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Payment clearing is important to ensure that the payment is transferred or the cash from one bank account moves to the other bank. The banking system in Iraq follows two sorts of clearance systems which are the IBCS (Inter Bank Clearing System) and C-ACH (Check Automated Clearing House System). Though the Central Bank of Iraq (CBI) has already modernized the payment clearing systems, the country's banks still use the interbank clearing systems. In this background, the current study is a first-of-its-kind attempt to compare and contrast the IBCS and C-ACH systems so as to understand the benefits and disadvantages associated with these two clearance systems and identify the optimal one. For this study, the researcher used secondary data available from the CBI for the study period between 2O18 and 2O22. The collected data was analyzed for descriptive statistics and correlation to validate the hypotheses. The Mann Whitney U test and independent sample T-test were conducted in the study. From the study outcomes, it is clear that there exists a significant difference between the systems' performance in terms of number of transfers in dollars and Iraqi dinars as well as the distribution of bank transfers through checks in dollars and Iraqi dinars. Between the systems (IBCS and C-ACH) under study, the C-ACH system gained prominence with the highest number of transfers and the distribution of bank transfers through checks. The study results confirm the increasing penetration of the electronic clearing system while the policy makers in the government and decision makers at the CBI must devise strategies to bring all the participant banks in the country under a unified clearing system so that the end consumer gains benefits in terms of cost, time, data security, ease and so on. [ABSTRACT FROM AUTHOR]

Against the backdrop of global challenges and unprecedented events, intellectual capital is seen as the key to opening doors for banks to achieve competitiveness. Inspired by this issue, the paper explores the relationship between intellectual capital and one of the most important functions of banks, namely financial intermediation. The study uses the balanced panel data of 26 Vietnamese commercial banks collected directly from their audited financial statements between 2006 and 2020, and employs various regression analyses such as OLS, Fixed-effect, and the GMM method, in which the VAIC model is utilised as the measure of the intellectual capital of banks. The consistent evidence demonstrates that intellectual capital plays a key role in fostering this function of banks. Also, when dividing VAIC into three components, the empirical result indicates that capital employed efficiency is the most effective resource to enhance financial intermediation compared to human capital efficiency and structure capital efficiency. Furthermore, these findings seem to be clearer in small banks than in large ones, and remain unchanged during both crisis and non-crisis periods. Besides, in the crisis period, the evidence suggests that banks should strengthen their human capital efficiency, and structure capital efficiency should be taken into consideration. Therefore, this study provides a deep insight into the influences of intellectual capital on banking operations in emerging countries, where the development and sustainability of banks could ensure economic growth. [ABSTRACT FROM AUTHOR]

The article focuses on the Doomsday Book, a confidential collection of documents compiled by the legal department of the Federal Reserve Bank of New York, aimed at assisting central bankers in managing financial crises. Despite its secrecy, details about its contents were revealed during the Starr International Company, Inc. v. U.S. trial in 2014, highlighting its role in guiding decision-making during times of crisis.

According to the commonly held view among Islamic law scholars, derivative contracts do not comply with certain Islamic law principles. These principles have their roots in Islamic law resources and carry binding significance when assessing the compatibility of modern financial instruments with Islamic law. However, the modern understanding of law and the legal techniques and tools employed in contemporary financial systems significantly differ from the circumstances in which these principles were originally formulated. Moreover, many of these modern legal tools such as clearinghouses, which are the topic of this article, have the potential to eliminate the causes (illa) that were valid at the time Islamic law principles were established. Presently, one of the most vital modern legal devices is the utilisation of clearinghouses in derivatives clearing. In this article, I argue that the functions of clearinghouses may eradicate the underlying reasons for certain prohibitions imposed by Islamic law concerning derivatives. While putting forward this argument, I also evaluate the uncertainty surrounding Islamic financial principles and delve into the perplexity experienced by Islamic law scholars regarding interest-rate swap contracts and modern financial tools. [ABSTRACT FROM AUTHOR]

In this study, the electrical conductivity of cement mortars formed by additive waste iron chip was investigated. Mixtures with fixed water/cement (0.5) ratios and different ratios of iron chip were prepared. Cement mortars were prepared by adding 0%, 1%, 2%, 4%, 8% and 16% by weight of cement in the mixtures and waste iron chip in the range of 0.5 mm to 4 mm in size. Firstly, the flow test was applied to the cement mortars cured in normal water for 7 and 28 days and their flexure and compressive strengths were determined. Then, the electrical conductivity test was applied to the cement mortar samples. As a result, it was observed that the flow diameter values increased as the average length increased from 0.5 mm to 2 mm in 1% and 2% additive of waste iron chip. It was determined that 1% waste iron chip was higher at 4.54% compressive strength compared to the reference sample. As the amount of added waste iron chip increased, the electrical resistivity value in the samples decreased and the electrical conductivity value increased along with it. At the same time, it was determined that the added iron chip size also increased the electrical conductivity. [ABSTRACT FROM AUTHOR]

This paper investigates the relation between bank liquidity and borrowing from a lender of last resort on a high frequency basis during a financial crisis. The paper evaluates weekly observations of individual bank borrowing of clearinghouse loan certificates by a panel of New York Clearing House member banks during the crisis of 1884. Naturally, banks with higher reserve ratios borrowed lower amounts, but banks replaced a dollar of reserves with less than a dollar of borrowing from a lender of last resort. [ABSTRACT FROM AUTHOR]

Using renewable energy sources and substituting fossil fuels is imperative to promote ecological wellbeing and achieve a net-zero carbon ecosystem. This also requires the support of financial intermediaries who would look for incentives to expedite clean financing. This study assesses if there are benefits for the banking firms while they lend to the firms that engage in renewable sources. The research employs an exhaustive data set of banks in BRICS between 2011 and 2021 and evaluates the impact of renewable lending on banking performance. The results demonstrate that an increase in renewable lending improves the spread, and the results remained robust after controlling for exogenous variables and various proxies of performance. The findings imply that there are clear incentives for the banks that can help achieve the sustainability goals. There are important fiscal implications for regulators and central banks regarding credit risk and capital charges. [Display omitted] • For a net-zero carbon ecosystem, renewable energy should replace fossil fuels. • The study assess whether financing to renewable energy sources is helpful to banks. • The study employ an exhaustive dataset of banks in BRICS from 2011 to 2021. • Our results demonstrate that an increase in renewable lending improves the spread. • This suggests that banks have clear incentives to help achieve sustainability goals. [ABSTRACT FROM AUTHOR]

Two things are clear in the ongoing banking crisis. First, the Federal Reserve is navigating a tightrope in trying to wind down the easy money regime that has been behind the rise of finance. Second, the alliance that binds the US state and finance together is expanding to include Silicon Valley. [ABSTRACT FROM AUTHOR]

The rate of smartphone purchases is rising daily, and mobile payments are now frequently accepted in various areas. It is essential to transfer money completely safe as well as quick. The encrypted distributed ledgers function provides verified real-time transaction confirmation without the necessity for intermediaries like banks and clearinghouses; blockchain provide quick, secure, decentralized, and inexpensive transaction services. Blockchain technology makes money transfer simpler with transparency and financial data security. Through these capabilities, blockchain has attracted interest from around the world. However, some challenges arise while completing some financial security needs. This work proposes a framework for secure mobile payments based on blockchain technology. The advantages of blockchain are discussed and how blockchain technology provides multi-level authentication to secure mobile based financial transactions. Due to the increased safety and confidentiality of users on mobile payment apps, the suggested system takes into account the need of developing a safe application for the mobile transactions. We have also addressed the security related challenges of blockchain based payment applications and provided potential solutions. [ABSTRACT FROM AUTHOR]

There are legal requirements for a bank to be officially listed on the Vietnam stock exchange; hence by the end of 2020, Vietnam's banking industry had 43% of banks officially listed on the stock exchange and 57% of banks not officially listed. Accordingly, the difference between these two groups of banks is clear. This study aims to find empirical evidence for a one-way relationship between corporate social responsibility expenditure (CSRE) and the financial performance of Vietnamese commercial banks. In addition, the study also looks for the influence of each component of CSRE, including Community, Government, and Employee Responsibility, on the financial performance of listed and unlisted banks. Using the Generalized Method of Moments (GMM) controlling for heteroscedasticity, serial correlation, and endogeneity effects, the research results of the study show that CSRE as a cost reduces the bank's financial efficiency; however, social responsibility spending with the community is a positive factor that increases the bank's financial efficiency through creating an image and good impression with society and customers. Especially significantly stronger for commercial banks that have been officially listed on the stock exchange. Research results show the need to strengthen CSR implementation in the banking industry. [ABSTRACT FROM AUTHOR]

Financial markets are increasingly developing innovative, ESG‐related derivatives and relying upon these instruments to hedge ESG‐related risks. The global derivatives markets are among the largest, most consequential financial markets in the world. Derivatives are financial contracts that derive their value from an underlying reference entity which can be almost anything, including interest rates, credit, equities, foreign exchange, the weather, or the price of carbon. They provide for hedging, investment (speculation), and arbitrage, and trade on regulated exchanges and in over‐the‐counter markets. Derivatives can also facilitate access to the tremendous amounts of capital necessary for the transition to a cleaner energy future and to the objective of net zero emissions by 2050 of governments around the world. Through an exploration of recent innovations and developments in the exchange‐traded and over‐the‐counter derivative markets, this article explores the role of the derivatives ecosystem—the instruments themselves, trading exchanges, and clearinghouses—in promoting ESG objectives. [ABSTRACT FROM AUTHOR]

The U.S. Election Assistance Commission ("EAC" or "Commission") is failing in its duties to shepherd and assist in the betterment of our federal elections. In the wake of the highly controversial 2016 and 2020 presidential elections and related claims of election interference, the EAC has received increased public scrutiny and demands for action. Prior and ongoing attempts to reform the EAC have gone nowhere, leaving the Commission mired in partisan gridlock at a time when its leadership is perhaps more needed than ever. Originally formed in 2002 as a result of the 2000 presidential election scandals, the EAC was tasked with serving as a national clearinghouse and resource for federal election administration improvements. Since then, however, the EAC has consistently been underfunded, suffered from political gridlock, and lacked authority to enforce or make any substantive rules or policies. These problems are largely the result of a flawed administrative structure and restrictive statutory language, which have prevented the Commission from being able to effectuate necessary change. This Essay proposes several revisions to the EAC's administrative and regulatory structure that could finally empower the EAC to act with necessary authority. Part I proposes three fundamental alterations to the EAC's enabling statute: (1) restructuring the EAC as modeled after the Consumer Product Safety Commission to add a Chair, amongst other administrative revisions, (2) providing for permanent authorizations for the EAC, and (3) endowing the EAC with enforcement and rulemaking authority, largely modeled on the Federal Election Commission. Part II then details a brief overview of critical areas of election and voting reform that could be addressed by a newly empowered EAC, including automatic voter registration, absentee and vote by mail ballots, early voting, and poll worker training and recruitment. Ultimately, it is the purpose of this Essay to envision a new framework for the EAC that would balance the often-conflicting goals of ballot access and election integrity while ensuring the Commission has the necessary power to overcome partisan gridlock and serve its intended purpose. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Administración Pública is the property of Centro de Estudios Politicos y Constitucionales and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Climate change has profound effects not only on societies and economies, but also for the ability of central banks to deliver price stability in the future. Among others, climate change impacts the monetary transmission mechanism, the policy space available to central banks, and has implications for the design of the monetary policy framework. Thus, taking no action is not a viable option, even for central banks without an explicit sustainability mandate. This article establishes a framework for the integration of climate change objectives into monetary policy in the context of the existing central bank mandates. Currently, only in a few cases do such mandates refer explicitly to sustainable growth and development as a policy objective for the central bank. The article discusses several possible ways central banks can respond to climate change, ranging from protective actions to more proactive measures aimed at mitigating climate change by supporting green finance and the transition to a low carbon economy. It also focuses on understanding the constraints and opportunities for action in this arena. Key policy insights Increasingly, central banks are being called upon to support an orderly transition to a low-carbon economy, not only in their financial stability capacity, but also with monetary policy measures. Independently of their specific mandate, central banks should consider protective and awareness raising actions, to ensure resilience vis-à-vis emerging climate-related risks and to safeguard the continued smooth conduct of monetary policy. Subject to their mandates, central banks should also consider designing monetary operations with green features to proactively support the environmental goals of their respective government. While proactive measures have the potential to be more impactful, they are also more controversial unless the central bank has a clear mandate to act on climate. [ABSTRACT FROM AUTHOR]

The article discusses that the war in Ukraine has been fought with the conventional and economic weapon of diverse mechanisms of economic and financial coercion. The language of economic coercion and submission highlights the connection between sanctions and other forms of economic pressure that are central to the operation of the world economy, from debt conditionality to the silent compulsion of economic relations.

The bank clearing problem (BCP) refers to the problem of designing an optimal clearing algorithm for the interbank payment system. Due to the way in which for the payment system has evolved, the classical BCP model is insufficient for addressing this problem accurately. In particular, delayed settlements are allowed in the now popular high-frequency deferred net settlement (DNS) system. In practice, the characteristics of incoming payment instructions are heavily connected to the time of day, and can be predicted with reasonable precision based on historical data. In this paper, we study the multi-period bank clearing problem (MBCP) by introducing the time dimension and considering future instructions in the decision-making process. We design a new clearing algorithm for MBCP using a model predictive control (MPC) policy, which uses historical data to predict payment instructions in the future. We benchmark the designed algorithm's performance with the classical greedy algorithm on the basis of BCP. Given that the liquidity is regular or relatively low, the numerical results indicate that the designed algorithm significantly improves the quality of clearing decision-making and is robust with respect to forecasting errors and fluctuation of future transactions. Correction: Instances of "sanitized data from CNAPS" have been corrected to "simulated data of CNAPS". We apologize for any inconvenience this may cause. [ABSTRACT FROM AUTHOR]

The book investigates computer security in London's clearing banks from the 1960s to the 1990s across six chapters. Component failure was a major concern across all three of Sweetman's case studies, and so computer security in these systems often meant creating hardware and software redundancies. Sweetman argues that banks thought about computer security in two ways. [Extracted from the article]

Copyright of Accounting & Financial Studies Journal is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper examines the impact of Basel III leverage ratio on the competitive landscape of US derivatives markets. Because the leverage ratio focuses on notional amounts and does not fully recognize offsetting positions and risk‐mitigating collateral, it is more likely the binding constraint for derivatives. The leverage ratio also put heterogeneous constraints on different types of institutions and activities. Using daily positions of clearing members and their customers on S&P 500 E‐mini futures options, we test the following four hypotheses when the public disclosure of the leverage ratio became mandatory in January 2015: (1) banks lose market share to nonbanks; (2) US banks lose market share to European banks; (3) banks' clearing activities shift away from customer accounts to house accounts; (4) low‐delta options are affected most by the leverage ratio. All hypotheses are confirmed in the data. Short‐dated US Treasury futures options, which receive zero exposure in the leverage ratio calculation, do not exhibit such behavior. Our evidence suggests that the leverage ratio requirement pushes derivatives activities toward less constrained institutions and market segments. [ABSTRACT FROM AUTHOR]

Clearinghouses are systemic nodes in financial markets that handle trillions of dollars' worth of transactions. Yet, these critical market infrastructures stand on fragile foundations. The Dodd-Frank Wall Street Reform Act of 2010, the sweeping financial reform that followed the 2008, financial crisis, embraced clearinghouses as systemic risk managers for the over-the-counter derivatives markets. While policymakers used clearinghouses to remove some counterparty risk from the markets, they ended up concentrating that risk onto them, making them systemically important, This Article warns that while clearinghouses may have addressed some of the failures of the pre-crisis derivatives markets, they have created new issues that still remain unaddressed. The economic and governance structure set in place by the existing regulatory regime and the private rules adopted by clearinghouses in their self-regulatory capacity have important and as-yet overlooked fragilities that can undermine clearinghouses' mission as financial stability bastions and transform them into systemic risk spreaders. Clearinghouses operate in a framework of misaligned incentives. They face unique agency costs that spill from what this Article defines as the "member-shareholder divide" and the "separation of risk and control." Because of their economic structure, the ultimate risk of the business is passed down to the members (i.e., users) of the clearinghouses and not borne by their shareholders, which creates moral hazard. This dynamic is further exacerbated by the tension between the public policy role bestowed on clearinghouses as systemic risk buffers and the for-profit nature of the financial conglomerates to which they belong. In addition, while clearinghouses were embraced as countercyclical mechanisms to stabilize the markets, the operation of their loss-absorption and mutualization junction have procyclical,features that put strong pressure on clearing members, while clearinghouses' shareholders have a small equity at stake. After offering a political economy explanation of the current regulatory regime for clearinghouses, this Article urges policymakers and the industry to intervene in order to re-align the incentives of clearinghouses' shareholders with those of their members in order to ultimately enhance. Financial stability. Building on insights from the corporate governance and finance literature, this Article proposes reforms to address the unique agency costs that clearinghouses face, to enhance their governance and resilience, and to ensure their role as private systemic stability infrastructures. Clearinghouses should have more skin in the game in their business and their capital structure should be complemented with hybrid convertible financial instruments to more effectively allocate losses, recapitalize the business, and better align the economic incentives of clearinghouses' stakeholders. A multi-stakeholder board should be established to enhance the participative governance Of these firms and support the legitimacy and accountability of their operations. Finally, a new approach to the recovery and resolution of troubled clearinghouses that could result in their remutualization should be implemented in order to provide certainty in times of distress. as well as an ultimate realignment of members' and shareholders' incentives. [ABSTRACT FROM AUTHOR]