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Post by Sapphire Capital on May 3, 2012 7:00:14 GMT 4
All brokers who are taking part in large scale institutional transactions will be frozen out by the new development of clearing and transacting.
Money Center Banks and others in the position of transacting private transactions of securities and guarantees as well as MTN and Notes and FOREX will only pay institutional participants who have their own id and clearing for proceeds with SWIFT, EUCLID and CLS.
This means that any broker who wants to be paid either has to have a bank or securities house representing him or is using a captive bank, trust, or financial cooperative with SWIFT, EUCLID or CLS access.
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Post by MMM on May 3, 2012 7:10:53 GMT 4
yes, thats been the policy for a while in Switzerland but they enforce it now, no more payments into private accounts only institutional, different reporting requirements and clearing is faster.
Same with DB, Societe General, Rabo and others. Thats the new thing. Makes it more expensive for us, because institutional accounts are different.
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