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Germanys DAX30 index closed down 397.68 points, or 1.68%, at 23,336.07 points on Tuesday, September 16; Britains FTSE 100 index closed down 86.48 points, or 0.93%, at 9,190.55 points on Tuesday, September 16; Frances CAC40 index closed down 78.71 points, or 1.00%, at 7,818.22 points on Tuesday, September 16; Europes The STOXX 50 index closed at 5,373.25 points on Tuesday, September 16, down 67.15 points, or 1.23%; the Spanish IBEX 35 index closed at 15,158.19 points on Tuesday, September 16, down 230.31 points, or 1.50%; and the Italian FTSE MIB index closed at 42,513.00 points on Tuesday, September 16, down 540.72 points, or 1.26%.EU High Representative for Foreign Affairs and Security Policy Kallas: Israels ground military operation in Gaza will worsen an already desperate situation. This will mean more death, destruction and displacement.The Atlanta Feds GDPNow model expects U.S. GDP growth to be 3.4% in the third quarter, compared with the previous forecast of 3.1%.On September 16th, Nick Timiraos, the "Federal Reserves voice," wrote in his latest article: "With a Fed rate cut virtually certain this week, investors will be focused on whether Powell will further his recent shift in stance. Investors will be closely watching for a key piece of information: Will Powell and his colleagues set a total of three rate cuts this year, or stick with their June forecast (when a minority of officials expected two cuts, given the seemingly more robust job market)?" Last month, in a highly anticipated speech, Powells concern about the job market outweighed the concerns of some of his colleagues about inflation. The question now is: Will Powell further intensify this concern after the weak August non-farm payroll report? Doing so would confirm market expectations of further rate cuts in the coming meetings, but would also likely require overcoming the concerns of some colleagues who are hesitant to commit to such a rapid policy shift due to concerns about the neutral interest rate level and whether it should be brought there.According to the Financial Times: Britain has abandoned its plan to impose zero tariffs on steel exports to the United States.

Bank of England says blockchain roll-out across all markets too challenging

Skylar Shaw

Sep 29, 2022 14:17

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According to Bank of England Deputy Governor Jon Cunliffe, using the blockchain technology that underlies cryptoassets to provide rapid trading and settlement across all financial markets is not desired given the difficulties it would provide.


The same amount of resilience that regulators anticipate from the current system must be delivered by new trading and settlement systems, according to Cunliffe.


It was not apparent how blockchain-based platforms and current technology would interact, and instantaneous settlement necessitates that money and securities be available at the moment a deal is made.


"There is just not enough time to find or fix mistakes before they are carried out. In other words, we may not desire completely instantaneous trading and settlement in all markets, Cunliffe said at a conference organized by the trade group AFME.


Since stock and bond transactions are now resolved two business days after the transaction, banks are exposed to risk and may experience significant market fluctuations during this period, which they must cover with cash for margin and capital.


In order to reduce this to one working day, the United States has set a target of March 2024, putting pressure on Europe to follow suit.


For quick trading and trade settlement to reduce costs and risks, distributed ledger technology or blockchain is already being tested in experimental programs.


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