88 Structure of the Federal Reserve System About the Federal Reserve System The Federal Reserve System is the central bank of the United States. free forex signals It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest. The Federal Reserve conducts the nation's monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy; promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad; promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole; fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments; and promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations. Read more in the 10th edition of Federal Reserve System Purposes & Functions. free forex signals Figure uses a pyramid of graphics to describe the Federal Reserve System. Top level: There is 1 U.S. Central Bank: the Federal Reserve System. Second level: The 3 Key Entities of the Federal Reserve System: Federal Reserve Board of Governors, 12 Federal Reserve Banks, and the Federal Open Market Committee. Third level: The 5 Key Functions of the Federal Reserve System: conducting the nation's monetary policy, helping maintain the stability of the financial system, supervising and regulating financial institutions, fostering payment and settlement system safety and efficiency, and promoting consumer protection and community development. forex signals The Decentralized System Structure and Its Philosophy In establishing the Federal Reserve System, the United States was divided geographically into 12 Districts, each with a separately incorporated Reserve Bank. District boundaries were based on prevailing trade regions that existed in 1913 and related economic considerations, so they do not necessarily coincide with state lines. Twelve Federal Reserve Districts operate independently but with supervision Federal Reserve District boundaries are based on economic considerations; the Districts operate independently but under the supervision of the Federal Reserve Board of Governors. forex signals Federal Reserve Banks 01-Boston 02-New York 03-Philadelphia 04-Cleveland 05-Richmond 06-Atlanta 07-Chicago 08-St. Louis 09-Minneapolis 10-Kansas City 11-Dallas 12-San Francisco Board The Federal Reserve officially identifies Districts by number and Reserve Bank city. forex signals In the 12th District, the Seattle Branch serves Alaska, and the San Francisco Bank serves Hawaii. The System serves commonwealths and territories as follows: the New York Bank serves the Commonwealth of Puerto Rico and the U.S. Virgin Islands; the San Francisco Bank serves American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Board of Governors revised the branch boundaries of the System in February 1996. free forex signals As originally envisioned, each of the 12 Reserve Banks was intended to operate independently from the other Reserve Banks. Variation was expected in discount rates--the interest rate that commercial banks were charged for borrowing funds from a Reserve Bank. The setting of a separately determined discount rate appropriate to each District was considered the most important tool of monetary policy at that time. The concept of national economic policymaking was not well developed, and the impact of open market operations--purchases and sales of U.S. government securities--on policymaking was less significant. As the nation's economy became more integrated and more complex, through advances in technology, communications, transportation, and financial services, the effective conduct of monetary policy began to require increased collaboration and coordination throughout the System. This was accomplished in part through revisions to the Federal Reserve Act in 1933 and 1935 that together created the modern-day Federal Open Market Committee (FOMC). forex trading signals The Depository Institutions Deregulation and Monetary Control Act of 1980 (Monetary Control Act) introduced an even greater degree of coordination among Reserve Banks with respect to the pricing of financial services offered to depository institutions. There has also been a trend among Reserve Banks to centralize or consolidate many of their financial services and support functions and to standardize others. Reserve Banks have become more efficient by entering into intra-System service agreements that allocate responsibilities for services and functions that are national in scope among each of the 12 Reserve Banks. free forex signals The U.S. Approach to Central Banking The framers of the Federal Reserve Act purposely rejected the concept of a single central bank. Instead, they provided for a central banking "system" with three salient features: (1) a central governing Board, (2) a decentralized operating structure of 12 Reserve Banks, and (3) a combination of public and private characteristics. Although parts of the Federal Reserve System share some characteristics with private-sector entities, the Federal Reserve was established to serve the public interest. forex signals free There are three key entities in the Federal Reserve System: the Board of Governors, the Federal Reserve Banks (Reserve Banks), and the Federal Open Market Committee (FOMC). The Board of Governors, an agency of the federal government that reports to and is directly accountable to Congress, provides general guidance for the System and oversees the 12 Reserve Banks. Within the System, certain responsibilities are shared between the Board of Governors in Washington, D.C., whose members are appointed by the President with the advice and consent of the Senate, and the Federal Reserve Banks and Branches, which constitute the System's operating presence around the country. While the Federal Reserve has frequent communication with executive branch and congressional officials, its decisions are made independently. forex trading signals The Three Key Federal Reserve Entities The Federal Reserve Board of Governors (Board of Governors), the Federal Reserve Banks (Reserve Banks), and the Federal Open Market Committee (FOMC) make decisions that help promote the health of the U.S. economy and the stability of the U.S. financial system. Three key entities, serving the public interest The framers of the Federal Reserve Act developed a central banking system that would broadly represent the public interest. forex trading signals CONGRESS graphic positioned above the three key Federal Reserve entities' graphics: 'CONGRESS oversees the Federal Reserve System and its entities.' A dotted arrow leads down to the BOARD graphic: 'BOARD OF GOVERNORS is an independent agency of the federal government.' A dotted arrow leads right from the BOARD graphic to the BANKS graphic: 'FEDERAL RESERVE BANKS are the operating arms of the Federal Reserve System and are supervised by the Board of Governors.' Dotted arrows lead left from the BOARD and BANKS graphics to the FOMC graphic: 'FEDERAL OPEN MARKET COMMITTEE consists of the members of the Board of Governors and Reserve Bank presidents. The Chair of the Board is the FOMC Chair. https://www.freeforex-signals.com/ Other Significant Entities Contributing to Federal Reserve Functions Two other groups play important roles in the Federal Reserve System's core functions: forex trading signals depository institutions--banks, thrifts, and credit unions; and Federal Reserve System advisory committees, which make recommendations to the Board of Governors and to the Reserve Banks regarding the System's responsibilities. https://www.freeforex-signals.com/ Depository Institutions Depository institutions offer transaction, or checking, accounts to the public, and may maintain accounts of their own at their local Federal Reserve Banks. Depository institutions are required to meet reserve requirements--that is, to keep a certain amount of cash on hand or in an account at a Reserve Bank based on the total balances in the checking accounts they hold. free forex signals Depository institutions that have higher balances in their Reserve Bank account than they need to meet reserve requirements may lend to other depository institutions that need those funds to satisfy their own reserve requirements. This rate influences interest rates, asset prices and wealth, exchange rates, and thereby, aggregate demand in the economy. The FOMC sets a target for the federal funds rate at its meetings and authorizes actions called open market operations to achieve that target. free forex signals Advisory Councils Four advisory councils assist and advise the Board on matters of public policy. Federal Advisory Council (FAC). This council, established by the Federal Reserve Act, comprises 12 representatives of the banking industry. The FAC ordinarily meets with the Board four times a year, as required by law. Annually, each Reserve Bank chooses one person to represent its District on the FAC. FAC members customarily serve three one-year terms and elect their own officers. Community Depository Institutions Advisory Council (CDIAC). The CDIAC was originally established by the Board of Governors to obtain information and views from thrift institutions (savings and loan institutions and mutual savings banks) and credit unions. More recently, its membership has expanded to include community banks. Like the FAC, the CDIAC provides the Board of Governors with firsthand insight and information about the economy, lending conditions, and other issues. forex trading signals Model Validation Council. This council was established by the Board of Governors in 2012 to provide expert and independent advice on its process to rigorously assess the models used in stress tests of banking institutions. Stress tests are required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The council is intended to improve the quality of stress tests and thereby strengthen confidence in the stress-testing program. Community Advisory Council (CAC). This council was formed by the Federal Reserve Board in 2015 to offer diverse perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular focus on the concerns of low- and moderate-income populations. The CAC complements the FAC and CDIAC, whose members represent depository institutions. The CAC meets semiannually with members of the Board of Governors. The 15 CAC members serve staggered three-year terms and are selected by the Board through a public nomination process. Federal Reserve Banks also have their own advisory committees. Perhaps the most important of these are committees that advise the Banks on agricultural, small business, and labor matters. The Federal Reserve Board solicits the views of each of these committees biannually. More on https://www.freeforex-signals.com/ free forex signalspresents special offer open trading account with one of the best forex brokers and GET FREE forex Signals via SMS, Email and WhatsApp SIGN UP FOR A FREE TRIAL To Access FREE Forex Signals in the Members Area START FREE 30 DAYS TRIAL on https://www.freeforex-signals.com/
Thanks to all who gave me such wonderful appreciation and to the mods who gave me platinum, I don't deserve your praise, I just love our country. I want it to succeed. Now let's get riiiiiiiiigt into the neeeeeeewwws. -PM Khan makes it to Foreign Policy magazine's 2019 Global Thinkers list Prime Minister Imran Khan has been named among Foreign Policy magazine's 2019 list of 'Global Thinkers'. The short writeup on the premier states that Khan, "a former cricket star, finally got the job he had long coveted ─ prime minister"."His reward was an incredibly difficult to-do list, starting with Pakistan's looming fiscal and debt crises," it added. Prime Minister Khan shares the spotlight with other world leaders including German Chancellor Angela Merkel, former US president Barack Obama and his wife Michelle, New Zealand Prime Minister Jacinda Ardern, and US lawmaker Alexandria Ocasio-Cortez. -Atletico shoot for football future in Pakistan Spain´s Atletico Madrid are taking on a challenge tougher than winning La Liga — developing football in cricket-mad Pakistan, where bat and ball are king, pitches come with stumps not goalposts, and even the prime minister is a former World Cup winner. During a recent session at the club´s new facility in Lahore — the country´s first European football academy — a cabal of Spanish coaches watched as a new class of young Pakistani hopefuls fired off penalty kicks. -National Job Programme to be launched for providing jobs to youth The National Job Programme will be launched under the Prime Minister’s Youth Programme for providing job opportunities to the educated youth. In this connection Special Assistant to Prime Minister on Youth Affairs Muhammad Usman Dar held a meeting with Gesellschaft für Internationale Zusammenarbeit in Islamabad on Monday to explore avenues of collaboration for the development of an effective National Job Programme. The special assistant to the prime minister appreciated GIZ for its role in the development of Technical and Vocational Education and Training (TVET) sector in Pakistan. He expressed hope to leverage their expertise in the field for creating better employment opportunities for the youth. The National Job Programme would include vocational training of youth in best Technical and Vocational Training Institutes and their placements in relevant industries to spur national economic growth. -You Can Even Sleep in This New Luxury Bus Service from Karachi to Quetta The 9-hour journey between Karachi and Quetta has now been made easier thanks to a newly launched luxury service. ‘Super International’ is aiming to make the experience of traveling on a bus as comfortable as possible. For that, apart from the usual amenities, it offers an onboard sleeping facility. Hence, the company’s slogan ‘Sleep Well, Live Well.” According to details, the bus will depart from Sadar area of Karachi on alternate days throughout the week. The ticket price is still to be confirmed but it will be around Rs. 3,000 per person. -KSE 100 picks 237 points on foreign inflow news The benchmark KSE 100 index of Pakistan Stock Exchange surged by 237.27 points or (+0.60%) closed at 39,543 on Monday. Analysts at Arif Habib Limited said that the Market moved upwards on the back of positive news flow on financial support from friendly countries in Gulf, as well as anticipation of China’s support in the offing. Higher international crude prices helped E&P sector to perform better, with OGDC and PPL scoring 4M and 3.1M shares respectively. Besides, expectation of improvement in Core Delta for EPCL, helped stock reach new highs and last half hour’s trading pulled the price back above 41. -Federal government released Rs 233 billion under PSDP The federal government has released Rs233.4 billion against the total allocation of Rs675 billion under its Public Sector Development Programme (PSDP) 2018-19 for various ongoing and new schemes. The released funds include Rs86.5 billion for federal ministries, Rs111 billion for corporations, and Rs25.6 billion for special areas, according to a data released by Ministry of Planning, Development and Reform on Monday. Out of these allocations, the government released Rs101.46 billion for National Highway Authority out of total allocation of Rs185.2 billion, whereas Rs9.6 billion have been released for NTDC and PEPCO for which an amount of Rs33.36 billion was allocated under PSDP 2018-19. Similarly, Rs4.6 billion have been released for Communication Division (other than National Highway Authority) for which the government has earmarked Rs13.97 billion under PSDP 2018-19. Railways Division received Rs8.07 billion out of its total allocation of Rs28.06 billion whereas Aviation Division received Rs443.5 million out of total allocation of Rs3.65 billion. The government also released an amount of Rs11.8 billion for various development projects of Higher Education Commission out of total allocation of Rs30.9 billion. The government also released Rs2.2 billion for National Health Services, Regulations and Coordination Division, for which an amount of Rs10.9 billion have been allocated. An amount of Rs1.44 billion has been released for Finance Division out of its total allocations of Rs12.34 billion and Rs540.68 million have been released for Climate Change Division out of its total allocations of Rs802.7 million for the current year, Rs20.3 million for Human Rights Division, and Rs408.5 million for National Food Security and Research Division. -Discussions Continue on Economic Bailout Package for Pakistan: IMF International Monetary Fund (IMF) and Pakistan are continuing discussions for a bailout package. Fitch Solutions stated in its latest report that the latest round of Chinese largesse has given Islamabad the confidence to snub the IMF’s more stringent requirements for obtaining funds. However, should Pakistan experience acute signs of a currency crisis over the coming months, we would not be surprised to see talks between Pakistan and the IMF resume, it added. -PM Imran Khan holds important meeting with Qatari PM, followed by official dinner Prime Minister Imran Khan met Prime Minister of Qatar Abdullah bin Nasser bin Khalifa Al Thani at his residence in Doha on Monday. Bilateral relations, with a focus on economic cooperation between the two countries, were discussed during the meeting. The Qatari Prime Minister also hosted a dinner in the honour of Prime Minister and his delegation. -USD likely to trade in Rs138 and 139 range, positive news expected from Qatar: Malik Bostan President Forex Association of Pakistan (FAP), Malik Bostan Khan has said that at positive news is expected from the Prime Minister Imran Khan’s visit of Qatar, adding that if Pakistan is able to get deferred payment facility on imported gas from Qatar, the country will sail out of economic crisis in three years. He said Pakistan’s delegation visiting Qatar would also discuss human resource and security exports to Qatar, which will give a boost to remittances. -Over 3.9 crore children under age of five to undergo polio immunization across Pakistan The first nationwide polio vaccination campaign of 2019 started across the country on Monday to immunize over 39 million children despite harsh cold weather with continuous rainfall and snowfall on hilly areas. According to an official of National Emergency Operations Centre (EOC), as many as 260,000 front line workers started going door to door across all provinces and towns to ensure more than 39 million children under the age of five receive two drops of the vaccine to protect them against the polio virus. -Pakistan sees increase in IT exports, government targets $7 billion The Information Technology (IT) and Telecommunication industry of the country has contributed US $ 540 million foreign exchange to national kitty through exports during first two quarters of this fiscal year 2018-2019. The telecommunication, computer and information services managed to export IT and IT-enabled services worth US $ 540 million, seeing an increase of US $ 20 million as compared to exports figures of same period last year, statistics of State Bank of Pakistan (SBP) revealed. It is pertinent to mention here that Pakistan's IT industry achieved a benchmark of US $ 1.065 billion of exports in last financial year 2017-18. Federal Minister for Information Technology and Telecommunication Dr Khalid Maqbool Siddiqui Monday said that IT sector would bring a change in the country in future, so it is need of the hour time to digitalize the country. Talking to the media persons during his visit to the Virtual University (VU) here, he said that Pakistan was earning one billion dollars per annum through software development and its volume could be increased up to seven billion dollars per annum in the next five years Similarly: IT exports fetch $540m in six months According to Pakistan Software Export Board (PSEB), Pakistan’s IT & ITES-BPO industry comprises more than 2,500 companies, and this number is growing each year. The industry employs over 300,000 English-speaking professionals with many world-class experts in current and emerging IT products and technologies. -UNGA president acknowledges Pakistan's peace-keeping history President of the United Nations General Assembly(UNGA), Ms Maria Fernanda Espinosa Monday acknowledged Pakistan’s meritorious contributions to the United Nation peacekeeping missions and termed it one of the largest countries to have contributed to bringing peace in areas marred by insecurity and unrest. Ms Fernanda stated this while interacting with faculty members and students of National University of Science and Technology (NUST) during her visit to the university. Ms Fernanda, accompanied by Ms Maleeha Lodhi, Permanent Representative of Pakistan to the UN, paid a visit to Centre for International Peace and Stability (CIPS) at NUST. Lt Gen Naweed Zaman, HI (M), (Retd), Rector NUST, along with NUST senior management and faculty received the esteemed guests upon arrival at the main campus. She also lauded NUST for providing peacekeeping training both to local and foreign troops. -More than 40 World Nations to participate in Pakistan Navy International Exercise Pakistan Navy will host AMAN 19 exercise in February this year under the slogan of 'Together for Peace'. According to Pakistan Navy , more than forty countries will participate in the exercise. It is aimed at fostering maritime cooperation, promoting safe and security maritime environment for regional and global stability and for preserving oceans which is the common heritage of mankind. -Gwadar to be made a modern port city The Federal Minister for Planning, Development and Reform Makhdum Khusro Bakhtyar chaired a meeting to review progress on Gwadar City Master Plan project here on Monday. The meeting was attended by Federal Minister for Maritime Affairs Syed Ali Haider Zaidi, Commander Southern Command, Gen. Asim Saleem Bajwa, Balochistan Provincial Minister for Information Zahoor Ahmed Buledi, Secretary Planning Zafar Hasan and other officials, said in statement issued by Ministry for Planning, Development and Reform. Director General Gwadar Development Authority, Dr. Sajjad Hussain and Project Director China Pakistan Economic Corridor Hasaan Duad briefed the participants regarding the master plan. It was agreed to develop Gwadar as a modern smart port city, keeping in view the international standards being followed across the globe. -Top Pakistani company announces completion of mega construction project in Iraq Attock Cement on Monday announced it had finished civil, mechanical and electrical work on its Iraq project and the cement grinding unit was at commissioning stage. In a notification sent to the Pakistan Stock Exchange (PSX), Attock Cement said it was in the process of obtaining permission for the import of clinker. It added once it got the approval, the company would start the process of import of clinker and thereafter commence trial production. -European Union to provide 40 Million Euros for Balochistan Water Conservation Projects European Union and International Union for Conservation of Nature (IUCN) have agreed to work in Balochistan in Water Conservation projects. This was told by EU Ambassador to Pakistan Jean-Francois Cautaian and IUCN Country Representative Mahmood Akhtar Cheema who called on Advisor to Prime Minister on Climate Change Malik Amin Aslam. Under the agreement European Union will provide forty million Euros and IUCN will provide technical and human resource assistance.The Advisor briefed the delegation about the Ministry of Climate Change performance in environmental protection and conservation and apprised them the" Recharge Pakistan Project " which aims at raising the under water table by conserving flood water in the right and left bank of Indus River reservoirs, that water could be utilised for domestic as well as horticulture purposes. -Pakistan, Turkey could increase bilateral trade between through FTA Free Trade Agreement (FTA) between Pakistan and Turkey could potentially increase bilateral trade with direct impact in the emerging geo-political scenario, said Secretary General of The Businessmen Panel (BMP-Federal) and former chairman of FPCCI standing committee Ahmad Jawad on Monday. -Punjab government to construct tunnel at Baba Guru Nanak birthplace for Sikh Pilgrims Provincial Minister Human Rights & Minority Affairs Aijaz Alam Augustine Monday said Pakistan Tehreek-e-Insaf (PTI) government had planned the construction of a tunnel from the railway station Nankana Sahib to the birthplace of Baba Guru Nanak to facilitate the Sikh pilgrims. The minister was talking to a delegation of minorities, led by MPA Mahendra Pal Singh, here. He said that after completion of the project, the Sikh pedestrian pilgrims would be able to reach the birthplace of Baba Guru Nanak more comfortably. He said that under the PTI government, equal opportunities were being provided to the minorities in each sector besides protecting them. He said that provision of special funds for upgradation of the minority communities' worship places, upkeep and protection of their graveyards and their residential areas would be ensured. MPA Mahendra Pal Singh acknowledged the efforts made by the PTI government for the Sikh community. -$1 billion export opportunity for Pakistan Chief Executive Officer Pakistan Furniture Council (PFC) Mian Kashif Ashfaq has said Pakistan has great potential to export at least one billion dollars handmade wood furniture annually if the government properly patronizes furniture industry. In a statement, he urged the government to introduce a skill development programme for the export-oriented furniture industry with a view to promoting the country’s value-added sector. He said that a tax exempted furniture sector in Pakistan will enliven the economy in general, create new jobs and increase production level -Bakhtiar calls for investor-friendly regulations in Gwadar Planning, Development and Reform Minister Makhdoom Khusro Bakhtiar on Monday called for the provision of basic facilities to uplift Gwadar. He was chairing a meeting in the federal capital to review progress made on the Gwadar Master Plan project. The Gwadar Development Authority director general briefed the meeting about the master plan. It was decided that Gwadar would be made a green, clean and environment-friendly city. The minister instructed the authorities to initiate the process of preparing investor-friendly regulations in order to attract maximum investment in the port city. -‘Govt taking all possible measures to facilitate private sector’ President Dr Arif Alvi said on Monday that revival of the economy was among his top priorities, adding that the government was committed to taking all possible measures to facilitate businesses. “The government is committed to developing the private sector through investment promotion, improvement in the ease of doing business, employment generation and fast growth of manufacturing sector,” he stated while talking to Amreli Steels Chairman Abbas Akberali. The president underscored that investment in value-added products, where the country enjoyed a comparative advantage, was vital for economic revival. He said despite all challenges, the incumbent government was striving hard to develop an ecosystem which could attract investment in the country. -FBR resolved 20% of total tax evasion and fraud cases involving billion of rupees in 2018, unearthed tax evasion worth Rs170 billion throughout Pakistan last year Around 20% of the overall tax evasion and fraud cases involving billions of rupees have been resolved by the tax department during 2018. The Director-General Intelligence and Investigation-Inland Revenue department has unearthed tax evasion worth Rs170 billion throughout Pakistan. Moreover, official data regarding these cases shows around 50,000 real estate transactions worth around Rs600 billion at deputy commissioner (DC) rate have been unearthed. However, the market value of these transactions unearthed is possibly going to be higher than the stated amount. Out of these, around 7,500 transactions included people who were not present in tax rolls. Likewise, cases of people not on the tax rolls who purchased vehicles more than Rs10 million were also unearthed. According to an official, the number of these kinds of people numbers in the thousands in Islamabad alone. And all case reports were forwarded to the Federal Board of Revenue’s regional tax offices (RTOs) and large taxpayers’ units (LTUs) for recovery and execution. -Govt to install 0.1m digital meters by Feb-end Federal Minister for Power Omar Ayub Khan has directed electricity distribution companies to immediately undertake GIS (geographic information system) mapping of all 11-kilovolt feeders and replace 100,000 electromagnetic meters with digital meters by the end of February 2019 in order to reduce line losses. The directives were issued in a meeting with chief executive officers of all the power distribution companies at the committee room of the Power Division on Monday. The minister directed the CEOs to personally inspect the power transformers of various capacities on a random basis to ascertain their mechanical fitness. He also called for launching a clean-up operation in the highly populated areas and removing hazardous wires and other such things. -Peshawar airport to commence night-time flight operations after five years After a gap of five years, Bacha Khan International Airport in Peshawar will start night-time flight operations from January 22. The first flight, after the resumption of 24-hour flight operations, will be to Sharjah. Night flight operations were ceased in 2014 after gunmen fired at a Pakistan International Airlines (PIA) aircraft while it was landing. One passenger was reported dead in the incident while a member of the cabin crew was injured. Khyber Pakhtunkhwa (K-P) Chief Minister Mahmood Khan was apprised about the plan and has been requested to appear for the inaugural flight. On January 3, the Civil Aviation Authority (CAA) installed a state-of-the-art full body scanner at the terminal to check for smuggling and money laundering. -Weekly review: KSE-100 index posts gains for third successive week The stock market had a somewhat decent performance during the outgoing week as the KSE-100 index advanced 258 points or 0.66% to settle at 39,307. It was the third successive weekly rise, indicating that the cloud of uncertainty that hovered over the market was finally vanishing. The renewed interest was seen ahead of the upcoming mini-budget announcement, hinting that the new finance bill may bring good news for the investors. Expectations of a possible reduction or abolition of advance tax of 0.02% on brokers fuelled positive sentiments at the bourse. The positivity was evident on first trading day of the week as the benchmark index rallied, following Finance Minister Asad Umar’s reassurances to the business community during his visit to Karachi at the weekend. Additionally, anticipation of measures to improve ease of doing business and reduction in input cost for the export-oriented sector also helped boost sentiments. -Mazari underscores need for restructuring in Sindh, Punjab police Underscoring the need for restructuring in Sindh and Punjab police, Minister for Human Rights Shireen Mazari on Monday accused Pakistan Muslim League-Nawaz (PML-N) government of politicizing police. Mazari said that time has come to end the decades of tolerance for killing through encounters. She said that cops involved in Sahiwal shootout should be given exemplary punishment. The minister clarified that Prime Minister Imran Khan had not appreciated the counter terrorism department.
Press Conference with the Governor of the People's Bank of China 任中国人民银行行长 Yi Gang 易纲 on current monetary and regulatory matters in the People's Republic of China for the year 2022
Dear Ladies and Gentlemen The People's Bank of China (PBOC) is gladdened to announce that the efforts made by the Bank to consolidate financial markets and reign in unproductive credit and the misappropriation in debt lending are seeing bountiful returns. For the 2022 year forecast, we are thus heartened to state that the economy has exponentially preformed to bring growth above 7 percent, beating negative analysis on efforts on the PBOC and government's meaningful reforms to address core structural issues that have threatened the Chinese and global economy. While we have identified specific measures in relation to consumer demand and business growth, in conjunction with the improving regulatory framework, we foresee promising inflationary movement and are pleased to see an adaptive labour market take hold in overall trends for key benchmarks. In regards to the current developments in the Banks's stimulus efforts, we shall maintain the current level of market guidance and capital assistance. While we continue this approach, we are constantly assessing the Mainland's capital markets liquidity and should concerns be spotted that identify general overheating, the PBOC is ready to address those concerns and enforce targeted measures. Now, onto the main elements of the year's statement: the current status on the internationalisation of the Renminbi and policy responses to optimise a favourable environment as well as new guidelines on capital market The following discussion shall be complimented with the following handout:
The Renminbi - The People's Currency, and Soon the World's?
The Continued Dollar Dominance
First, a blunt fact: while multiple reserve currencies have co-existed before, and of course dominance today does not guarantee dominance in the future, with the British pound's fall as a gentle reminder of this, the PBOC is pragmatic in stating that dollar's demise looks a long ways off. Part of this is the on-the-ground data indicating that the drive to internationalisation has indeed lost much of its momentum as a reserve currency.
There is no better reminder that the US dollar is dominant than the rout across emerging market economies sine 2016-2020. The worst-performing currencies of 2019 shared a disproportionate reliance on the greenback. In 2015, 62 per cent of countries anchored their currencies to the dollar and about the same percentage of developing countries borrow in the currency.
On the other hand, less than 30 per cent of countries use the euro as an anchor for their exchange rates and only 13 per cent of external debt for developing countries is euro-denominated. The pound and the yen barely show up in the data.
When it comes to global currency reserves held by central banks, the dollar is unrivalled. While its share of global foreign-exchange reserves has fallen for five consecutive quarters, global central banks have more or less held some 60 per cent or more of their reserves in the greenback since 1996. Even with a loss of confidence in US markets, forex holdings in the Renminbi have been somewhat insignificant.
Chinese Efforts to Open Up the Renminbi - An Uneven Effort
In March 2019, China introduced its first renminbi-denominated oil futures contract, an attempt to have an alternative for domestic and international investors and traders to the petro-dollar order. However until the central government creates bilateral agreement with major oil-producing (OPEC) states to accept payment in Renminbi, this will continue to see sub-optimal results.
Since gaining a spot in the IMF's Special Drawing Rights basket of reserve currencies in 2015, China has also extended local currency swaps with various countries, including those along its landmark Belt and Road initiative, as well as took steps to open up its local bond market to foreign investors. Though given the sputtering results in BRI agreements and the concerns on excessive lending to questionable projects/governments, the BRI as a route to internationalisation has taken a backseat for policy makers.
Of concern to the PBOC and MOF policy analysts is that internationalisation of China's currency has stalled, and by some measures even reversed. As in 2016, the Renminbi was the fifth most actively used currency for domestic and international payments, with a roughly 2 per cent share, according to SWIFT. That's a drop from 2014 and 2015 when the use of China's currency doubled — in a year — to 2.8 per cent.
When only international payments are considered, the Renminbi drops to eighth place behind: the dollar, which comprises nearly 45 per cent; the euro with 32 per cent; followed by the Japanese yen, British pound, Swiss franc, Canadian dollar and Australian dollar, which all have a share of 5 per cent or less.
Allowing market forces to play a larger role in determining the Renminbi's value and opening up the capital account would require a complete overhaul of the country's financial system. While we realise that such a policy shift would bring some expected gains, the PBOC sees little reason to make a great pivot towards liberalisation, but instead a concerted series of smaller policies - or to put it more traditionally, 'Crossing the river by grasping the stones on the riverbed.'
Making The Cross Across the Riverbed Towards A More Global Renminbi The PBOC has issued the following in its Guiding Measures to the Chinese Mainland and SAR financial markets:
A new rule shall be instituted on cross-border Renminbi FDI which stipulates that, in principle, all the foreign enterprises are allowed to raise Renminbi funds in offshore Renminbi markets and repatriate them back to the mainland in the form of FDI. Previously, the foreign firms’ behaviours of remitting Renminbi back into Mainland were subjected to the PBOC’s approval on a case-by-case basis.
These transactions are to be settled in Hong Kong accounts, thus increasing the amount of Yuan in circulation offshore; these offshore Renminbi will be distinctly referred to as CNH rather than the onshore CNY. Furthermore, this allows the PBOC to act should the policy be abused by market speculators looking for an easy entry into China's domestic capital markets.
This new rule will further buoy the offshore Renminbi (“Dim Sum”) bond market and accelerate the pace of Renminbi internationalisation.
The Ministry of Finance and the Ministry of Foreign Affairs shall begin to broker with OPEC states an agreement on settlement of trade in crude oil and its derivatives be conducted in Renminbi, in a further boost to the Shanghai International Energy Exchange and Shanghai crude oil futures market.
The extension of the “mini-QFII” scheme to India, Pakistan, ASEAN, the Republic of Korea and Japan which will allow some foreign central banks, beyond only a handful of smaller nearby Asian countries, to start building a limited amount of currency reserves even before anything like full currency convertibility will be authorised and conducted. QFII stands for Qualified Foreign Institutional Investor, a designation that allows a company to invest in Chinese bonds and equities — though again, within guiding limits issued by the PBOC on a case-by-case basis.
Regulators will begin a similar pilot scheme - RQFII - that would allow financial institutions with a physical mainland presence to remit currency from their Hong Kong subsidiaries back to the mainland — and, potentially, foreign central banks to invest small amounts of Renminbi in the Chinese interbank bond market.
The Hong Kong Monetary Authority already has QFII status, and the Monetary Authority of Singapore has applied, with the PBOC accepting further applications.
Foreign institutions will be given a capped access of no more than $100 million in Hong Kong accounts to derivatives, including financial futures, commodity futures and options in testing the markets' reaction to foreign operators.
XTRD is a technology company that are introducing a new infrastructure that would allow banks, hedge funds, and large institutional traders to easily access cryptocurrency markets. XTRD is launching three separate products in sequential stages to solve the ongoing problems caused by having so many disparate markets. Firstly a unified FIX API followed by XTRD Dark Pools and finally the XTRD Single Point of Access or SPA. Our goal is to build trading infrastructure in the cyptospace and become one of the first full service shops in the cryptocurrency markets for large traders and funds.
A single FIX API for trading across all connected exchanges
A robust GUI for manual cross execution on all crypto markets
A large liquidity pool, based on orders books from all connected exchanges
Best prices and best top of book execution net of fees
Low transaction fees
99.99999% reliability and uptime
Parent/child orders on multiple exchanges to minimize individual market impact
Advanced order types common in the equity and FX trading space
Establish XTRD as a premier market-making entity to mitigate spreads and increase liquidity in the cryptocurrency space
Derivative trading - XTRD plans to connect to LedgerX (US based, approved by the CFTC) for cryptocurrency options and swaps to offer unified hedging and derivate trading strategies
Robust, US based technical support
Reliable and familiar deployment methods for institutions:
IPSec as a connectivity option across the Internet
Cross connection options
Collocation space or VPS (Virtual Private Servers) that clients can rent from XTRD
UAT/Sandbox environment for testing
What are the industry issues?
COMPLEX WEB OF EXCHANGES. A combination of differing KYC policies, means of funding, interfaces and APIs results in a fragmented patchwork of liquidity for cryptocurrencies. Trading in an automated fashion with full awareness of best pricing and current liquidity necessitates the opening and use of accounts on multiple exchanges, coding to multiple API’s, following varying funding and withdrawal procedures. Once those hurdles are cleared, market participants must convert fiat currency to BTC or ETH and then forward the ETH on to an exchange that may not accept fiat, necessitating yet another transaction to convert back to fiat. Major concerns for market participants range from unmitigated slippage and counterparty risk to hacking prevention and liquidity. HIGH FEES. Execution costs are even more of a factor. Typical exchange commissions are in the 0.1% – 0.25% range per transaction (10 to 25 basis points), but the effective fees are much higher when taking into bid and ask spreads maintained by the exchanges. As most exchanges are unregulated, there is generally no central authority or regulator to examine internal exchange orders that separate proprietary activity from customer activity and ensure fair pricing. THIN LIQUIDITY. A large institutional order, representing a sizable percentage of daily volume can move the market for a product, and related products in an exchange by a factor of 5-10%. That means a single order to buy $1,000,000 worth of bitcoin can cost an extra $50,000-$100,000 per transaction given a lack of liquidity if not managed correctly and executed on only one exchange. By way of comparison, similar trades on FX exchanges barely move markets a fraction of a percent; those price changes cost traders money, and deter investment.
What are the XTRD solutions?
FIX API An API is an “Application Programming Interface”, a set of rules that computer programs use to communicate. FIX stands for “Financial Information eXchange”, the API standard used by most financial organizations as the intermediary protocol to communicate amongst disparate systems such as market data, execution, trade reporting, and order entry for the past 25 years.XTRD is fixing the problem of having 100 different APIs for 100 exchanges by creating a single FIX based API for market data and execution – the same FIX API that all current financial institutions utilize.XTRD will leverage our data center presences in DC3 Chicago and NY4 New Jersey to host FIX trading clients and reduce their trading latencies to single milliseconds, a time acceleration of 100x when it comes to execution vs internet. More infrastructure and private worldwide internet lines will be added in 2018 and beyond to enable secure, low latency execution for all XTRD clients, FIX and PRO. XTRD PRO XTRD PRO is a professional trading platform that will fix the basic problems with trading across crypto exchanges – the need to open multiple web pages, having to click around multiple windows, only being able to use basic order types, and not seeing all your positions, trades, and market data in one place.XTRD PRO will be standalone, downloadable, robust end-to-end encrypted software that will consolidate all market data from exchanges visually into one order book, provide a consolidated position and order view across all your exchange accounts, and enable client side orders not available on exchanges – keyboard macro shortcuts, VWAP/TWAP, shaving the bid and offer, hit through 1% of the inside, reserve orders that bid 100 but show 1, SMART order routing to best exchange and intelligent order splicing across exchanges based on execution costs net of fees, OCO and OTO, many others. XTRD SPA XTRD SPA is the solution to bridge cross-exchange liquidity issues. XTRD is creating Joint Venture partnerships with trusted cryptocurrency exchanges to provide clients on those exchanges execution across other exchanges where they do not have accounts by leveraging XTRD’s liquidity pools.An order placed by a client at CEX.IO, XTRD’s first JV partner, can be executed by XTRD at a different exchange where there may be a better price or higher liquidity for a digital asset. Subsequently, XTRD will deliver the position to CEX.IO and then CEX.IO will deliver the execution to the client, with XTRD acting as just another market participant at the CEX.IO exchange.XTRD does not take custody of funds, we are a technology partner with exchanges. All local exchange rules, procedures, and AML/KYC policies apply. XTRD DARK Institutions and large market participants who have large orders of 100 BTC or more generally must execute across multiple markets, increasing their counterparty risk, paying enormous commissions and spreads, and generally having to deal with the vagaries of the crypto space. Alternatives are OTC brokers that charge multiple percents or private peer-to-peer swaps which are difficult to effectuate unless one is deeply in the space.XTRD is launching XTRD DARK – a dark liquidity pool to trade crypto vs fiat that matches buyers and sellers of large orders, discreetly and anonymously, at a much lower cost. Liquidity is not displayed so large orders do not move thin markets as they would publicly. The liquidity will come from direct XTRD DARK participants as well as aggregation of retail order flow into block orders, XTRD’s own liquidity pools, connections with decentralized exchanges to effectuate liquidity swaps, and OTC broker order flow.XTRD is partnering with a fiat banking providebroker dealer to onboard all XTRD DARK participants for the fiat currency custody side with full KYC/AML procedures.
TOKEN USAGE. XTRD will generate the XTRD utility tokens via smart contact during the Token Generation Event (TGE) in Q1 of 2018. The XTRD utility token will be utilized on the XTRD network by market participants to pay for execution, VPS, market data, software licensing, and other fees. Market participants will be able to purchase XTRD tokens directly from XTRD’s liquidity pool. The TGE will be preceded by a private institutional sale and a SAFT (Simple Agreement for Future Token) Platform based presale. The XTRD token will be fully ERC20 compliant to ensure that it functions properly on the Ethereum blockchain, similarly to other ERC20 tokens.
XTRD TOKEN LIQUIDITY AGGREGATION. The XTRD token will be used to create liquidity in the overall cryptocurrency market. Along with the utility of the XTRD token to pay for fees on the XTRD platform of products, most of the XTRD token revenue will be used to increase the inventory of other cryptocurrencies that are in demand by our customers. This will create points of liquidity for our customers to access across the worldwide crypto exchange ecosystem. These liquidity points will be created using XTRD tokens that are paid back into the system for fees. 70% of funds raised in the token sale will be used for liquidity aggregation.
XTRD STAKING. Discounts of 25% on XTRD services (execution, colocation, market data, software licensing) will be available for token holders in general and discounts of 40% on XTRD services will be available for token holders who maintain an average monthly stake of at least 50,000 XTRD tokens. Fiat will be accepted at no discount to par. Execution fees will generally be set as a percentage of the gross trade amount, based on a combination of factors such as liquidity, the pair being traded, market conditions at the time of the trade, and so on. All charges will be marked to market and remain constant, no matter the value of the XTRD token (a $10 charge will be 2 XTRD if $5 each or 0.5 XTRD if $20 each).
TOKEN LEGAL CONSIDERATIONS. XTRD tokens are ERC20 compliant utility tokens functioning on the Ethereum blockchain. The value of XTRD is derived purely from serving as a medium of payment for services by market participants in the XTRD trading ecosystem. XTRD tokens confer no voting rights, profit participation, equity, ownership of intellectual property, revenue sharing, rights to dividends, transfer of ownership upon company sale, control of company assets, or any decision-making ability regarding XTRD or its’ operations. XTRD tokens are not designed for speculation. In summary, XTRD tokens are not securities. XTRD Digital Assets, Inc has obtained a qualified legal opinion concurring that XTRD tokens are not to be considered “securities” under applicable U.S. securities laws given their failure to meet all prongs of the Howey Test.
Who is XTRD intended for?
XTRD is mainly aimed at major institutions, hedge funds, algorithmic traders who are currently unable to enter the crypto markets. These firms include companies such as Divisa Capital run by XTRD Advisor Mushegh Tovmasyan.
More information will be added to this thread as the project develops. We are currently looking for key community members to assist in building out this thread. If you are interested please email [[email protected]](mailto:[email protected])
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