Goldilocks' Comments and Global Economic News for July 8th
Good afternoon Dinar Recaps,
Tier-1 Banks are receiving an upgrade. This upgrade is compatible with Sepa and Swift payments.
It's purpose is to facilitate Cross-Border International Settlements efficiently.
This upgrade supports multiple currencies, and it enables seamless transactions in multiple units.
Multiple units refers to having a multi-currency account. This allows you to hold, receive, and spend multiple foreign currencies as you wish.
© Goldilocks
https://comtex.com/?p=436463578
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"SEC Adopts Rules to Prevent Fraud in Connection with Security-Based Swaps Transactions and Prevent Undue Influence over CCOs"
The adoption of this new rule allows people to exchange foreign currencies in the new digital system with a confidence your money will be secured.
The Final Rules become effective 60 days after the publication date of the adopting release in the Federal Register.
This puts us close to the end of August for this new Federal Regulation to take effect.
© Goldilocks
https://www.sec.gov/news/press-release/2023-104
https://www.sidley.com/en/insights/newsupdates/2023/06/sec-adopts-rules-to-prevent-fraud-in-security-based-swaps
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The US Dollar will be made available to trade under the new guidelines of SOFR rates in conjunction with the Commodities Exchange Act (30 days) after the CFTC approval on August 5th, 2023.
This puts us from August into early September for international trading to become available to us in our new International Payment System backed by gold.
© Goldilocks
https://www.cftc.gov/PressRoom/PressReleases/8745-23
https://www.cftc.gov/LawRegulation/CommodityExchangeAct/index.htm
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"Problems remain around T+1 implementation, Xceptor panellists say"
The pressure is on for technicians to move settlement times into same-day settlements or T+1.
Once this is accomplished, T+0 settlements will become possible.
T+0 settlements are instant settlement transactions between two parties.
© Goldilocks
https://www.assetservicingtimes.com/assetservicesnews/clearingandsettlementarticle.php?article_id=14567&navigationaction=clearingandsettlementnews&newssection=Clearing%20and%20Settlement
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A lot of work is going on behind the scenes in the banking system to make our new monetary system safe, fast, and efficient.
It truly is worth the wait. Our new monetary system will be far more advanced than anything we have ever seen, and the open banking concept will allow for upgrades to be made on an ongoing basis.
© Goldilocks
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