By Mervyn J. King
Monetary associations world wide grapple with the issues of right felony recording of purchaser transactions--whether an easy inventory exchange or conversion of currencies. This booklet exhibits banks, brokerages, mutual fund businesses, and a bunch of economic associations tips on how to enhance and improve operations administration to make sure cautious and actual again place of work task and transactions cost.
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Extra resources for Bank and Brokerage Back Office Procedures and Settlement: A Guide for Managers and Their Advisors
Encoding serves to identify the counterparty with whom the host bank has traded. There are many ways to achieve this, usually a unique number or mnemonic is used which will then display the full name and postal/SWIFT address of the counterparty. This code will often also be used to help to collate data regarding the host bank's exposure to particular counterparties in terms of amounts and also by the industrial sector for corporate clients. Swapping Instructions Having first been entered into the dealer's front end system the deal ticket must then be passed electronically or manually to the back office for processing and settlement (ie, payment of the sold or loaned currency and/or receipt of the purchased currency or repaid loan).
How many fixed reference points are there? Had it been left solely to the central banks to cover each variation, then little would probably have been achieved. We only have to look at their inaction at the time of the oil price rises in the 1970s, and the resulting fall-out in the market when commercial loans to emerging countries were not repaid, or the Plaza Agreement and Louvre Accord over-reactions, to judge their contribution. However, there is no real point in citing the problems created by government or their agents when, at the end of the day, timely, accurate and efficient settlement of all trades is the overall goal.
Receipt of payment orders after the deadline will (usually) result in the payment being executed on the next available business day. In such cases, the ordering bank will receive an interest claim from the beneficiary bank for the late receipt of funds and this will result in a monetary loss to the ordering bank. The back office must therefore always be aware of the respective cut-off times for the various traded currencies. Additionally, some currencies such as the Saudi Arabian riyal (SAR) require a minimum of two days' notice and some individual banks may impose their deadlines which may differ from the generally accepted deadlines in that country.