FEATURE/USCIB study reveals majority of international banks trying to reduce settlement risk.NEW YORK--(BUSINESS WIRE FEATURES)--Sept. 13, 1995--More than three-quarters (81%) of international banking operations executives reported that their bank has tried to reduce risk in its operations department Operations department See: Back office. operations department See back office. in the last year, especially in the area of settlement risk. This is a major finding of an August 1995 study of international banking operations executives by the U.S. Council on International Banking and the USCIB USCIB US Council for International Business USCIB US Communications Intelligence Board Foundation. Sixty-four (64%) percent of executives polled reported trying to reduce settlement risk; 21%-treasury risk; and 16%-derivative risk. "As banking becomes more global and cross-border payments increase rapidly, we are seeing a growing concern and increased activity among banks and large value payment systems to reduce settlement risk because of the devastating dev·as·tate tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. impact it can have on banks, as well as the entire economic system," said Dan Taylor Dan Taylor is an American shotputter. He is currently sponsored by Nike. Taylor is currently competing around the world in track and field. College Taylor attended The Ohio State University. He graduated in 2005 with a B.S. in Agriculture. , president, USCIB. "In fact, experts on this critical issue will gather to discuss possible solutions at our annual conference which takes place Sept. 17 to 22, in Tuscon, Arizona." Recently, The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Clearing House Association (NYCH NYCH New York Cross Harbor Railroad ), which operates the Clearing House Interbank Payments System Clearing House Interbank Payments System (CHIPS) An international wire transfer system for high-value payments operated by a group of major banks. (CHIPS), the largest private sector payment system, developed new rules to reduce settlement risk in its $1.2 trillion per day electronic funds transfer system electronic funds transfer system - electronic funds transfer . NYCH said the move would allow the payment system to cover complete financial failures in 20 of the countries 29 countries it services. According to the USCIB study, 59 percent of executives said that cross-border transactions at their organizations have increased, with Japan, Taiwan, and Hong Kong being the top three countries with whom banks conducted the most business. The study was conducted by written questionnaire in late July and August 1995 among 70 USCIB members and other senior international banking operations executives. The U.S. Council on International Banking (USCIB) is a national association representing more than 370 U.S. and foreign-based financial institutions with operations or subsidiaries in the United States. One of the oldest U.S. banking associations, the USCIB works to standardize international banking rules and practices, serves as an advocate to U.S. and international regulatory bodies on policy issues which affect its membership, and provides training and information to bankers throughout the United States. CONTACT: Scott Tangney, 212/684-6300, ext. 313 |
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