intermediation, Regulation and Economic Policy' in Frankfurt, Germany.
|
|
Even a member who voted for the decision warned that the yield-target could impair financial intermediation by pushing long-term interest rates into negative territory for a prolonged period, the summary showed.
|
|
"It is necessary to closely monitor this issue to determine whether measures that mitigate the adverse effects of low rates on the intermediation capacity of the banking system are necessary," De Cos said.
|
|
In her amendment, Schaldemose referred to investigations by antitrust regulators in the European Union and elsewhere into online intermediation services' dual role as a marketplace and as a rival on the same platform.
|
|
"[U]nlike the intermediation services at issue in the judgments in Asociación Profesional Elite Taxi and Uber France, neither that intermediation service nor the ancillary services offered by Airbnb Ireland make it possible to establish the existence of a decisive influence exercised by that company over the accommodation services to which its activity relates, with regard both to determining the rental price charged and selecting the hosts or accommodation for rent on its platform," the CJEU adds in its press release.
|
|
It said that Google, which at that time had held 80 percent of the European market for search advertising intermediation over the previous ten years, had kept its anti-competitive practices for a decade.
|
|
BI also revised rules on the loan-to-funding ratio and, instead, introduced the "macroprudential intermediation ratio" (MIR), she added, saying a bank's holdings of certain good corporate debt will be counted as loans.
|
|
FRANKFURT (Reuters) - The European Central Bank will consider whether preserving its negative interest rates requires the mitigation of their possible side-effects, if any, on bank intermediation, ECB President Mario Draghi said on Thursday.
|
|
Among rules BI said it would relax this year include a change in the definition of deposits in its "macroprudential intermediation ratio", its preferred way of regulating banks' loan-to-deposit ratio, Warjiyo said.
|
|
"With the increasing role of NBFCs (non-banking financial companies) in direct credit intermediation, there is a need for NBFCs to augment risk management practices," the Reserve Bank of India (RBI) said in a statement.
|
|
The philosophical and practical rationale for devolved power is that problems are best solved by people who have local information and who understand and support local political priorities, with a minimum of hierarchy and intermediation.
|
|
Markit's final services index rose to a 413-month high of 55.6 from 54.4 in February, helped by new business in the post and telecommunication sector and the renting, business activities and financial intermediation branch.
|
|
Our goal is that prices should rise gradually, reflecting an improvement in corporate profit and job growth rate ... We also need to keep in mind the impact our policy has over market functioning and financial intermediation.
|
|
"Given these developments ... it is important to consider enhancing data/information collection so as to have clearer view of the market and its risks," the FSB said in its Non-Bank Financial Intermediation report for 2843.
|
|
In Europe too, low rates do not seem to have sparked a satisfying revival in bank intermediation, though clearly it has helped the prices of some of the assets which banks carry on their balance sheets.
|
|
A new book* by Stephen Davis, Jon Lukomnik and David Pitt-Watson lists four main roles for the industry: providing safe custody for assets, a payments system, intermediation between savers and borrowers, and risk reduction (insurance).
|
|
"But there can be cumulative effects on financial intermediation and financial stability if rates remain very low for a very long time," Coeure told a conference at the Yale School of Management in the United States.
|
|
The FSB, which coordinates financial rules for the Group of 20 Economies (G20), said its narrow measure of "non-bank financial intermediation" grew by 1.7% to $51 trillion in 2018, or 20183% of total global financial assets.
|
|
In other words, Lazard believes that intermediation in the form of an investment bank with the right team and connections can make the difference at Series B, C and beyond — both for investors and companies seeking capital.
|
|
But Kuroda acknowledged that the BOJ's negative interest rate policy may impair financial intermediation and hurt public confidence in Japan's banking system, a sign the central bank is becoming more mindful of the rising cost of its stimulus.
|
|
"So, if the conclusion were that cutting rates is the best option, then we would have to consider the impact of negative rates on financial intermediation, especially for banks," Coeure said in an interview with the Financial Times.
|
|
Any large shifts out of money funds would risk meaningful disruptions to traditional intermediation channels, Cabana explained, adding that corporates and financial firms in the U.S. are beneficiaries of more than $1 trillion in existing prime fund investments.
|
|
While continuing its massive monetary stimulus, the BOJ will examine whether the decline in profits at regional banks may undermine financial intermediation, Kuroda added, urging regional banks to step up efforts to reduce costs and extend tie-ups.
|
|
In the context of our regular assessment, we will also consider whether the preservation of the favourable implications of negative interest rates for the economy requires the mitigation of their possible side effects, if any, on bank intermediation.
|
|
AFB, headquartered in Spain, is a leading European business-to-business open architecture fund distribution platform connecting fund groups with distributor clients and offering a one-stop solution for fund intermediation and order routing, and investment-related services.
|
|
BRASILIA, Nov 21 (Reuters) - The Brazilian government should seek reforms to overhaul burdensome labor rules and try to make financial intermediation rules more flexible, the head of country's No. 1 lender by market value, Itau Unibanco, said on Monday.
|
|
"If there are signs of disruption in financial intermediation, we will of course take necessary steps including those to make our stimulus programme more sustainable," Masai told a news conference after meeting with business leaders in Nara, western Japan.
|
|
"On the other hand, it is necessary to guarantee a sustained decline in the level of state debt and the adoption of policies that reinforce the efficiency and stability of the functioning of financial intermediation," the central bank said.
|
|
"The new terminology emphasises the forward-looking aspects of the FSB's work to enhance the resilience of non-bank financial intermediation," the FSB, which is chaired by Bank of England Governor Mark Carney, said in a statement on Monday.
|
|
The company also disclosed on Monday a new agreement with its controlling shareholders Banco Bradesco SA and Banco do Brasil SA. For one year, the company will pay banks less for the intermediation, capture, introduction and maintenance of merchants.
|
|
BI is looking to ease rules on macroprudential intermediation ratio (MIR) - or the central bank's preferred way to measure a bank's loan-to-deposit ratio - to "allow banks to lend without any disincentive", Deputy Governor Dody Budi Waluyo said.
|
|
In its ruling the court writes that Uber's "intermediation service… must be regarded as being inherently linked to a transport service and, accordingly, must be classified as 'a service in the field of transport' within the meaning of EU law".
|
|
TOKYO, Sept 8 (Reuters) - Bank of Japan Deputy Governor Hiroshi Nakaso said on Thursday the central bank will pursue its massive stimulus programme by striking the right balance between its powerful policy effects and potential adverse effects on financial intermediation.
|
|
"Some Copom members stressed that changes in the credit market and financial intermediation, such as the greater role played by non-earmarked credit and capital markets, may impact the transmission of monetary policy," the minutes of last month's meeting said.
|
|
The Governing Council also assessed that, at this point in time, the positive contribution of negative interest rates to the accommodative monetary policy stance and to the sustained convergence of inflation is not undermined by possible side effects on bank-based intermediation.
|
|
"Concerns were voiced that over time, the effects of persistently low rates could depress banks' interest margins and profitability, with negative effects on banks intermediation and financial stability in the longer run," the ECB said in the accounts of the meeting on Thursday.
|
|
Bank Indonesia (BI) is looking to ease rules on macroprudential intermediation ratio - or the central bank's preferred way to measure a bank's loan-to-deposit ratio - to "allow banks to lend without any disincentive", Deputy Governor Dody Budi Waluyo said without elaborating.
|
|
The deal cuts out a layer of intermediation between Ford and QNX, at the very least, turning BlackBerry into a Tier 1 supplier, whereas most of BlackBerry's business with automakers previously has been through another link in the supply chain, like Panasonic in this case.
|
|
However, a ruling in December by Europe's top court — related to a legal challenge filed against Airbnb by a French tourism association — offered the opposite of relief for such cities, with judges finding Airbnb to be an online intermediation service, rather than an estate agent.
|
|
Having thrown millions of Europeans into unemployment, poverty and destitution with the imposition of harsh fiscal austerity on countries already choking under recessionary pressures, Germany continues to challenge the ECB's conduct of independent policies with instruments and credit intermediation channels that are strictly within its mandate.
|
|
"Although the current monetary easing has not caused any large problems in financial intermediation ... it is important to take into account the two different time-frames in which both the positive and negative effects (of the policy) appear," the minutes quoted one board member as saying.
|
|
"The current conditions of financial intermediation suggest, however, that the economic lower bound is safely below the current level of the deposit facility rate and that the impact of negative rates, combined with the asset purchase program and forward guidance, has clearly been net positive," he said.
|
|
"Member States shall need to take measures that are sufficiently dissuasive to ensure that the online intermediation platforms and search engines comply with the requirements in the Regulation," the Commission writes in a section of its factsheet dealing with how to make sure platforms respect the new rules.
|
|
"Just the sheer size of market-based credit intermediation is very different (from years past) and we don't quite know how that is going to behave in a downturn," Tobias Adrian, director of the monetary and capital markets department at the International Monetary Fund, said in an interview.
|
|
Acknowledging for the first time that negative rates gum up the works of financial intermediation, and thus the economy, Kuroda, in a speech on Monday, still held to his view that further cuts were possible while at the same time giving the impression they are now far less likely.
|
|
"To ensure fairness, the provider of the online intermediation service should not be allowed to disclose the data generated by the transactions of a business user to third parties for commercial purposes, including within their own corporate structure, without the consent of the business user," the draft said.
|
|
Potential fintech benefits were identified, including decentralisation, increased intermediation by non-financial entities, efficiency, transparency and competition, but the sector was deemed vulnerable to a variety of financial and operational risks that could be amplified by fintech business models and pose a risk to the provision of critical financial services.
|
|
"The growing importance of asset managers and other institutional investors in both domestic and cross-border financial intermediation requires national authorities to monitor potential systemic risks from these activities at both the national and global levels, and to consider how best to employ macroprudential approaches to deal with such risks," the BIS said.
|
|
ICBC Standard Bank Plc, which finalized an intermediation agreement to buy PES's crude and refined products last month, initially objected to the terms of the debtor-in-possession financing sought by PES because it did not give the bank priority over any insurance payouts stemming from the June fire that destroyed a section of the refinery.
|
|
This would be the result of the appetite of some investors to selectively increase their exposure in emerging countries, in conjunction with the interest of Mexican mid-sized banks to strengthen their financial and competitive positions in the face of the broad growth opportunities that the local market offers, given the low financial intermediation in the country.
|
|
In THE BLOCKCHAIN AND THE NEW ARCHITECTURE OF TRUST (MIT, $27.95), the legal scholar Kevin Werbach stakes out a position similar to that of De Filippi and Wright, arguing that "like the internet the blockchain is mistakenly viewed as the final answer to the problem of intermediation" — the problem of inefficient, unwanted or unreliable go-betweens.
|
|
But after 24 million comments were filed in response to the FCC's Restoring Internet Freedom Order (that's the one that killed net neutrality), Americans from all walks of life suddenly began paying attention to erstwhile-borrring bureaucratic procedures that, were it not for the net neutrality fight's energizing effect, would've been like listening to Ben Bernanke discuss the effect of the Great Depression on credit intermediation after swallowing a bottle full of Ambien.
|
|
The delay indicates that rates will stay negative for even longer and banks will continue to pay hefty fees to the ECB for parking their excess cash, a concern for policymakers as lenders transmit monetary policy to the real economy "Concerns were voiced that over time, the effects of persistently low rates could depress banks' interest margins and profitability, with negative effects on banks intermediation and financial stability in the longer run," the ECB said in the accounts of the meeting on Thursday.
|
|
THURSDAY, MARCH 28 ** FRANKFURT, Germany - Federal Reserve Vice Chair Randal Quarles speaks at the Joint Conference of the European Central Bank and the Journal of Money, Credit and Banking: Financial Intermediation, Regulation and Economic Policy: The 50th Anniversary of the Journal of Money, Credit and Banking - 1115 GMT ** PARIS - Federal Reserve Vice Chair Vice Chair Richard Clarida participates in a panel discussion at the Banque de France and European Money and Finance Forum Colloquium - 1330 GMT ** DEMING, New Mexico - Federal Reserve Governor Michelle Bowman speaks in a telephone town hall at the Independent Community Bankers Association of New Mexico (ICBA/NM) 2019 Ag Lenders Conference - 07003 GMT.
|
|