tag:blogger.com,1999:blog-73792213630499230182024-03-13T19:02:13.599-07:00rolf´s Clearing Settlement Safekeeping § 34 DepotGUnknownnoreply@blogger.comBlogger61125tag:blogger.com,1999:blog-7379221363049923018.post-16908251364095846822017-12-18T07:14:00.003-08:002017-12-18T07:14:25.801-08:00Abwicklungshinweise an abgebendes KreditinstitutBitte übertragen Sie die Wertpapiere z. G. unserer Abwicklungsbank HSBC Trinkaus & Burkhardt AG unter Angabe S Broker AG & Co. KG und Angabe des Kundennamens sowie der Depotnummer bei der S Broker AG & Co. KG entsprechend den nachfolgenden Kriterien: • An inländischen Börsen erworbene, GS-verwahrte Wertpapiere auf das Konto 4043 bei Clearstream Banking AG. • An inländischen Börsen erworbene, WR-verwahrte Wertpapiere auf das Konto 64043 bei Clearstream Banking AG. • Für an ausländischen Börsen erworbene Wertpapiere erfragen Sie bitte die jeweilige Domestic-Lagerstelle bei HSBC Trinkaus & Burkhardt AG unter Telefon 0211 910-3294.<h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: normal; line-height: normal; margin: 0.75em 0px 0px; position: relative;">
<a href="https://venezuela-anleihen.blogspot.ch/2017/12/mond_18.html" style="color: #888888; text-decoration-line: none;">Mond.....</a></h3>
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<img alt="Zitat" src="https://bondboard.de/forum/images/misc/quote_icon.png" style="background: rgb(255, 255, 255); border: 0px; box-shadow: rgba(0, 0, 0, 0.1) 1px 1px 5px; margin: 0px; max-width: 100%; padding: 5px; position: relative; top: 1px;" /> Zitat von <strong style="background: none 0px 0px repeat scroll transparent; border: 0px none; font-style: inherit; margin: 0px; outline: none 0px; padding: 0px;">CorMaguire</strong> <a href="http://bondboard.de/forum/showthread.php?p=300381#post300381" rel="nofollow" style="color: #009ee3; text-decoration-line: none;"><img alt="Beitrag anzeigen" class="inlineimg" src="https://bondboard.de/forum/images/buttons/viewpost-right.png" style="background: none 0px 0px repeat scroll transparent; border: 0px none; box-shadow: rgba(0, 0, 0, 0.1) 1px 1px 5px; margin: 0px; max-width: 100%; outline: none 0px; padding: 0px; position: relative; top: 1px; vertical-align: bottom;" /></a></div>
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SBroker müsste doch auch mit clearstream arbeiten? <a href="https://www.sbroker.de/footernavi-links/geschaeftsbedingungen/sonderbedingungen-fuer-wertpapiergeschaefte.html" style="color: #009ee3; text-decoration-line: none;" target="_blank">https://www.sbroker.de/footernavi-li...eschaefte.html</a></div>
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<span style="color: #333333;">Nur die wenigsten Banken arbeiten direkt mit Clearstream Lux. oder Euroclear zusammen. Meistens ist ein Zwischenverwahrer zwischengeschaltet. Bei SBroker ist das HSBC Trinkaus&Burkardt, wo die Jungs noch den Durchblick haben.</span><br /><br /><div class="bbcode_container" style="background-attachment: scroll; background-clip: initial; background-image: none; background-origin: initial; background-position: 0px 0px; background-repeat: repeat; background-size: initial; border: 0px none; color: #333333; margin: 5px 20px 20px; outline: none 0px; padding: 0px;">
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<b style="background: none 0px 0px repeat scroll transparent; border: 0px none; margin: 0px; outline: none 0px; padding: 0px;">Die Auswahl des Lagerstellennetzes ist eine wichtige strategische Entscheidung</b>.<br /><br />Wir bieten Ihnen hier absolute Flexibilität. Die HSBC Transaction Services GmbH tritt selbst nicht als Verwahrer auf, sondern bewirtschaftet als technischer Dienstleister Ihre Lagerstellenkonten in Ihrem Namen.<br /><br />Auf der technischen Seite bevorzugen wir die Kommunikation mit den Lagerstellen per SWIFT, sind aber auch in der Lage, proprietäre Datenformate flexibel zu adaptieren. Auf der persönlichen Ebene unterstützen unsere erfahrenen Network Manager Sie in allen Belangen des täglichen Umgangs mit Ihren Lagerstellen.<br /><br />Sollten Sie selbst als Verwahrer, beispielsweise für andere Einheiten innerhalb Ihres Konzerns, fungieren, bietet Ihnen die Mehrmandantenfähigkeit unseres Systems über mehrere Stufen hinweg eine effiziente, realitätsgetreue und depotgesetzkonforme Umsetzung.<br /><br />Eine besonders effiziente Möglichkeit der Verwahrung Ihrer Wertpapierbestände bietet sich Ihnen bei Nutzung von HSBC Trinkaus & Burkhardt AG als Custodian. Die dann rein systeminterne Kommunikation zwischen Ihnen und Ihrem Verwahrer sorgt für geringe Kosten, und die Einbindung von HSBC Trinkaus & Burkhardt AG in den HSBC-Konzern eröffnet Ihnen die gesamte Servicepalette eines der größten Custodians weltweit.</div>
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<span style="color: #333333;">Deswegen findet man in den Depotübertragungsaufträgen an SBroker folgenden Hinweis:</span><br /><div class="bbcode_container" style="background-attachment: scroll; background-clip: initial; background-image: none; background-origin: initial; background-position: 0px 0px; background-repeat: repeat; background-size: initial; border: 0px none; margin: 5px 20px 20px; outline: none 0px; padding: 0px;">
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<b><span style="color: blue;"><span style="background: none 0px 0px repeat scroll transparent; border: 0px none; margin: 0px; outline: none 0px; padding: 0px;">Abwicklungshinweise an abgebendes Kreditinstitut</span>Bitte übertragen Sie die Wertpapiere z. G. unserer Abwicklungsbank HSBC Trinkaus & Burkhardt AG unter Angabe S Broker AG & Co. KG und Angabe des Kundennamens sowie der Depotnummer bei der S Broker AG & Co. KG entsprechend den nachfolgenden Kriterien:<br />• An inländischen Börsen erworbene, GS-verwahrte Wertpapiere auf das Konto 4043 bei Clearstream Banking AG.<br />• An inländischen Börsen erworbene, WR-verwahrte Wertpapiere auf das Konto 64043 bei Clearstream Banking AG.<br />• Für an ausländischen Börsen erworbene Wertpapiere erfragen Sie bitte die jeweilige Domestic-Lagerstelle bei HSBC Trinkaus & Burkhardt AG unter Telefon 0211 910-3294.</span></b></div>
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Geändert von Mond (Heute um <span class="time" style="background-attachment: scroll; background-clip: initial; background-image: none; background-origin: initial; background-position: 0px 0px; background-repeat: repeat; background-size: initial; border: 0px none; margin: 0px; outline: none 0px; padding: 0px;">15:58</span> Uhr)</blockquote>
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-7379221363049923018.post-21411166156324276332017-03-16T12:19:00.001-07:002017-03-16T12:19:42.685-07:00CBF hat offenbar keinen Plan wie der Dokumenten"Beischlaf" zu vollziehen ist<h3 class="post-title entry-title" itemprop="name" style="background-color: white; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 22px; font-stretch: normal; line-height: normal; margin: 0.75em 0px 0px; position: relative;">
<a href="http://rolfscarpevigoblog.blogspot.de/2017/03/cbf-hat-offenbar-keinen-plan-wie-der.html" style="text-decoration: none;"><span style="color: red;">CBF hat offenbar keinen Plan wie der Dokumenten"Beischlaf" zu vollziehen ist</span></a></h3>
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-7379221363049923018.post-75852388893581967132017-02-17T20:31:00.002-08:002017-02-17T20:31:34.452-08:00Klage vs Clearstream wg Einsicht in Globalurkunde Carpevigo / eventuelle Erweiterung iSn MBB Clean Energy / dito Einsicht in LezardUrkunde<h3 class="post-title entry-title" itemprop="name" style="background-color: white; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 22px; font-stretch: normal; line-height: normal; margin: 0.75em 0px 0px; position: relative;">
<a href="http://rolfscarpevigoblog.blogspot.de/2017/02/klage-vs-clearstream-wg-einsicht-in.html" style="text-decoration: none;"><span style="color: red;">Klage vs Clearstream wg Einsicht in Globalurkunde Carpevigo / eventuelle Erweiterung iSn MBB Clean Energy / dito Einsicht in LezardUrkunde</span></a></h3>
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Ich überlege gerade Klageerweiterungen wg MBB (Prüfungspflichten bei Entgegennahme einer Globalurkunde mit fehlender zweiter Unterschrift) und wg Einsicht in Lezardurkunde (hier kann CBF nicht behaupten wir hätten bereits eine frühere Kopie).</div>
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Was meinen Sie bzw Du dazu ?</div>
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Beste Grüsse</div>
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Rolf Koch</div>
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Rolf J. Koch<br />0151 461 9 56 56</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-9735944298528995782016-11-15T23:16:00.002-08:002016-11-15T23:16:11.557-08:00Zahlungsverkehr bei Deutscher Börse UBS lagert Teilbereich aus<h3 class="post-title entry-title" itemprop="name" style="background-color: #fff9ee; color: #222222; font-family: Georgia, Utopia, "Palatino Linotype", Palatino, serif; font-size: 24px; font-stretch: normal; font-weight: normal; line-height: normal; margin: 0.75em 0px 0px; position: relative;">
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<span style="color: red;">Zahlungsverkehr bei Deutscher Börse</span></div>
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<span style="color: red;">UBS lagert Teilbereich aus</span></div>
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<time class="metainfo__date" datetime="2016-11-15T14:55:22.794Z" style="display: inline;">15.11.2016, 15:55 Uhr</time></div>
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(sda/reu) Die Grossbank UBS lagert die Abwicklung des Zahlungsverkehrs für Teile ihres europäischen Geschäfts aus. Ab 2017 sollen sie über die Wertpapierverwahrtochter Clearstream der Deutschen Börse laufen. Die Abwicklung übernehme Citi, teilten die Institute am Dienstag mit.</div>
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Hintergrund ist die Einführung eines neuen Abwicklungssystems für Wertschriften (Target2-Securities) durch die Europäische Zentralbank (EZB). Sie treibt die Vereinheitlichung der bislang länderspezifischen Systeme voran.</div>
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Mit der Auslagerung will UBS Geld sparen. Durch den Schritt sinken die Kosten einem Insider zufolge um einen zweistelligen Millionen-Betrag. «Wir rechnen mit Vorteilen in Folge einer besseren Vernetzung und einer Vereinfachung operativer Prozesse», sagte UBS-Manager Colin Parry.</div>
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Banken sind derzeit händeringend auf der Suche nach Möglichkeiten, ihre Kosten zu senken. Bei der Abwicklung von Geschäften prüfen sie deshalb verstärkt Kooperationen oder Auslagerungen.</div>
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-7379221363049923018.post-56432093103434378352016-11-08T05:51:00.001-08:002016-11-08T05:51:48.053-08:00 Bitte haben Sie Verständnis dafür, dass wir Ihnen den genauen technischen und internen Ablauf der Zuordnung von durch die Lagerstelle gutgeschriebenen Zinsgutschriften nicht erläutern können.<h2 class="date-header" style="background-color: #fff9ee; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 11px; font-stretch: normal; line-height: normal; margin: 0px; min-height: 0px; position: relative;">
<span style="background-color: transparent; letter-spacing: inherit; margin: inherit; padding: inherit;">Dienstag, 8. November 2016</span></h2>
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<a href="https://www.blogger.com/null" name="8822322292542411040"></a><h3 class="post-title entry-title" itemprop="name" style="font-size: 24px; font-stretch: normal; font-weight: normal; line-height: normal; margin: 0.75em 0px 0px; position: relative;">
<a href="http://rolfsgriechenlandblog.blogspot.de/2016/11/unter-anderem-um-diese-fragen-geht-es.html" style="color: #888888; text-decoration: none;">unter anderem um diese Fragen geht es !!!</a></h3>
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<span style="font-family: Verdana, sans-serif; font-size: 10.6667px; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;">Sehr geehrter Herr</span><span style="font-family: Verdana, sans-serif; font-size: 10.6667px; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;"><span style="margin: 0px; outline: 0px; padding: 0px; vertical-align: top;"> </span></span><span style="font-family: Verdana; font-size: 11px; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;">Koch</span><span style="font-family: Verdana, sans-serif; font-size: 10.6667px; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;"><span style="margin: 0px; outline: 0px; padding: 0px; vertical-align: top;">,<br style="margin: 0px; outline: 0px; padding: 0px; vertical-align: top;" /><br style="margin: 0px; outline: 0px; padding: 0px; vertical-align: top;" />vielen Dank für </span></span><span style="font-family: Verdana, sans-serif; font-size: 10.6667px; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;">Ihre Geduld</span><span style="font-family: Verdana, sans-serif; font-size: 10.6667px; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;"><span style="margin: 0px; outline: 0px; padding: 0px; vertical-align: top;">.</span></span><br style="font-family: Verdana, sans-serif; font-size: 10.6667px; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;" /><br style="font-family: Verdana, sans-serif; font-size: 10.6667px; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;" /><span style="font-family: Verdana, sans-serif; font-size: 10.6667px; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;"></span><span style="font-family: Verdana, sans-serif; font-size: 10.6667px;"><b><span style="color: red;">Bitte haben Sie Verständnis dafür, dass wir Ihnen den genauen technischen und internen Ablauf der Zuordnung von durch die Lagerstelle gutgeschriebenen Zinsgutschriften nicht erläutern können.</span></b></span><br style="font-family: Verdana, sans-serif; font-size: 10.6667px; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;" /><br style="font-family: Verdana, sans-serif; font-size: 10.6667px; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;" /><span style="font-family: Verdana, sans-serif; font-size: 10.6667px;">Bzgl. der Nichtberücksichtigung der 10.000 Nominale der Anleihe haben wir die Verbuchung der Zinsugtschrift erneut geprüft. Die Zinsgutschrift, die Sie für 2.000 Nominale erhalten haben, wurde def. korrekt durchgeführt.</span><div style="clear: both;">
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<span class="post-author vcard" style="margin-left: 0px; margin-right: 1em;">Eingestellt von <span class="fn" itemprop="author" itemscope="itemscope" itemtype="http://schema.org/Person"><span itemprop="name">rolf j. koch</span> </span></span><span class="post-timestamp" style="margin-left: -1em; margin-right: 1em;">um <a class="timestamp-link" href="http://rolfsgriechenlandblog.blogspot.de/2016/11/unter-anderem-um-diese-fragen-geht-es.html" rel="bookmark" style="color: #888888; text-decoration: none;" title="permanent link"><abbr class="published" itemprop="datePublished" style="border: none;" title="2016-11-08T14:48:00+01:00">14:48</abbr></a> </span><span class="reaction-buttons" style="margin-right: 1em;"></span><span class="post-comment-link" style="margin-right: 1em;"><a class="comment-link" href="http://rolfsgriechenlandblog.blogspot.de/2016/11/unter-anderem-um-diese-fragen-geht-es.html#comment-form" style="color: #888888; text-decoration: none; white-space: nowrap;">Keine Kommentare: </a></span><span class="post-backlinks post-comment-link" style="margin-right: 1em;"><a class="comment-link" href="http://rolfsgriechenlandblog.blogspot.de/2016/11/unter-anderem-um-diese-fragen-geht-es.html#links" style="color: #888888; text-decoration: none; white-space: nowrap;">Links zu diesem Post</a> </span><span class="post-icons" style="margin-right: 1em;"><span class="item-action"><a href="https://www.blogger.com/email-post.g?blogID=3030891296885816884&postID=8822322292542411040" style="color: #888888; text-decoration: none;" title="Post per E-Mail senden"><img alt="" class="icon-action" height="13" src="https://resources.blogblog.com/img/icon18_email.gif" style="border-color: initial; border-image: initial; border-style: none !important; border-width: initial; margin: 0px 0px 0px 0.5em !important; position: relative; vertical-align: middle;" width="18" /> </a></span><span class="item-control blog-admin pid-1070717707" style="display: inline;"><a href="https://www.blogger.com/post-edit.g?blogID=3030891296885816884&postID=8822322292542411040&from=pencil" style="color: #888888; text-decoration: none;" title="Post bearbeiten"><img alt="" class="icon-action" height="18" src="https://resources.blogblog.com/img/icon18_edit_allbkg.gif" style="border-color: initial; border-image: initial; border-style: none !important; border-width: initial; margin: 0px 0px 0px 0.5em !important; position: relative; vertical-align: middle;" width="18" /></a></span></span><div class="post-share-buttons goog-inline-block" style="display: inline-block; margin-right: 0px; margin-top: 0.5em; position: relative; vertical-align: middle;">
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-30148663921646867312014-05-29T00:12:00.001-07:002014-05-29T00:12:38.623-07:00How does a depository bank benefit from issuing an ADR for a foreign company for free?<h3 class="post-title entry-title" itemprop="name" style="background-color: #fff9ee; color: #222222; font-family: Georgia, Utopia, 'Palatino Linotype', Palatino, serif; font-size: 24px; font-weight: normal; margin: 0.75em 0px 0px; position: relative;">
<a href="http://rolfsgriechenlandblog.blogspot.de/2014/05/how-does-depository-bank-benefit-from.html" style="color: #888888; text-decoration: none;">How does a depository bank benefit from issuing an ADR for a foreign company for free?</a></h3>
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<span style="color: red;">How does a depository bank benefit from issuing an ADR for a foreign company for free?</span></h1>
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By <a href="http://www.investopedia.com/contributors/123" style="color: #0066cc; cursor: pointer; text-decoration: none;">Kesavan Balasubramaniam</a> on February 26, 2009<a href="http://www.investopedia.com/ask/answers/06/adrdepositorybank.asp#" id="print_button" style="background: url(http://files.idealhomegarden.com/images/print.gif) 0px -29px no-repeat; color: #0066cc; cursor: pointer; display: block; float: right; height: 30px; margin-top: -6px; text-decoration: none; width: 24px;"> </a><span id="font-size" style="float: right; margin-right: 6px;"><span class="Small" style="cursor: pointer; font-size: 13px;">A</span> <span class="Medium" style="cursor: pointer;">A</span> <span class="Large" style="cursor: pointer; font-size: 17px;">A</span></span></div>
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<i>Filed Under: </i><a href="http://www.investopedia.com/tags/adrs/" rel="tag" style="color: #0066cc; cursor: pointer; text-decoration: none;" title="">ADRs</a>, <a href="http://www.investopedia.com/tags/foreign_investment/" rel="tag" style="color: #0066cc; cursor: pointer; text-decoration: none;" title="">Foreign Investment</a>, <a href="http://www.investopedia.com/tags/new_york_stock_exchange/" rel="tag" style="color: #0066cc; cursor: pointer; text-decoration: none;" title="">New York Stock Exchange</a></div>
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For domestic investors the benefits of increasing the portion of their portfolio that they invest in foreign companies is becoming clearer, and clearer. The easiest way for an investor to do this is by investing in <a href="http://www.investopedia.com/terms/a/adr.asp" style="color: #0066cc; cursor: pointer; text-decoration: none;">American Depository Receipts</a> (ADRs). An ADR is a financial product that is issued by a domestic depository bank and is traded on the domestic exchanges such as the <a href="http://www.investopedia.com/terms/n/nyse.asp" style="color: #0066cc; cursor: pointer; text-decoration: none;">New York Stock Exchange</a> (NYSE) and the <a href="http://www.investopedia.com/terms/n/nasdaq.asp" style="color: #0066cc; cursor: pointer; text-decoration: none;">Nasdaq</a>. ADRs represent shares in a foreign company, but they eliminate the need for investors to purchase those shares in the company's local market and in that market's currency.<br /><br />There are many depository banks that issue ADRs in the United States. The biggest one being the Bank of New York. These depository banks help with the setup and operation of a company's depository receipt program. These banks often will offer to provide these issuing services to companies for free. This raises the question, what benefit is the bank receiving for providing such a service?<br /><br />When a depository receipt is issued by a depository bank, the bank has actually purchased the equivalent amount of shares in the local market. Those shares are held by a local <a href="http://www.investopedia.com/terms/n/nasdaq.asp" style="color: #0066cc; cursor: pointer; text-decoration: none;">custodian</a> bank for the depository bank. The depository receipts can then be traded normally in the American market as any other stock would trade. If for some reason a depository receipt is canceled, it is no longer traded in the American market. The ADRs are returned to the depository bank and the shares held by the local custodian are released back into the local market.<br /><br /><div class="ad-textlink ad-incontent-wrap" style="color: rgb(242, 28, 70) !important; float: left; margin-bottom: 0px; margin-right: 10px;">
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Although the depository banks must do a lot to issue a new ADR, they receive no real benefit from the foreign company. The benefit the depository bank receives occurs whe the ADR is ultimately sold into the market. The depository bank receives a<a href="http://www.investopedia.com/terms/c/commission.asp" style="color: #0066cc; cursor: pointer; text-decoration: none;">commission</a> on the trade, just like any other trade. Often times depository banks will also deduct their fees from <a href="http://www.investopedia.com/terms/d/dividend.asp" style="color: #0066cc; cursor: pointer; text-decoration: none;">dividends</a> that investors are to receive. They may also pass on expenses related to currency conversion to investors. It is through these fees and expenses that they charge to investors that depository banks benefit from issuing ADRs.<br /><br />To learn more, see <a href="http://www.investopedia.com/articles/03/091003.asp" style="color: #0066cc; cursor: pointer; text-decoration: none;"><em>What Are Depository Receipts</em></a>, <a href="http://www.investopedia.com/university/adr/" style="color: #0066cc; cursor: pointer; text-decoration: none;"><em>American Depository Receipt Basics</em></a>, and <a href="http://www.investopedia.com/articles/stocks/04/121404.asp" style="color: #0066cc; cursor: pointer; text-decoration: none;"><em>Investing Beyond Your Borders</em></a>. </div>
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<span style="color: blue; font-family: Verdana, Geneva, sans-serif;"><span style="line-height: 20px;"><b><a href="http://www.investopedia.com/ask/answers/06/adrdepositorybank.asp" style="color: #888888; text-decoration: none;">http://www.investopedia.com/ask/answers/06/adrdepositorybank.asp</a></b></span></span></div>
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-7379221363049923018.post-50394069950456280032014-05-22T18:07:00.000-07:002014-05-22T18:07:26.812-07:00Cash Payment Banks transfer money around the world for clients trading goods, making investments and paying suppliers. The two cash-payment networks in the U.S., one run by the Federal Reserve and the other a cooperative of some of the largest banks, settle about $4 trillion of transactions daily. The Fedwire Funds Service functions as the domestic cash-payment network for about 8,300 financial institutions. The Clearing House Interbank Payments System brings together some of the world’s largest firms, easing transfers in and out of the U.S. More than half of its 50 participants are headquartered overseas. BNP Paribas is a member of both networks. Banks charge little for cash transfers, which are done electronically and in real time, bringing down the cost to the lenders. The Clearing House estimated in a 2011 study that wire-transfer fees in the U.S. were about $500 million a year. That would be 0.0001 percent of the $973 trillion of wire transfers in 2010, according to Bank for International Settlements data. Additional Expense Based on that estimate, BNP Paribas’s cost for paying another bank to clear its clients’ wire transfers for a few months wouldn’t exceed a few million dollars.<h3 class="post-title entry-title" itemprop="name" style="background-color: #fff9ee; color: #222222; font-family: Georgia, Utopia, 'Palatino Linotype', Palatino, serif; font-size: 24px; font-weight: normal; margin: 0.75em 0px 0px; position: relative;">
<a href="http://rolfsgriechenlandblog.blogspot.de/2014/05/cash-payment-banks-transfer-money.html" style="color: #888888; text-decoration: none;">Cash Payment Banks transfer money around the world for clients trading goods, making investments and paying suppliers. The two cash-payment networks in the U.S., one run by the Federal Reserve and the other a cooperative of some of the largest banks, settle about $4 trillion of transactions daily. The Fedwire Funds Service functions as the domestic cash-payment network for about 8,300 financial institutions. The Clearing House Interbank Payments System brings together some of the world’s largest firms, easing transfers in and out of the U.S. More than half of its 50 participants are headquartered overseas. BNP Paribas is a member of both networks. Banks charge little for cash transfers, which are done electronically and in real time, bringing down the cost to the lenders. The Clearing House estimated in a 2011 study that wire-transfer fees in the U.S. were about $500 million a year. That would be 0.0001 percent of the $973 trillion of wire transfers in 2010, according to Bank for International Settlements data. Additional Expense Based on that estimate, BNP Paribas’s cost for paying another bank to clear its clients’ wire transfers for a few months wouldn’t exceed a few million dollars.</a></h3>
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BNP Paribas Risks Client Flight as Ban on Transfers Looms</h1>
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<span class="author" itemprop="author" style="box-sizing: border-box; display: inline-block; width: auto;">By Yalman Onaran</span> <span class="divider" style="background-color: #d6d6d6; box-sizing: border-box; display: inline-block; height: 8px; margin: 0px 4px; width: 1px;"></span> <span bgdatestamp="mmm d, yyyy h:MM TT Z" bglocalize="true" class="date" epoch="1400677589000" style="box-sizing: border-box; display: inline-block; width: auto;">May 21, 2014 3:06 PM GMT+0200</span> <span class="divider divider_second" style="background-color: #d6d6d6; box-sizing: border-box; display: inline-block; height: 8px; margin: 0px 4px; width: 1px;"></span> <div class="byline_links" style="box-sizing: border-box; display: inline;">
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sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1;" text-anchor="middle" x="221.85119047619048" y="295"><tspan x="221.85119047619048">Sep 1</tspan></text><text opacity="1" style="color: #87919b; cursor: default; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1;" text-anchor="middle" x="287.20833333333337" y="295"><tspan x="287.20833333333337">Oct 1</tspan></text><text opacity="1" style="color: #87919b; cursor: default; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1;" text-anchor="middle" x="354.74404761904765" y="295"><tspan x="354.74404761904765">Nov 1</tspan></text><text opacity="1" style="color: #87919b; cursor: default; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1;" text-anchor="middle" x="420.1011904761905" y="295"><tspan x="420.1011904761905">Dec 1</tspan></text><text opacity="1" style="color: #87919b; cursor: default; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1;" text-anchor="middle" x="487.63690476190476" y="295"><tspan x="487.63690476190476">Jan 1</tspan></text><text opacity="1" style="color: #87919b; cursor: default; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1;" text-anchor="middle" x="555.172619047619" y="295"><tspan x="555.172619047619">Feb 1</tspan></text><text opacity="1" style="color: #87919b; cursor: default; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1;" text-anchor="middle" x="616.172619047619" y="295"><tspan x="616.172619047619">Mar 1</tspan></text><text opacity="1" style="color: #87919b; cursor: default; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1;" text-anchor="middle" x="683.7083333333334" y="295"><tspan x="683.7083333333334">Apr 1</tspan></text><text opacity="1" style="color: #87919b; cursor: default; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1;" text-anchor="middle" x="749.0654761904763" y="295"><tspan x="749.0654761904763">May 1</tspan></text></g><g class="highcharts-axis-labels" zindex="7"><text opacity="1" style="color: #87919b; cursor: default; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1; width: 377px;" text-anchor="start" x="801" y="273.66086821453325"><tspan x="801">40.00</tspan></text><text opacity="1" style="color: #87919b; cursor: default; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1; width: 377px;" text-anchor="start" x="801" y="215.76574177334393"><tspan x="801">45.00</tspan></text><text opacity="1" style="color: #87919b; cursor: default; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1; width: 377px;" text-anchor="start" x="801" y="157.87061533215464"><tspan x="801">50.00</tspan></text><text opacity="1" style="color: #87919b; cursor: default; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1; width: 377px;" text-anchor="start" x="801" y="99.97548889096535"><tspan x="801">55.00</tspan></text><text opacity="1" style="color: #87919b; cursor: default; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-size: 11px; letter-spacing: 0px; line-height: 14px; opacity: 1; width: 377px;" text-anchor="start" x="801" y="42.08036244977604"><tspan x="801">60.00</tspan></text></g><g class="highcharts-tooltip" opacity="0" style="cursor: default; letter-spacing: 0px; opacity: 1; padding: 0; white-space: nowrap;" transform="translate(0,0)" visibility="hidden" zindex="8"><rect fill-opacity="0.85" fill="none" height="16" isshadow="true" rx="3" ry="3" stroke-opacity="0.049999999999999996" stroke-width="5" stroke="black" transform="translate(1, 1)" width="16" x="0.5" y="0.5"></rect><rect fill-opacity="0.85" fill="none" height="16" isshadow="true" rx="3" ry="3" stroke-opacity="0.09999999999999999" stroke-width="3" stroke="black" transform="translate(1, 1)" width="16" x="0.5" y="0.5"></rect><rect fill-opacity="0.85" fill="none" height="16" isshadow="true" rx="3" ry="3" stroke-opacity="0.15" stroke-width="1" stroke="black" transform="translate(1, 1)" width="16" x="0.5" y="0.5"></rect><rect fill-opacity="0.85" fill="rgb(255,255,255)" height="16" rx="3" ry="3" width="16" x="0.5" y="0.5"></rect><text style="color: #333333; fill: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-size: 11px;" x="8" y="20" zindex="1"></text></g><g zindex="10"><rect fill="black" height="25" rx="0" ry="0" style="opacity: 0.8;" width="368" x="10" y="296"></rect><text style="color: #87919b; fill: rgb(135, 145, 155); font-family: Arial, Helvetica, sans-serif; font-weight: bold; letter-spacing: 0px; opacity: 1; width: 833px;" x="10" y="318"><tspan x="10">* Price chart for BNP PARIBAS. Click flags for important stories.</tspan></text></g><g zindex="10"><rect fill="#b20910" height="86" rx="0" ry="0" style="opacity: 0.6;" width="106" x="0" y="0"></rect><text style="color: white; fill: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; letter-spacing: 0px; opacity: 1; width: 819px;" x="12" y="31"><tspan x="12"></tspan><tspan dx="0" style="cursor: pointer; fill: rgb(255, 255, 255); font-size: 20px; letter-spacing: 0px; opacity: 1;">BNP:FP</tspan><tspan dy="24" style="fill: #fff; font-size: 20px; font-weight: bold; letter-spacing: 0px; opacity: 1;" x="12">51.00</tspan><tspan dy="16" x="12">-0.68</tspan><tspan dx="0" style="fill: rgb(51, 51, 51); font-size: 11px; letter-spacing: 12px; opacity: 1;"></tspan></text></g></svg> <tspan dx="0">-1.32%</tspan><img height="43" preserveaspectratio="none" style="-webkit-box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; background: rgb(255, 255, 255); border: 1px solid rgb(238, 238, 238); box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; cursor: pointer; padding: 5px;" width="30" x="1" xlink:href="http://cdn.gotraffic.net/assets/chart/story-marker-a93071dfe2cf24b829fff07e5214dd36.png" y="162" zindex="12" /><img height="43" preserveaspectratio="none" style="-webkit-box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; background: rgb(255, 255, 255); border: 1px solid rgb(238, 238, 238); box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; cursor: pointer; padding: 5px;" width="30" x="138" xlink:href="http://cdn.gotraffic.net/assets/chart/story-marker-a93071dfe2cf24b829fff07e5214dd36.png" y="123" zindex="12" /><img height="43" preserveaspectratio="none" style="-webkit-box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; background: rgb(255, 255, 255); border: 1px solid rgb(238, 238, 238); box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; cursor: pointer; padding: 5px;" width="30" x="506" xlink:href="http://cdn.gotraffic.net/assets/chart/story-marker-a93071dfe2cf24b829fff07e5214dd36.png" y="13" zindex="12" /><img height="43" preserveaspectratio="none" style="-webkit-box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; background: rgb(255, 255, 255); border: 1px solid rgb(238, 238, 238); box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; cursor: pointer; padding: 5px;" width="30" x="596" xlink:href="http://cdn.gotraffic.net/assets/chart/story-marker-a93071dfe2cf24b829fff07e5214dd36.png" y="4" zindex="12" /><img height="43" preserveaspectratio="none" style="-webkit-box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; background: rgb(255, 255, 255); border: 1px solid rgb(238, 238, 238); box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; cursor: pointer; padding: 5px;" width="30" x="762" xlink:href="http://cdn.gotraffic.net/assets/chart/story-marker-a93071dfe2cf24b829fff07e5214dd36.png" y="75" zindex="12" /></div>
</div>
</div>
</section><section class="related_links" role="complementary" style="background-color: white; border-left-color: rgb(221, 221, 221); border-left-style: solid; border-left-width: 4px; border-top-width: 0px; bottom: 0px; box-sizing: border-box; clear: right; color: #2d2b2c; float: right; font-family: akzidenz-grotesk-std-bloom; font-size: 16px; margin: 0px -80px 0px 30px; padding: 0px 0px 0px 18px; position: relative; width: 281px;"><h3 style="box-sizing: border-box; font-family: proxima-nova; font-size: 1.5em; margin: 0px; padding: 4px 0px 0px; position: relative;">
Related</h3>
<ul style="box-sizing: border-box; font-size: 1.1em; line-height: 1.4; list-style: none; margin: 20px 0px 15px; padding: 0px;">
<li style="border-bottom-width: 0px; box-sizing: border-box; font-size: 1em; margin: 0px 0px 9px; padding: 0px; position: relative;"><a data-id="CD9LQKAmR~Gwd1fmdRDR1w" data-type="Video" href="http://www.bloomberg.com/video/bnp-paribas-may-face-5-billion-fine-over-sanctions-CD9LQKAmR~Gwd1fmdRDR1w.html" style="-webkit-transition: color 0.3s ease; box-sizing: border-box; color: #3a3a3a; cursor: pointer; font-family: proxima-nova; font-weight: 700; outline: none; padding: 1px; text-decoration: none; transition: color 0.3s ease;"><span class="icon-video-headline" style="box-sizing: border-box;">BNP Paribas May Face $5 Billion Fine Over Sanctions</span></a></li>
</ul>
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<div style="box-sizing: border-box; color: #2d2b2c; font-size: 1.1em; line-height: 1.3125em; margin-bottom: 28px;">
<a class="web_ticker" density="full" href="http://www.bloomberg.com/quote/CSGN:VX" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;" ticker="CSGN:VX" title="Get Quote" topic_url="http://topics.bloomberg.com/credit-suisse-group-ag/">Credit Suisse Group AG (CSGN)</a> emerged from a guilty plea this week relatively unscathed. The punishment that prosecutors are now holding over <a class="web_ticker" density="full" href="http://www.bloomberg.com/quote/BNP:FP" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;" ticker="BNP:FP" title="Get Quote" topic_url="http://topics.bloomberg.com/bnp-paribas-sa/">BNP Paribas SA (BNP)</a>’s head could have more severe consequences.</div>
<div style="box-sizing: border-box; color: #2d2b2c; font-size: 1.1em; line-height: 1.3125em; margin-bottom: 28px;">
A temporary ban on transferring money into and out of the U.S., floated by <a density="full" href="http://topics.bloomberg.com/new-york/" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;">New York</a>’s Superintendent of Financial Services<a density="sparse" href="http://topics.bloomberg.com/benjamin-lawsky/" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;">Benjamin Lawsky</a>, would be in addition to more than $5 billion in fines and a guilty plea to criminal charges for violating U.S. sanctions, according a person with knowledge of the talks. No similar punishment targeting a business was imposed when Credit Suisse’s main bank subsidiary admitted helping U.S. citizens evade taxes.</div>
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Regulators haven’t determined how harsh the BNP Paribas prohibition would be, according to one of the people who asked not to be identified because the negotiations are private. If the French lender isn’t allowed to pay another bank to provide the service, it could push some customers to competitors.</div>
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<strong style="box-sizing: border-box;">Related:</strong></div>
<ul class="decoration-bottom" style="box-sizing: border-box; color: #2d2b2c; font-size: 1.1em; line-height: 1.4; list-style: none; margin: 0px 0px 28px; padding: 0px 2.5em 0px 12px;">
<li style="box-sizing: border-box; margin: 0px 0px 0.25em; padding: 0px 0px 14px 17px; position: relative;"><a density="sparse" href="http://www.bloomberg.com/news/2014-05-21/u-s-said-to-seek-more-than-5-billion-in-bnp-settlement.html" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;">BNP Falls as U.S. Probe Said to Cost More Than $5 Billion</a></li>
<li style="box-sizing: border-box; margin: 0px 0px 0.25em; padding: 0px 0px 0px 17px; position: relative;"><a density="full" href="http://www.bloomberg.com/news/2014-05-21/credit-suisse-deal-seen-paving-way-for-other-swiss-banks.html" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;">Credit Suisse Deal Seen Paving Way for Other Swiss Banks</a></li>
</ul>
<div style="box-sizing: border-box; color: #2d2b2c; font-size: 1.1em; line-height: 1.3125em; margin-bottom: 28px;">
“When your client has to go to a rival bank to get the most basic banking service, even for a few months, you’ll lose them,” said Fred Cannon, New York-based head of research at Keefe, Bruyette & Woods Inc. “Not all, but some will take their business completely to that rival and not come back.”</div>
<figure class="hide_caption image_focus inline toggle_caption" style="box-sizing: border-box; clear: right; color: #2d2b2c; float: right; margin: 0px -80px 1em 2.813em; position: relative; width: 281px;"><a href="http://www.bloomberg.com/photo/new-york-s-superintendent-of-financial-services-benjamin-lawsky-/-iyZxv1FN5VFQ.html" rel="#img_iyZxv1FN5VFQ" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;" target="_blank"><span class="photo" style="box-sizing: border-box; cursor: pointer; float: right; max-width: 100%; position: relative;"><img src="http://www.bloomberg.com/image/iY9ySdTJboS4.jpg" style="-webkit-box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; box-sizing: border-box; float: right; height: auto; max-width: 100%; padding: 5px; position: relative; width: inherit;" /></span></a><figcaption style="box-sizing: border-box; clear: both; color: #6e6c6c; font-family: Arial, Helvetica, sans-serif; font-size: 0.6875em; margin-bottom: 1.125em; margin-top: 0px; padding-top: 0.5em; text-align: right;">Photographer: Jin Lee/Bloomberg</figcaption><div class="ext_caption caption_preview" style="box-sizing: border-box; color: #6e6c6c; font-family: Arial, Helvetica, sans-serif; font-size: 0.75em; font-style: italic; line-height: 1.25em; margin-bottom: 1.75em;">
<div style="box-sizing: border-box; font-size: 1.1em; line-height: 1.3125em;">
New York’s Superintendent of Financial Services Benjamin Lawsky.</div>
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</figure><div style="box-sizing: border-box; color: #2d2b2c; font-size: 1.1em; line-height: 1.3125em; margin-bottom: 28px;">
BNP Paribas <a class="web_ticker" density="full" href="http://www.bloomberg.com/quote/BNP:FP" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;" title="Get Quote">fell</a> as much as 3 percent in Paris trading to the lowest since Oct. 1, and was down 1.6 percent at 50.83 euros as of 2:31 p.m. local time. The stock is down 10 percent in 2014.</div>
<h2 style="box-sizing: border-box; color: #2d2b2c; font-family: proxima-nova; font-size: 2.125em; letter-spacing: -0.03em; line-height: normal; margin: 33px 0px; position: relative;">
Essential Service</h2>
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Manhattan U.S. Attorney Preet Bharara and other prosecutors are pressuring the Paris-based bank to plead guilty to moving funds for clients in violation of U.S. sanctions on Sudan, Iran and Cuba, according to some of the people.</div>
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Lawsky is considering a deal that would terminate some bank employees and claw back pay in addition to the wire-transfer ban, all intended to punish the BNP Paribas unit seen as responsible for the violations, according to the person familiar with his strategy. Spokesmen for Lawsky, Bharara and BNP Paribas declined to comment.</div>
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While the business of moving money isn’t a significant source of revenue for banks, it’s an <a density="full" href="http://www.bis.org/cpss/paysys/UnitedStatesComp.pdf" rel="external" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;" title="Open Web Site">essential service</a> clients rely on to conduct business globally. The loss of customers would be a much bigger financial burden, Cannon said.</div>
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“The risk is more than the fine, the risk is them losing the right to do some businesses in the U.S.,” said Alain Tchibozo, an analyst at Mediobanca SpA in <a density="full" href="http://topics.bloomberg.com/london/" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;">London</a> who has an outperform recommendation on the stock. “If they were to stop running this platform, it would affect their earnings power.”</div>
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<span style="color: red;">Cash Payment</span></h2>
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<b><span style="color: red;">Banks transfer money around the world for clients trading goods, making investments and paying suppliers. The two cash-payment networks in the U.S., one run by the <a density="sparse" href="http://topics.bloomberg.com/federal-reserve/" style="box-sizing: border-box; color: #888888; cursor: pointer; outline: none; text-decoration: none;">Federal Reserve</a> and the other a cooperative of some of the largest banks, settle about <a density="full" href="http://www.federalreserve.gov/paymentsystems/fedfunds_about.htm" rel="external" style="box-sizing: border-box; color: #888888; cursor: pointer; outline: none; text-decoration: none;" title="Open Web Site">$4 trillion</a> of transactions daily.</span></b></div>
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<b><span style="color: red;">The Fedwire Funds Service functions as the domestic cash-payment network for about 8,300 financial institutions. The Clearing House Interbank Payments System brings together some of the world’s largest firms, easing transfers in and out of the U.S. More than half of its 50 participants are headquartered overseas. BNP Paribas is a member of both networks.</span></b></div>
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<b><span style="color: red;">Banks charge little for cash transfers, which are done electronically and in real time, bringing down the cost to the lenders. The Clearing House estimated in a <a density="full" href="https://www.theclearinghouse.org/~/media/Files/Association%20Documents/20111107%20TCH%20Study%20Understanding%20the%20Economics%20of%20Large%20Banks.pdf" rel="external" style="box-sizing: border-box; color: #888888; cursor: pointer; outline: none; text-decoration: none;" title="Open Web Site">2011 study</a> that wire-transfer fees in the U.S. were about $500 million a year. That would be 0.0001 percent of the $973 trillion of wire transfers in 2010, according to Bank for International Settlements data.</span></b></div>
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<span style="color: red;">Additional Expense</span></h2>
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<b><span style="color: red;">Based on that estimate, BNP Paribas’s cost for paying another bank to clear its clients’ wire transfers for a few months wouldn’t exceed a few million dollars.</span></b></div>
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“The fees are down to pennies for each transaction,” said Jeanne Capachin, a senior consultant at research firm Graber Associates who has followed the global payments system for three decades. “So if they’re allowed to pay some other institution to do it, that would be an additional expense for them, but not put them out of business.”</div>
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The ban probably wouldn’t include money transfers within the U.S. since that’s outside the purview of the violation being punished, according to Capachin. BNP Paribas owns Bancwest Corp., which operates more than 670 branches in 20 U.S. states, serving more than 2.4 million households and businesses, the unit’s website says.</div>
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Criminal Plea</h2>
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Credit Suisse, <a density="full" href="http://topics.bloomberg.com/switzerland/" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;">Switzerland</a>’s second-biggest lender, agreed to pay $2.6 billion in addition to having a unit plead guilty. The Zurich-based firm’s shares rose 1 percent yesterday after the settlement was announced, and were little changed today. Credit Suisse did extensive research and found no legal barriers that would prevent customers doing business with the bank because of the criminal plea, Chief Executive Officer <a density="sparse" href="http://topics.bloomberg.com/brady-dougan/" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;">Brady Dougan</a> told reporters and analysts.</div>
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Regulators and prosecutors have made it clear they don’t want to put either lender out of business with criminal charges or pull the banks’ licenses in the U.S.</div>
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Regardless of how much pain a temporary ban might inflict, its impact, like that of a fine, can be measured in dollars. By letting firms continue to do business after pleading guilty to criminal charges, authorities are hollowing out the deterrence effect, according to KBW’s Cannon.</div>
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‘Deterrence Power’</h2>
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“The only difference between civil and criminal is taking away the license,” said Cannon. “If you don’t take away the charter, then you eliminate that difference and the deterrence power of a criminal conviction. Why would a bank be afraid of facing criminal charges if it just means paying some fines like in a lawsuit and continue business as usual?”</div>
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In a 1995 case involving <a density="sparse" href="http://topics.bloomberg.com/japan/" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;">Japan</a>’s Daiwa Bank, regulators withdrew its license to do business in the U.S. as soon as they filed conspiracy and fraud charges related to a $1.1 billion bond-trading scandal. Daiwa, which changed its name to Resona Holdings Inc. in 2002 after multiple mergers, shut most international operations after the U.S. scandal and became a domestic lender.</div>
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Top management should pay with their jobs if punishments are to have some deterrence, said Tamar Frankel, professor of corporate governance at the Boston University School of Law.</div>
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Tailoring Punishment</h2>
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“If everybody in the corporation lives happily thereafter following a guilty plea, we’ve done nothing,” Frankel said. “You want the corporation to live, but you also want people inside the corporation to behave well. So you need to hold people responsible. You don’t have to jail them, but you need to make them pay with their jobs.”</div>
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<a density="full" href="http://topics.bloomberg.com/north-america/" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;">North America</a> accounted for 10 percent of revenue at BNP Paribas, which is targeting about one-fifth of its sales growth to come from the region in the next two years.</div>
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Even if the French bank keeps its U.S. license, the financial impact of a wire-transfer ban on BNP Paribas could be worse than intended, according to <a density="sparse" href="http://topics.bloomberg.com/charles-whitehead/" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;">Charles Whitehead</a>, a professor of corporate law at <a density="full" href="http://topics.bloomberg.com/cornell-university/" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;">Cornell University</a> in Ithaca, New York. Because banks cross-sell many services, losing corporate clients could reduce revenue in all types of businesses, he said.</div>
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“The regulators say they don’t want to put BNP Paribas out of business, so they’ll likely tailor the punishment so it only causes some lost revenue and some clients,” Whitehead said. “Might they still unintentionally cause the whole U.S. business to collapse? It’s conceivable, but highly unlikely.”</div>
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To contact the reporter on this story: Yalman Onaran in New York at <a density="mailto" href="mailto:yonaran@bloomberg.net" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;" title="Send E-mail">yonaran@bloomberg.net</a></div>
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To contact the editors responsible for this story: Peter Eichenbaum at<a density="full" href="http://www.bloomberg.com/news/2014-05-21/mailtspaneichenbaum@bloomberg.net" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;" title="Send E-mail">peichenbaum@bloomberg.net</a> Robert Friedman, Frank Connelly</div>
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<ul class="entry_sharing" data-action="share" data-id="N5OQNH6S972E01" data-position="bottomrail" data-url="http://www.bloomberg.com/news/2014-05-21/bnp-paribas-risks-client-flight-as-ban-on-transfers-looms.html" style="background-color: white; box-sizing: border-box; clear: both; line-height: 1.4; list-style: none; margin: -0.5em 0px 0px; padding: 30px 0px 40px; width: 761px;"><span style="color: blue; font-family: akzidenz-grotesk-std-bloom; font-size: small;"><b><a href="http://www.bloomberg.com/news/2014-05-21/bnp-paribas-risks-client-flight-as-ban-on-transfers-looms.html" style="color: #888888; text-decoration: none;">http://www.bloomberg.com/news/2014-05-21/bnp-paribas-risks-client-fli</a></b></span></ul>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-41551618027844801092014-05-07T15:13:00.000-07:002014-05-07T15:13:14.140-07:00Für die am 6. Mai 2014 anstehenden Zinszahlungen von neu ausgegebenen Schuldverschreibungen seien Verzichtserklärungen und Verpflichtungen vereinbart worden. Diese hätten „wegen wertpapiertechnischen Gründen“ bisher nicht umgesetzt werden können. <h3 class="post-title entry-title" itemprop="name" style="background-color: #fff9ee; color: #222222; font-family: Georgia, Utopia, 'Palatino Linotype', Palatino, serif; font-size: 24px; font-weight: normal; margin: 0.75em 0px 0px; position: relative;">
<a href="http://rolfsgriechenlandblog.blogspot.de/2014/05/07052014-das-investmentvehikel-mbb.html" style="color: #ff1900; text-decoration: none;">07.05.2014 Das Investmentvehikel MBB Clean Energy hat die am 6. Mai fälligen Anleihezinsen von rund 4,5 Millionen Euro nicht gezahlt. Aus „technischen Gründen“ sei die Zahlung verschoben worden. Für die am 6. Mai 2014 anstehenden Zinszahlungen von neu ausgegebenen Schuldverschreibungen seien Verzichtserklärungen und Verpflichtungen vereinbart worden. Diese hätten „wegen wertpapiertechnischen Gründen“ bisher nicht umgesetzt werden können. Das Unternehmen habe nun die Zinszahlung für die Berechtigten auf ein Treuhandkonto zwischengebucht, um Schaden von der Gesellschaft und den Gläubigern abzuwenden. Das Unternehmen arbeite mit allen Beteiligten mit Hochdruck daran, die Zinsen zeitnah für die berechtigten Anleihegläubiger auszuzahlen. Die Anleihe ist vom Handel ausgesetzt worden.</a></h3>
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<span class="Stichwort" style="border: 0px; color: #333333; display: block; font-size: 15px; margin: 0px 0px 2px; padding: 0px;">Mittelstandsanleihen-Ticker</span>MBB Clean Energy verschiebt Zinszahlung</h2>
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Der Investor MBB Clean Energy hat die Zinszahlung auf seine Anleihe verschoben. Das Unternehmen führt technische Gründe wegen der Ausgabe neuer Anleihen an.</div>
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<a href="http://www.faz.net/aktuell/finanzen/cfo/mittelstandsanleihen-mbb-verschiebt-zinszahlung-12190913-b1.html" style="border: 0px; color: #c60000; cursor: pointer; margin: 0px; outline: 0px; padding: 0px; text-decoration: none;" title="Strompreis"><img alt="Strompreis" class="media" height="344" itemprop="url" src="http://media0.faz.net/ppmedia/aktuell/finanzen/2114983609/1.2927526/article_multimedia_overview/kann-mbb-demnaechst-mehr-solarparks-kaufen.jpg" style="-webkit-box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; border: 0px; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; color: #434343; font-family: Verdana, sans-serif; font-size: 11px; font-style: italic; margin: 0px; padding: 0px; position: relative;" title="Kann MBB demnächst mehr Solarparks kaufen?" width="610" /></a></div>
<span class="Bildnachweis" style="border: 0px; color: #999999; display: block; font-family: Verdana, sans-serif; font-size: 10px; margin: 0px; padding: 0px; position: relative; right: 0px; text-align: right; text-transform: uppercase; top: 0px;">© DPA<a class="BildGroesse right" href="http://www.faz.net/aktuell/finanzen/cfo/mittelstandsanleihen-mbb-verschiebt-zinszahlung-12190913.html#aufmacherOverlay" style="border: 0px; color: #c60000; cursor: pointer; float: right; height: 20px; margin: 2px 0px 0px 10px; outline: 0px; padding: 0px; text-decoration: none; width: 16px;" title="Vergrößern"><img alt="Vergrößern" src="http://www.faz.net/img/icon_enlarge.gif" style="-webkit-box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; border: 0px; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; color: #434343; font-size: 11px; font-style: italic; margin: 0px; padding: 0px; position: relative;" /></a></span><span class="Bildunterschrift" itemprop="description" style="border: 0px; color: #333333; display: block; font-family: Verdana, sans-serif; font-size: 11px; line-height: 16px; margin: 0px 0px 30px; padding: 0px; position: relative; top: -4px;">Kann MBB demnächst mehr Solarparks kaufen?</span></div>
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<b><span style="color: red;"><em style="border: 0px; margin: 0px; padding: 0px;">07.05.2014 </em>Das Investmentvehikel MBB Clean Energy hat die am 6. Mai fälligen Anleihezinsen von rund 4,5 Millionen Euro nicht gezahlt. Aus „technischen Gründen“ sei die Zahlung verschoben worden. Für die am 6. Mai 2014 anstehenden Zinszahlungen von neu ausgegebenen Schuldverschreibungen seien Verzichtserklärungen und Verpflichtungen vereinbart worden. Diese hätten „wegen wertpapiertechnischen Gründen“ bisher nicht umgesetzt werden können. Das Unternehmen habe nun die Zinszahlung für die Berechtigten auf ein Treuhandkonto zwischengebucht, um Schaden von der Gesellschaft und den Gläubigern abzuwenden. Das Unternehmen arbeite mit allen Beteiligten mit Hochdruck daran, die Zinsen zeitnah für die berechtigten Anleihegläubiger auszuzahlen. Die Anleihe ist vom Handel ausgesetzt worden.</span></b></div>
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<a href="http://www.finance-magazin.de/geld-liquiditaet/kredite-und-anleihen/wirbel-um-mbb-clean-energy/" style="border: 0px; color: #c60000; cursor: pointer; margin: 0px; outline: 0px; padding: 0px; text-decoration: none;" target="_blank">Nach Informationen des Magazins FINANCE</a> stehen internationale Großinvestoren kurz davor, dem Unternehmen 500 Millionen Euro zu den Konditionen der Mittelstandsanleihe zu leihen. Diese hätten auf die anteiligen, bislang aufgelaufenen Stückzinsen verzichtet. Hier habe es anscheinend Verzögerungen gegeben. Nach Angaben von FINANCE ist dies auch der Grund, warum MBB Investoren bisher im Dunkeln ließ und schon den im Februar fälligen Halbjahresfinanzbericht bisher nicht vorgelegt hat. Seit der Emission können sich Anleger kein Bild über die Entwicklung von MBB machen.</div>
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Der Solar- und Windparkinvestor hatte im vergangenen Jahr 300 Millionen Euro plazieren wollte, aber nur 72 Millionen erhalten. Damit wurden bisher lediglich zwei kleine Projekte in Italien erworben. Mit 500 Millionen Euro neuer Anleihen könnten nun größere Projekte erworben werden. Es bleibt abzuwarten, ob sich die Transparenz nun künftig verbessern und die Unternehmensentwicklung beschleunigen wird. Bisher hatte am Markt für Mittelstandsanleihen nur der Personaldienstleister HKW eine Zinszahlung seinerzeit unter Angabe von schwer nachvollziehbaren Gründen verschoben (Ticker vom 18. November 2013). HKW beantragte <a href="http://www.faz.net/aktuell/finanzen/mittelstandsanleihen-hkw-personalkonzepte-beantragt-insolvenz-12704892.html" style="border: 0px; color: #c60000; cursor: pointer; margin: 0px; outline: 0px; padding: 0px; text-decoration: none;">dann zum Ablauf der Nachzahlungsfrist (Grace period) Insolvenz</a>.</div>
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<span style="color: blue; font-family: Georgia, serif;"><span style="line-height: 24px;"><b><a href="http://www.faz.net/aktuell/finanzen/cfo/mittelstandsanleihen-mbb-verschiebt-zinszahlung-12190913.html" style="color: #888888; text-decoration: none;">http://www.faz.net/aktuell/finanzen/cfo/mittelstandsanleihen-mbb-verschiebt-zinszahlung-12190913.html</a></b></span></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-769085191507641972014-04-02T23:08:00.001-07:002014-04-02T23:08:28.958-07:00Gegen die Deutsche-Börse-Tochter Clearstream ist in Amerika ein weiteres Ermittlungsverfahren eingeleitet worden. Die New Yorker Staatsanwaltschaft untersuche Vorwürfe, in denen es um Geldwäsche und die Verletzung von Sanktionsvorschriften gehe.<div class="FAZArtikelEinleitung" id="artikelEinleitung" style="background-color: white; border: 0px; color: #222222; float: left; font-family: Georgia, Utopia, 'Palatino Linotype', Palatino, serif; font-size: 15px; line-height: 21.559999465942383px; margin: 6px 20px 15px 10px; min-height: 125px; padding: 0px; width: 570px;">
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<span class="Stichwort" style="border: 0px; color: #333333; display: block; font-size: 15px; margin: 0px 0px 2px; padding: 0px;">Clearstream</span>Neue Ermittlungen in Amerika gegen Deutsche-Börse-Tochter</h2>
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<span class="Datum" content="2014-04-02T09:50:57+0200" itemprop="datePublished" style="border: 0px; font-style: italic; margin: 0px; padding: 0px;">02.04.2014</span> · <b><span style="color: red;"> Gegen die Deutsche-Börse-Tochter Clearstream ist in Amerika ein weiteres Ermittlungsverfahren eingeleitet worden. Die New Yorker Staatsanwaltschaft untersuche Vorwürfe, in denen es um Geldwäsche und die Verletzung von Sanktionsvorschriften gehe.</span></b></div>
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<a href="http://www.faz.net/aktuell/finanzen/fonds-mehr/clearstream-neue-ermittlungen-in-amerika-gegen-deutsche-boerse-tochter-12876137-b1.html" style="border: 0px; color: #c60000; cursor: pointer; margin: 0px; outline: 0px; padding: 0px; text-decoration: none;" title="Kirchberg-Plateau Luxemburg - auf dem Kirchberg-Plateau im Nordosten der Stadt Luxemburg haben sich zahlreiche Firmen, Banken und Behörden niedergelassen."><img alt="Kirchberg-Plateau Luxemburg - auf dem Kirchberg-Plateau im Nordosten der Stadt Luxemburg haben sich zahlreiche Firmen, Banken und Behörden niedergelassen." class="media" height="344" itemprop="url" src="http://media1.faz.net/ppmedia/aktuell/finanzen/125296200/1.2876143/article_multimedia_overview/die-zentrale-der-clearstream-international-in-luxemburg.jpg" style="-webkit-box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; border: 0px; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; color: #434343; font-family: Verdana, sans-serif; font-size: 11px; font-style: italic; margin: 0px; padding: 0px; position: relative;" title="Die Zentrale der Clearstream International in Luxemburg" width="610" /></a></div>
<span class="Bildnachweis" style="border: 0px; color: #999999; display: block; font-family: Verdana, sans-serif; font-size: 10px; margin: 0px; padding: 0px; position: relative; right: 0px; text-align: right; text-transform: uppercase; top: 0px;">© RÖTH, FRANK<a class="BildGroesse right" href="http://www.faz.net/aktuell/finanzen/fonds-mehr/clearstream-neue-ermittlungen-in-amerika-gegen-deutsche-boerse-tochter-12876137.html#aufmacherOverlay" style="border: 0px; color: #c60000; cursor: pointer; float: right; height: 20px; margin: 2px 0px 0px 10px; outline: 0px; padding: 0px; text-decoration: none; width: 16px;" title="Vergrößern"><img alt="Vergrößern" src="http://www.faz.net/img/icon_enlarge.gif" style="-webkit-box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; border: 0px; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; color: #434343; font-size: 11px; font-style: italic; margin: 0px; padding: 0px; position: relative;" /></a></span><span class="Bildunterschrift" itemprop="description" style="border: 0px; color: #333333; display: block; font-family: Verdana, sans-serif; font-size: 11px; line-height: 16px; margin: 0px 0px 30px; padding: 0px; position: relative; top: -4px;">Die Zentrale der Clearstream International in Luxemburg</span></div>
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Die amerikanische Justiz hält die Deutsche Börse weiter in Atem. Die Staatsanwaltschaft des südlichen Distrikts von New York habe Ermittlungen gegen die Tochter Clearstream wegen möglicher Verstöße gegen Geldwäsche- und Sanktionsvorschriften eingeleitet, teilte der Börsenbetreiber am Mittwoch mit. Dabei dürfte es wieder um Geschäfte mit dem Iran gehen.</div>
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Ein Sprecher des Konzerns hielt sich bedeckt. Vieles sei noch unklar. Erst in der Nacht zu Mittwoch habe sich herausgestellt, dass sich die Ermittlungen gegen Clearstream richteten. Eigentlich wollte die Deutsche Börse den komplexen Iran-Fall längst abgeschlossen haben. Im vergangenen Jahr hatte das Unternehmen einen teuren Vergleich mit der amerikanischen Exportkontrollbehörde OFAC geschlossen und knapp 152 Millionen Dollar gezahlt.</div>
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Bei dem Verfahren ging es um den Vorwurf, dass die Tochter Clearstream bei Wertpapierübertragungen innerhalb ihres Abwicklungssystems amerikanische Handelssanktionen missachtet und eingefrorenes Geld illegal an den Golfstaat überwiesen haben soll.</div>
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<span class="quelle" style="border: 0px; font-size: 11px; line-height: 16px; margin: 0px; padding: 0px;"><span style="color: blue; font-family: Verdana, sans-serif;"><b><a href="http://www.faz.net/aktuell/finanzen/fonds-mehr/clearstream-neue-ermittlungen-in-amerika-gegen-deutsche-boerse-tochter-12876137.html" style="color: #888888; text-decoration: none;">http://www.faz.net/aktuell/finanzen/fonds-mehr/clearstream-neue-ermittlungen-in-amerika-gegen-deutsche-boerse-tochter-12876137.html</a></b></span></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-55807299422879188122014-02-25T05:43:00.001-08:002014-02-25T05:43:08.074-08:00UBS: Hello Clearstream;Goodbye Euroclear<h3 class="post-title entry-title" itemprop="name" style="background-color: #fff9ee; color: #222222; font-family: Georgia, Utopia, 'Palatino Linotype', Palatino, serif; font-size: 24px; font-weight: normal; margin: 0.75em 0px 0px; position: relative;">
<a href="http://rolfsgriechenlandblog.blogspot.de/2014/02/ubs-hello-clearstreamgoodbye-euroclear.html" style="color: #888888; text-decoration: none;">UBS: Hello Clearstream;Goodbye Euroclear</a></h3>
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<tr valign="bottom"><td class="hhh" style="font-family: Verdana, Helvetica, Arial, sans-serif; font-size: 20px; line-height: 26px;" valign="middle"><span id="news_lh"><b><span style="color: red;">UBS: Hello Clearstream;Goodbye Euroclear</span></b></span></td></tr>
<tr valign="bottom"><td align="left" class="e" nowrap="" style="font-family: Verdana, Helvetica, Arial, sans-serif;"><span id="news_date" style="display: block; margin: 5px 0px;">June 7, 2013</span></td></tr>
<tr valign="top"><td align="left" class="d"><span id="news_text"><span style="font-family: Verdana, Helvetica, Arial, sans-serif;"><span style="font-size: 12px;">Swiss bank UBS is consolidating the majority of its securities custody, settlement and financing business with international securities depository Clearstream following an 18-month assessment.</span></span><div style="font-family: Verdana, Helvetica, Arial, sans-serif; font-size: 12px;">
The phased migration planned for late 2013, which involves the investment bank portfolio, is a loss for rival Euroclear Bank in Brussels. However, a statement issued by Clearstream in Luxembourg did not quantify the value of assets involved, leaving it unclear just how much, or even whether, Euroclear Bank's bottom line would be significantly affected. Clearstream already services UBS' wealth management business.</div>
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While it is common for large global banks to divide their securities assets among both international securities depositories and even shift the percentage each depository holds, it is rare to allow either depository to publicize the matter.</div>
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Ulrich Hoffman, UBS' head of group operations, says the decision to appoint Clearstream as UBS' primary international securities depository helps create operational synergies across UBS. "This is consistent with our group operations strategy to further simplify, align and consolidate our network and post-trade processing across all business divisions where possible," he explains in the statement issued by Clearstream. Hoffman did not specify whether cost savings were involved as is often the case with such initiatives.</div>
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<span style="font-family: Verdana, Helvetica, Arial, sans-serif;"><span style="font-size: 12px;">http://www.globalcustody.net/uk/newswire_latest_409/</span></span></span></td></tr>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-91773344787734853042013-11-19T17:33:00.002-08:002013-11-19T17:33:36.910-08:00 Wertpapierkauf: Mann und Maus (also auch Coupon) - These<div style="-webkit-text-stroke-width: 0px; color: black; font-family: Verdana; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">
na ja bei kauf nach dem 14.11 und dinglichem Clearing/Settlement unter sachenrechtlichem Gesichtspunkt geht der Miteigentumsanteil an der Globalurkunde mit<span style="color: red;"><b> Mann und Maus (also auch Coupon) </b></span>an den neuen Erwerber über so dass der den Anspruch auf Zinszahlung hat....</div>
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oder sehe ich das falsch ?</div>
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<span style="-webkit-text-stroke-width: 0px; color: black; display: inline !important; float: none; font-family: Verdana; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">in allen argy- und pba-klagen habe ich bislang sämtliche nichtbezahlten coupons einklagen können und ein recorddate ist mir nie entgegengehalten worden....</span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-57986219800918745452013-11-19T15:29:00.001-08:002013-11-19T15:29:45.321-08:00Diese Frage ist einen "Musterprozess" vor einem ausgewiesen LG / OLG (z.B. Frankfurt) wert.....<div class="bbcode_container" style="-webkit-text-stroke-width: 0px; background-attachment: scroll; background-color: #fafafa; background-image: none; background-position: 0px 0px; background-repeat: repeat repeat; border: 0px none; color: #333333; display: block; font-family: Arial, Verdana, Helvetica, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; margin: 5px 20px 20px; orphans: auto; outline: none 0px; padding: 0px; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">
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<img alt="Zitat" src="http://bondboard.de/forum/images/misc/quote_icon.png" style="border: 0px; margin: 0px; max-width: 100%; position: relative; top: 1px;" /><span class="Apple-converted-space"> </span>Zitat von<span class="Apple-converted-space"> </span><strong style="background-attachment: scroll; background-color: transparent; background-image: none; background-position: 0px 0px; background-repeat: repeat repeat; border: 0px none; font-size: 12px; font-style: inherit; font-weight: bold; margin: 0px; outline: none 0px; padding: 0px;">BidiBondi</strong><span class="Apple-converted-space"> </span><a href="http://bondboard.de/forum/showthread.php?p=123621#post123621" rel="nofollow" style="color: #009ee3; text-decoration: none;"><img alt="Beitrag anzeigen" class="inlineimg" src="http://bondboard.de/forum/images/buttons/viewpost-right.png" style="background-attachment: scroll; background-color: transparent; background-image: none; background-position: 0px 0px; background-repeat: repeat repeat; border: 0px none; font-size: 12px; margin: 0px; max-width: 100%; outline: none 0px; padding: 0px; position: relative; top: 1px; vertical-align: bottom;" /></a></div>
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So steht es auf der Boersenhomepage Düsseldorf:<br /><br />Wichtiger Hinweis zur Abwicklung:<br /><br />Wie die hkw personalkonzepte GmbH am 15.11.2013 mitgeteilt hat, wird die am selben Tag fällige Zinszahlung auf die Anleihe ISIN DE000A1K0QR1 auf den 16.12.2013 verschoben. Für die verspätete Zinszahlung werden bei der deutschen Wertpapiersammelbank Clearstream Banking Frankfurt AG (CBF) die CBF-Kundenbestände am ursprünglichen CBF-Stichtag herangezogen. Nach einer entsprechenden Bereitstellung der Zinszahlung durch die Emittentin werden die<span class="Apple-converted-space"> </span><a href="http://bondboard.de/forum/#" id="_GPLITA_2" style="border: 0px; color: #009ee3; outline: 0px; text-decoration: underline;" title="Click to Continue > by Plus-HD-2.3">Zinsen<img src="http://cdncache1-a.akamaihd.net/items/it/img/arrow-10x10.png" style="background-attachment: scroll; background-color: transparent; background-image: none; background-position: 0px 0px; background-repeat: repeat repeat; border: 0px; display: inline; float: none; font-size: 12px; height: 10px; margin: 0px 0px 0px 3px; max-width: 100%; min-width: 0px; outline: 0px; padding: 0px; vertical-align: super; width: auto;" /></a><span class="Apple-converted-space"> </span>für das Laufzeitjahr 15.11.2012-14.11.2013 also an die Depotinhaber ausgezahlt, die die Anleihe zum Stichtag im Bestand hatten.<span class="Apple-converted-space"> </span><b style="background-attachment: scroll; background-color: transparent; background-image: none; background-position: 0px 0px; background-repeat: repeat repeat; border: 0px none; font-size: 12px; margin: 0px; outline: none 0px; padding: 0px;"><u>Von der technischen Abwicklung unberührt bleiben die Rechte der Anleiheninhaber aus dem Papier selbst</u></b></div>
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<span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; color: #333333; display: inline !important; float: none; font-family: Arial, Verdana, Helvetica, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">Das ist schon eine sehr merkwürdige Herangehensweise. <span style="color: red;"><b>Der Zinskupon lässt sich bei einer Globalurkunde nicht abtrennen und deshalb werden alle entstandenen Ansprüche bei einer Veräußerung auch mitübertragen</b></span>. Wer darauf spekuliert, dass die Bude doch nicht in die Insolvenz geht, kann es deshalb darauf ankommen lassen und später auf Zahlung des am 15.11. fälligen Kupons klagen, selbst wenn der Erwerb mit Valuta nach dem 15.11. erfolgte.</span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-12404577827602787542013-09-14T17:54:00.004-07:002013-09-14T17:54:36.346-07:00Als Settlement wird im Finanzwesen die (physische) Übereignung von Wertpapieren (titel- und geldmäßige Erfüllung bzw. Verbuchung) nach einer Wertpapiertransaktion oder einem Finanzgeschäft im Allgemeinen bezeichnet, die von Clearinghäusern oder Zentralverwahrern übernommen wird. Diese erfolgt nach dem Clearing und meist gegen entsprechende Bezahlung durch Geld (Barausgleich) oder Wertpapiere.<h1 class="firstHeading" id="firstHeading" lang="de" style="background-image: none; border-bottom-color: rgb(170, 170, 170); border-bottom-style: solid; border-bottom-width: 1px; font-family: sans-serif; font-size: 1.6em; font-weight: normal; line-height: 1.2em; margin: 0px 0px 0.1em; overflow: visible; padding-bottom: 0px; padding-top: 0px;">
<span dir="auto">Settlement (Finanzwesen)</span></h1>
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<a href="http://de.wikipedia.org/wiki/Settlement_(Finanzwesen)#mw-navigation" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;"></a><a href="http://de.wikipedia.org/wiki/Settlement_(Finanzwesen)#p-search" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;"></a></div>
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<b><span style="color: red;">Als Settlement wird im Finanzwesen die (physische) Übereignung von <a href="http://de.wikipedia.org/wiki/Wertpapier" style="background-image: none; text-decoration: none;" title="Wertpapier">Wertpapieren</a> (titel- und geldmäßige Erfüllung bzw. Verbuchung) nach einer Wertpapiertransaktion oder einem Finanzgeschäft im Allgemeinen bezeichnet, die von <a class="mw-redirect" href="http://de.wikipedia.org/wiki/Clearinghouse" style="background-image: none; text-decoration: none;" title="Clearinghouse">Clearinghäusern</a> oder <a href="http://de.wikipedia.org/wiki/Zentralverwahrer" style="background-image: none; text-decoration: none;" title="Zentralverwahrer">Zentralverwahrern</a> übernommen wird. Diese erfolgt nach dem <a href="http://de.wikipedia.org/wiki/Clearing" style="background-image: none; text-decoration: none;" title="Clearing">Clearing</a> und meist gegen entsprechende Bezahlung durch Geld (<a href="http://de.wikipedia.org/wiki/Barausgleich" style="background-image: none; text-decoration: none;" title="Barausgleich">Barausgleich</a>) oder Wertpapiere.</span></b></div>
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Erfolgt die Abwicklung dieses Geschäfts an einem Tag, spricht man vom <b>Same-Day-Settlement (SDS)</b>. Die meisten Börsen wickeln ihre Geschäfte jedoch <b>T+2</b> ab, sprich zwei Tage nach dem eigentlichen Handelsgeschäft. Dadurch müssen die Aktienkäufer die Liquidität <span class="adtext" id="adtext_4" style="border-left-color: transparent; border-right-color: transparent; border-style: solid; border-top-color: transparent; border-width: 1px; color: #0000d5; cursor: pointer; display: inline !important; float: none; list-style: none; margin: 0px; padding: 0px; text-decoration: underline;">für den</span> Aktienkauf entsprechend nicht schon vor dem Handelsgeschäft vorhalten sondern erst 2 Tage nach diesem. So entschied sich im August 2013 auch die <a href="http://de.wikipedia.org/wiki/Russian_Trading_System" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="Russian Trading System">Moskauer Börse</a> ihr System auf T+2 umzustellen<sup class="reference" id="cite_ref-1" style="line-height: 1em; unicode-bidi: -webkit-isolate;"><a href="http://de.wikipedia.org/wiki/Settlement_(Finanzwesen)#cite_note-1" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;">[1]</a></sup>.</div>
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<span class="mw-headline" id="Siehe_auch">Siehe auch</span><span class="mw-editsection" style="-webkit-user-select: none; display: inline-block; font-size: x-small; line-height: 1em; margin-left: 1em; padding-right: 0.25em; unicode-bidi: -webkit-isolate; vertical-align: baseline; white-space: nowrap;"><span class="mw-editsection-bracket">[</span><a href="http://de.wikipedia.org/w/index.php?title=Settlement_(Finanzwesen)&action=edit&section=1" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="Abschnitt bearbeiten: Siehe auch">Bearbeiten</a><span class="mw-editsection-bracket">]</span></span></h2>
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<li style="margin-bottom: 0.1em;"><a href="http://de.wikipedia.org/wiki/Glattstellung" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="Glattstellung">Glattstellung</a></li>
<li style="margin-bottom: 0.1em;"><a href="http://de.wikipedia.org/wiki/Clearstream" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="Clearstream">Clearstream</a></li>
<li style="margin-bottom: 0.1em;"><a href="http://de.wikipedia.org/wiki/LCH.Clearnet" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="LCH.Clearnet">LCH.Clearnet</a></li>
<li style="margin-bottom: 0.1em;"><a class="mw-redirect" href="http://de.wikipedia.org/wiki/DTCC" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="DTCC">DTCC</a></li>
<li style="margin-bottom: 0.1em;"><a href="http://de.wikipedia.org/wiki/SWIFT-Nachricht" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="SWIFT-Nachricht">SWIFT-Nachricht</a></li>
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<a href="http://de.wikipedia.org/wiki/Settlement_(Finanzwesen)">http://de.wikipedia.org/wiki/Settlement_(Finanzwesen)</a></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-19922877423187184242013-09-14T17:51:00.001-07:002013-09-14T17:51:20.953-07:00Unter Clearing wird das Feststellen gegenseitiger Forderungen, Verbindlichkeiten und Lieferverpflichtungen verstanden.[1] Der Clearingprozess[2] beinhaltet die Übermittlung, Abstimmung und in einigen Fällen die Bestätigung von Abschlüssen sowie sonstigen für die Abwicklung bzw. für das Settlement notwendigen Angaben (z. B. Zahlungsweg, Or<h1 class="firstHeading" id="firstHeading" lang="de" style="background-image: none; border-bottom-color: rgb(170, 170, 170); border-bottom-style: solid; border-bottom-width: 1px; font-family: sans-serif; font-size: 1.6em; font-weight: normal; line-height: 1.2em; margin: 0px 0px 0.1em; overflow: visible; padding-bottom: 0px; padding-top: 0px;">
<span dir="auto">Clearing</span></h1>
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<tr><td id="bksicon" style="vertical-align: middle; width: 26px;"><img alt="" height="19" src="http://upload.wikimedia.org/wikipedia/commons/thumb/e/ea/Disambig-dark.svg/25px-Disambig-dark.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/Disambig-dark.svg/38px-Disambig-dark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ea/Disambig-dark.svg/50px-Disambig-dark.svg.png 2x" style="border: none; vertical-align: middle;" width="25" /></td><td>Der Titel dieses Artikels ist mehrdeutig. Weitere Bedeutungen sind unter <a href="http://de.wikipedia.org/wiki/Clearing_(Begriffskl%C3%A4rung)" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="Clearing (Begriffsklärung)">Clearing (Begriffsklärung)</a> aufgeführt.</td></tr>
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<b><span style="color: red;">Unter Clearing wird das Feststellen gegenseitiger <a href="http://de.wikipedia.org/wiki/Forderung" style="background-image: none; text-decoration: none;" title="Forderung">Forderungen</a>, <a href="http://de.wikipedia.org/wiki/Verbindlichkeit" style="background-image: none; text-decoration: none;" title="Verbindlichkeit">Verbindlichkeiten</a> und Lieferverpflichtungen verstanden.<sup class="reference" id="cite_ref-1" style="line-height: 1em; unicode-bidi: -webkit-isolate;"><a href="http://de.wikipedia.org/wiki/Clearing#cite_note-1" style="background-image: none; text-decoration: none;">[1]</a></sup> Der Clearingprozess<sup class="reference" id="cite_ref-2" style="line-height: 1em; unicode-bidi: -webkit-isolate;"><a href="http://de.wikipedia.org/wiki/Clearing#cite_note-2" style="background-image: none; text-decoration: none;">[2]</a></sup> beinhaltet die Übermittlung, Abstimmung und in einigen Fällen die Bestätigung von Abschlüssen sowie sonstigen für die <a href="http://de.wikipedia.org/wiki/Abwicklung_(Wirtschaft)" style="background-image: none; text-decoration: none;" title="Abwicklung (Wirtschaft)">Abwicklung</a> bzw. für das <a href="http://de.wikipedia.org/wiki/Settlement_(Finanzwesen)" style="background-image: none; text-decoration: none;" title="Settlement (Finanzwesen)">Settlement</a> notwendigen Angaben (z. B. Zahlungsweg, Or</span></b>t und Zeit der Lieferung). Optional kann eine Aufrechnung und Saldierung (<i>netting</i>) der Geschäfte stattfinden.<sup class="reference" id="cite_ref-3" style="line-height: 1em; unicode-bidi: -webkit-isolate;"><a href="http://de.wikipedia.org/wiki/Clearing#cite_note-3" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;">[3]</a></sup> Das Clearing wird oft von einem <a href="http://de.wikipedia.org/wiki/Clearinghaus" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="Clearinghaus">Clearinghaus</a> übernommen und soll eine nachfolgende fehlerfreie Abwicklung und den Eigentumsübergang gewährleisten. Historische Bedeutung erlangte das Clearingverfahren, als die <a href="http://de.wikipedia.org/wiki/Schweiz" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="Schweiz">Schweiz</a> Mitte der 1930er-Jahre mit dem <a href="http://de.wikipedia.org/wiki/Deutsches_Reich" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="Deutsches Reich">Deutschen Reich</a> und <a href="http://de.wikipedia.org/wiki/Italien" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="Italien">Italien</a> ein staatlich reguliertes Verrechnungsverfahren einführte, welches bis zum Ende des <a href="http://de.wikipedia.org/wiki/Zweiter_Weltkrieg" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="Zweiter Weltkrieg">Zweiten Weltkriegs</a> Bestand hatte.</div>
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Eine eindeutige Abgrenzung zwischen Clearing und Abwicklung kann schwierig sein, so kann z. B. eine buchungsmäßige Abrechnung, die noch nicht <a href="http://de.wikipedia.org/wiki/Wertstellung" style="background-image: none; background-position: initial initial; background-repeat: initial initial; color: #0b0080; text-decoration: none;" title="Wertstellung">valutarisch</a> wirksam ist, auch dem Clearing zugeordnet werden.</div>
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<a href="http://de.wikipedia.org/wiki/Clearing">http://de.wikipedia.org/wiki/Clearing</a></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-4179419569538082952013-05-25T01:38:00.002-07:002013-05-25T03:18:04.888-07:00Fehler in der Verwahrung von Wertschriften bringt u.U. Stress mit der BAFIN.....// Um Ihre Beschwerde unter aufsichtsrechtlichen Aspekten beurteilen zu können, werde ich von der Sparkasse Darmstadt eine Stellungnahme anfordern<br />
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<a href="http://rolfsgriechenlandblog.blogspot.de/2013/05/fehler-in-der-verwahrung-von.html" style="color: #888888; text-decoration: none;">Fehler in der Verwahrung von Wertschriften bringt u.U. Stress mit der BAFIN.....// Um Ihre Beschwerde unter aufsichtsrechtlichen Aspekten beurteilen zu können, werde ich von der Sparkasse Darmstadt eine Stellungnahme anfordern</a></h3>
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<br />
<b><span style="color: red;">Beschwerde gegen die Sparkasse Darmstadt</span></b><br />
<br />
Sehr geehrte nn Koch,<br />
sehr geehrter mm Koch,<br />
<br />
vielen Dank für Ihre Beschwerde vom 21. Mai 2013, <b><span style="color: red;">in der Sie die Korrektur</span></b><br />
<b><span style="color: red;">von Lagerländern und den erneuten Depotauszug der Sparkasse</span></b><br />
<b><span style="color: red;">Darmstadt beanstanden.</span></b><br />
<b><span style="color: red;"><br /></span></b>Lassen Sie mich Ihnen zunächst kurz die Aufgabenstellung der Bundesanstalt<br />
für Finanzdienstleistungsaufsicht Sektor Wertpapieraufsicht/<br />
Asset-Management darstellen:<br />
<br />
Der BaFin obliegt die Aufsicht über Wertpapierdienstleistungsunternehmen,<br />
also auch über Kreditinstitute wie die Sparkasse Darmstadt,<br />
sofern sie Wertpapierdienstleistungen oder Wertpapiernebendienstleistungen<br />
erbringen. Die Befugnisse der BaFin beschränken sich jedoch auf<br />
die im Gesetz über den Wertpapierhandel1 (WpHG) vorgesehene Aufgabe,<br />
Missständen entgegenzuwirken, welche die ordnungsgemäße Durchführung<br />
des Handels mit Finanzinstrumenten oder von Wertpapierdienstleistungen<br />
oder Wertpapiernebendienstleistungen beeinträchtigen oder<br />
erhebliche Nachteile für den Finanzmarkt bewirken können. <b><span style="color: red;">Beschwerden</span></b><br />
<b><span style="color: red;">von Anlegern können einen wichtigen Beitrag dazu leisten, Verstöße</span></b><br />
<b><span style="color: red;">gegen aufsichtsrechtliche Bestimmungen aufzudecken und dagegen vorzugehen</span></b>.<br />
<br />
<br />
Gemäß § 4 Abs. 4 des Finanzdienstleistungsaufsichtsgesetzes2 (FinDAG)<br />
nimmt die BaFin ihre Aufgaben ausschließlich im öffentlichen Interesse<br />
wahr. Zur Wahrnehmung der Interessen einzelner Kunden gegenüber<br />
Wertpapierdienstleistungsunternehmen oder zu streitschlichtenden Maßnahmen<br />
zugunsten von Kunden bin ich deswegen leider nicht ermächtigt.<br />
Ich bin nicht befugt, Beweise im Interesse eines Bankkunden zu<br />
erheben oder zu würdigen, und es ist mir auch verwehrt, Gutachten zu<br />
erstellen oder Stellungnahmen abzugeben, um in einem eventuellen<br />
Zivilprozess die eine oder andere Seite zu unterstützen.<br />
Für den Fall, dass Sie der Ansicht sind, dass die Sparkasse Darmstadt<br />
einen von ihr zu vertretenden Schaden verursacht hat, kann ich Ihnen<br />
lediglich empfehlen zu prüfen, auf zivilrechtlicher Grundlage Ansprüche<br />
gegen die Sparkasse zu erheben.<br />
<br />
<b><span style="color: red;">Um Ihre Beschwerde unter aufsichtsrechtlichen Aspekten beurteilen zu</span></b><br />
<b><span style="color: red;">können, werde ich von der Sparkasse Darmstadt eine Stellungnahme</span></b><br />
<b><span style="color: red;">anfordern. Soweit dem nicht meine Verschwiegenheitspflicht gemäß § 8</span></b><br />
<b><span style="color: red;">WpHG entgegensteht, werde ich eine Kopie des Antwortschreibens an</span></b><br />
<b><span style="color: red;">Sie weiterleiten.</span></b><br />
<br />
<b><span style="color: red;">Falls sich ein für meine Aufsichtstätigkeit relevanter Sachverhalt ergeben</span></b><br />
<b><span style="color: red;">sollte, werde ich diesen weiterverfolgen und gegebenenfalls entsprechende</span></b><br />
<b><span style="color: red;">Maßnahmen ergreifen</span></b>. Aufgrund der bereits erwähnten Verschwiegenheitspflicht<br />
wird es mir jedoch nicht möglich sein, Ihnen darüber<br />
Informationen zukommen zu lassen. Hierfür bitte ich um Verständnis.<br />
Sobald mir die Antwort von der Sparkasse Darmstadt vorliegt, werde ich<br />
mich wieder mit Ihnen in Verbindung setzen. Solange bitte ich Sie um<br />
etwas Geduld.<br />
Mit freundlichen Grüßen<br />
Im Auftrag<br />
<br />
----------------------<br />
ob die BAFIN mir Auskünfte/Akteneinsicht geben wird ist noch lange nicht ausgekaspert...<br /><br />Kölner Kommentar WpHG RN 49 ff zu § 8, 2007:<br /><br /><br />4. Weitergabe an Geschädigte<br /><br />a) Informationsansprüche des Geschädigten gem. §§ 406 e, 475 S tPO i.V.m. § 46<br /><b><span style="color: blue;">49</span></b> Abs. 3 S. 4 ,4 9 b OWiG. Für den Geschädigten stellt die StPO die Auskunfts- und<br />Akteneinsichtsrechte der §§ 406 e, 475 StPO bereit, die auch dann Anwendung finden,<br />wenn lediglich wegen einer Ordnungswidrigkeit ermittelt wird, §§ 46 Abs. 3<br />5. 4 , 49 b OWiG.<br /><br /><b><span style="color: blue;">50</span></b> aa) Verhältnis zu § 8. Auskunft bzw. Akteneinsicht nach §§ 406 e, 475 StPO sind<br />stets das Ergebnis einer intensiven Abwägung der Informationsinteressen des Dritten<br />mit dem Geheimhaltungsinteresse des Betroffenen. Dies entspricht dem Regelungszweck<br />des § 8, geheimhaltungsbedürftige Tatsachen nur bei Vorliegen einer<br />besonderen sachlichen Rechtfertigung weiterzugeben. Während § 8 allgemein die<br />Wertpapierhandelsaufsicht regelt, betreffen §§ 406 e, 475 StPO den Bereich der<br />Straftaten und Ordnungswidrigkeiten. Es handelt sich bei ihnen um die gegenüber<br />§ 8 spezielleren und differenzierteren Vorschriften. Fällt im Rahmen der §§ 406 e,<br />475 StPO die Entscheidung zu Gunsten des Antrags des Geschädigten aus, handelt<br />es sich dabei zugleich um die Befugnis zur Erteilung der Auskünfte im Sinne des § 8.<br />Dem Verschwiegenheitsgebot kommt dann keine eigenständige Bedeutung mehr<br /><br /><br />zu 81<br /><br /><b><span style="color: blue;">51</span></b> bb) Das Akteneinsichtsrecht gem. § 406 e StPO . Zentrale Voraussetzungen für<br />das Bestehen eines Akteneinsichtsrechts gem. § 406 e StPO sind die Verletzteneigenschaft<br />und ein berechtigtes Interesse an der Akteneinsicht. Ferner hat eine Abwägung<br />mit sonstigen schutzwürdigen Interessen stattzufinden.<br /><br />
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Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-7379221363049923018.post-42194824069833768662013-01-25T12:11:00.001-08:002013-01-25T12:11:09.553-08:00 rolf´s sparkassen blog ein Proseminar zur Wertpapierrechnung.....aus der Klageerwiderung der "Master of Desaster" auf die Auskunftsklage zu Verwahrorten von internationalen Wertpapieren.... vor 6 Minuten<br />
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<a href="http://rolfssparkassenblog.blogspot.com/" style="color: #888888; text-decoration: initial;" target="_blank">rolf´s sparkassen blog</a></div>
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<span class="item-title"><a href="http://rolfssparkassenblog.blogspot.com/2013/01/ein-proseminar-zur-wertpapierrechnungau.html" style="color: #ff1900;" target="_blank">ein Proseminar zur Wertpapierrechnung.....aus der Klageerwiderung der "Master of Desaster" auf die Auskunftsklage zu Verwahrorten von internationalen Wertpapieren....</a></span><div class="item-time" style="clear: left; font-style: italic;">
vor 6 Minuten</div>
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Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-7379221363049923018.post-74258780757292893372013-01-09T23:06:00.001-08:002013-01-09T23:06:08.631-08:00HB FT: Clearstream drohen Sanktionen // Höhe von 340 Millionen Dollar, weil Clearstream gegen amerikanische Sanktionsbestimmungen im Handel mit dem Iran verstoßen habe<br />
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<a href="http://rolfsgriechenlandblog.blogspot.ch/2013/01/hb-ft-clearstream-drohen-sanktionen.html" style="color: #ff1900; text-decoration: initial;">HB FT: Clearstream drohen Sanktionen // Höhe von 340 Millionen Dollar, weil Clearstream gegen amerikanische Sanktionsbestimmungen im Handel mit dem Iran verstoßen habe</a></h3>
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<span style="background-color: white; color: #ee7000; font-family: Arial, Helvetica, sans-serif; font-size: 10px;"><b>DEUTSCHE BÖRSE<table border="0" cellpadding="0" cellspacing="0"><tbody>
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</b></span><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: xx-small;">Die <b>Deutsche Börse</b>-Tochter <b>Clearstream</b> wird nach Berichten der <a class="inoline" href="https://3c.web.de/mail/client/dereferrer?redirectUrl=http%3A%2F%2Fkompakt.handelsblatt-service.com%2Fff%2Fch.php%3Fcmd%3Dgo1981215373%26vas%3D73270144&selection=page1" id="v73270144" style="color: #727272; text-decoration: initial;" target="_blank"><b><span style="color: #ee7000;">» </span>Welt</b></a> zum Sorgenkind. Das <b>US-Finanzministerium</b> droht mit einer Geldbuße in <b><span style="color: red;">Höhe von 340 Millionen Dollar, weil Clearstream gegen amerikanische Sanktionsbestimmungen im Handel mit dem Iran verstoßen habe</span></b>. Clearstream bestreitet die Verstöße, verhandelt aber gleichzeitig mit dem zum Finanzministerium gehörenden Office of Foreign Assets Control <b>(OFAC) </b>über eine Vergleichszahlung. Die <b>Deutsche Börse</b> hat derzeit nichts zu verschenken, meint das deutsche <a class="inoline" href="https://3c.web.de/mail/client/dereferrer?redirectUrl=http%3A%2F%2Fkompakt.handelsblatt-service.com%2Fff%2Fch.php%3Fcmd%3Dgo1981215373%26vas%3D73270149&selection=page1" id="v73270149" style="color: #727272; text-decoration: initial;" target="_blank"><b><span style="color: #ee7000;">» </span>Wall Street Journal.</b></a> Die eingebrochenen Handelsumsätzen im vergangenen Jahr machen sich in ihrer Kasse deutlich bemerkbar.</span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-16943082823335587402013-01-05T03:07:00.001-08:002013-01-05T03:07:45.660-08:00die Vollstreckung von Titeln vs Sovereigns muss auch die Clearingsysteme mit in die Betrachtung einbeziehen<br />
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<a href="http://rolfsgriechenlandblog.blogspot.ch/2013/01/die-vollstreckung-von-titeln-vs.html" style="color: #888888; text-decoration: initial;">die Vollstreckung von Titeln vs Sovereigns muss auch die Clearingsysteme mit in die Betrachtung einbeziehen</a></h3>
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<br />Hier ein Brief von euroclear, Brüssel an das New Yorker Berufungsgericht in der pari passu argy saga:<br /><br /><br /><br />Euroclear Bank SA/NV<br />1 Boulevard du Roi Albert 11<br />1210 Brussels, Belgium<br />RPM Brussels 0429 875 591<br />Tel. +32 (0)2 326 1211<br />www.euroclear.com<br /><br /><br /><br /><b><span style="color: red;">January 3, 2013</span></b><br />sy E-FIUNG<br />Second Circult Court of Appeals<br />Danlei Patrlck Moynlhan U.S. Courthouse<br />500 Pearl Street<br />New York, NY 10007<br /><br />Subject: NML Capltal. Ud. et al y Republlc of Argentina, Docket Nos. 12-<br />105(L), 12-109(Con), 12-111(Con),12-157(Con), 12-l58(Con), 12-<br />163(Con}, 12- 164(Con), 12-170(Con), 12-l76(Con), l2-l85(Con),<br />12-189(Con), 12-214(Con), 12-909(Con), l2-914(Con), 12-<br />916(Con), l2-919(Con), l2-920ccon), l2-923(Con), 12-924(Con),<br />12-926(Con), 12-939(Con), 12-943(Con), 12-951(Con), 12-<br />968(Con), 12-971(Con)<br /><br /><br />We wrlte to you to express ~ur deep concern regardlng the Amended February<br />23, 2012 order lssued by the Distrlct Court on November 21, 2012 (the<br />"Order''). We are concerned that the Dlstrlct Court has misunderstood the role<br />of Euroc!ear Bank In the payment flows We are further concerned that glving<br />effect to the Order will Impair the smooth functlonlng of the International bond<br />markets.<br /><br />I. IntroductJOD<br /><br />Euroclear Bank SA/NV ("Euroclear Bank") Is a user-owned and user-governed<br />commerclal bank and securitles settlement system Incorporated In Belgium. It<br />is regulated by the National Bank of 6elglum and has Its registered office at 1<br />Boulevard du Rol Albert U, B-121O Brussels, Belglum.<br />Euroclear Bank 15 a member of the Euroclear Group, which is the world's<br />largest provider of domestlc and cross-border settlement and related services.<br />The Euroclear Group Inc!udes, Inter alla, Euroclear Belglum, Euroclear Flnland,<br />Euroclear France, Euroclear Nederland, Euroclear Sweden, Euroclear UK &<br />Ireland and Xtrakter Llmlted.<br />Euroclear Bank provides settlement and related securities services for crossborder<br />transactions Involvlng domestlc and international bonds, equltles,<br />Investment funds and derivatives. Its cllents are major financlal Institutions<br />located in more than 90 countries. Euroclear Bank holds securltles and bookentry<br />Interests In securltles for partlclpatlng organlzatlons and facilitates the<br />clearance and settlement of securltles transactions between Euroclear<br />accounts and between Euroclear account holders and partlclpants of other<br />securltles settlement systems through electronlc book-entry changes In<br />accounts of such partlclpants or through other securlties intermediaries.<br />Euroclear Bank has been asslgned an AA+ rating by Fitch Ratings and an AA<br />rating by Standard & Poor's. Euroclear Bank has been a hlghly rated firm for<br /><br />The value of securlties held for Eurodear Bank dients at the end of 2011 was a<br />record of (10.8 trillion. The value of securitles transactions settled was<br />(328.5 trillion In 2011.<br />As a custodian of securlties for its cllents, Euroclear Bank receives income and<br />redemptlon payments from paylng agents appointed by issuers and then<br />credlts such amounts to its account holders. Euroclear Bank does not act on<br />behalf of securltles issuers. Its contraetual obligations are solely to Its<br />cllents/account holders.<br />Euroclear Bank has no operations In the United States. It malntains a small<br />representatlve office In New York for dient relationship and support purposes.<br /><br />11. Ourconcerns<br /><br />A. Ihe Order Is oyerly broM<br /><br />The Order purports to cover "Partlclpants" deflned by the Court as "those<br />persons and entltles who act In aetlve concert or partlclpatlon wlth the<br />Republlc, to assfst the Republlc In fulfllling Its payment obllgatlons under the<br />Exchange Bonds." The Order then goes on to list the Particlpants to fndude<br />Euroclear Bank under "the clearing corporatlons and systems, depositaries,<br />operators of clearing systems, and settlement agents for the Exchange<br />Bonds."<br />Thls 15 a mlsunderstandlng of the role of Euroclear Bank, Euroclear Bank does<br />not act In "aetlve concert or partlclpatlon" wlth Argentlna. It has no<br />contraetual relatlonshfp wlth Argentlna as the Issuer of the ExChange Bonds<br />and does not act as Its agent. rt merely recelves payments on the Exchange<br />Bonds on behalf of Its cllents, Euroclear Bank should not be consldered a<br />Partlclpant under the definition used in the Court Order and Federal Rule of<br />CIvii Procedure 65(d)(2).<br /><br />B. Eyroclear Bank 15 an "Intermedlarv bank" ynder Artlc!e 4A of the UCC<br />The Dlstrict Court In Issuing the Order recognlzed that It could not enjoln the<br />aetlvlty of any "Intermedlary bank" as defined In Artlcle 4A of the Uniform<br />Commercial Code (UCC).l The UCC deflnes "Intermedlary bank" as "a<br />recelvlng bank other than the orlglnator's bank or the beneflclary's bank,"<br />Euroclear Bank's role Is that of an Intermedfary bank In respeet of payments<br />on Exchange Bonds. [t receives the funds from the bank of the issuer<br />Argentlna and then credits the accounts of Its clients wh Ich elther are the<br />dlrect benefIciaries or aet on behalf of the beneflclarles,<br />Accordlngly, per the terms of the Order Itself, Euroclear Bank should be<br />exempt from Its effect. However, the Order speclflcally Identifles Euroclear<br />Bank as a Particlpant covered under the Order. Thus, there Is an inherent<br />contradlction wlthln the terms of the Order, clearly, the Distriet Court has not<br />understood the role of Euroclear Bank In the payment<br /><br />C. Ihe Order would have an extra-territorial effect<br />By the express incJuslon of the European securities settlement systems as<br />Participants in the Order, the District Court has extended its reach weil beyond<br />its jurlsdlctlon. 2 It aSserts authorlty over Institutions and actlvltles with little<br />or no connectlon to the United States.<br />The Exchange Bonds for whlch the Order attempts to constrain the payments<br />Include a number of Euro-denomlnated Instruments. These bonds are held<br />entlrely outside the Unlted States and are govemed by Engllsh law. Ihe<br />payments made on such bonds oecur outside the Unlted States.<br />Ihe Injunctlon Issued by the Dlstrlct Court purports to enjoln payments made<br />wlthln the European System of Central Banks TARGET2 real-time gross cash<br />settlement system. Glvlng effect of the Order will expand the authorlty of the<br />US courts beyond the borders of the United States to actlvities carrIed out by<br />govemmental Institutions in Europe. In the Interest of comlty we would<br />expect that the Court would strlve to avold such a result.<br />D. The Order Is In dlrect confllct wlth Belgian law<br />In July 2003, an Interest payment on bonds Issued by Nicaragua was stopped<br />by a Belglan lower court order served on Euroclear Bank at the request of LNC<br />Investments which clalmed that such Interest payment was a breach of the<br />pari passu provision In the governlng documentatlon for such bonds. That<br />court order prevented Euroclear to accept or make any payments In respect of<br />Nicaragua bonds.<br />On appeal, the Brussels Court of Appeal reversed the court order In March<br />2004 and released EurocJear Bank from the blocking measures. The Court of<br />Appeal found that Euroclear Bank was a thlrd party to the loan agreement<br />between Nicaragua Republlc and its lenders (indudlng the pari passu<br />provision) and that In such capacity, Euroclear Bank could not be forced to<br />comply wlth any contractual obligation to treat debtors equaliy.<br />Followlng the Nicaragua ease, Belglan law was amended to prevent any future<br />Court orders slmilar to the luly 2003 order. Artlcle 9 of the Belglan Act of April<br />28, 1999 Implementlng the EU Settlement Flnality Directlve as amended by<br />artlcle 15 of the Law of November 19, 2004 and by subsequent leglslatlon<br />provldes:<br />Any cash settlement account malntained with the operator of a<br />system or wlth a cash settlement agent, as weil as any cash<br />transfer, through a Belglan or forelgn credlt Institution, to be<br />credlted to such cash settlement account, can not be attached,<br />put under sequestration or otherwlse blocked by any means by<br />a partlclpant (other than the operator or the settlement<br />agent), a counterpart or a third party. (Euroclear Translation]<br />2 See Restatement (Thlrd) of Forelgn Relations Law of the Unlted States,<br />Sectlon 403 (the jurlsdlctlon of astate with respeet to preserlbing law with<br />respect to matters taklng place outside of Its own terrltory is Ilmited to:<br />conduet that has or Is Intended to have substantlal effect withln its terrltory;<br />the actlvlties, etc., of Its own nationais; and conduct that is directed agalnst<br />the security of the state or agalnst a limited dass of other state Interests).<br /><br />According to the legislative history of Artlcle 9 and its subsequent amendment,<br />the purpose of this prohibition to attach or otherwlse block a cash settlement<br />account or any cash transfer to be credlted to such account Is to avoid any<br />Impediment to the proper functlonlng of payment or settlement systems and<br />hence to safeguard the credlbility and the IIquldlty of national and intemational<br />finandal markets.<br />Conslderlng this objectlve, the prohibition contained In Artide 9 of the Belgian<br />Act of April 28, 1999 Implementing the EU Settlement Finality Dlrectlve should<br />be regarded as a rule of Belglan intematlonal publlc pollcy.<br />The Implementatlon of the Order on the terms set by the Dlstrict Court would<br />IIkely lead to a dlrect violation of thls rule of Belglan law to the extent It would<br />be Interpreted In such a way that Euroclear Bank would be prohlblted from<br />recelvlng cash payments In relation to the Exchange Bonds from Its<br />correspondents and from credlting the cash so recelved to lts cllents' cash<br />settlement account$.<br />A confUct of laws of thls nature will impact the legal certalnty underplnnlng the<br />International bond markets and could cause a loss of confldence In the role of<br />key market lnfrastructure provlders. In the Interest of comlty, we trust that<br />the Court would not wlsh to permit any action whIch would Interrupt or Impair<br />the smooth functioning of the bond markets upon whlch so many governments<br />and Investors over the world rely so heavlly.3<br />* * * * *<br />For the above reasons, we submit to the Court that the Order should not be<br />glven effect under the terms wrltten by the Dlstrlct Court.<br />We are available to respond to any questions of the Court or to provlde a<br />formal submission If requested by the Court.<br />Respectfully submitted on behalf of Euroclear Bank,</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-60733374418264891122012-11-18T17:03:00.001-08:002012-11-18T17:03:58.731-08:00Billions in bearer bonds could be lost due to Hurricane Sandy: sources<br />
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<a href="https://3c.web.de/mail/client/dereferrer?redirectUrl=http%3A%2F%2Fwww.nypost.com%2Fp%2Fnews%2Flocal%2Fmanhattan%2Fsunken_treasure_R1WidDOAwSBvWbYgSIoflJ&selection=page1" style="border: 0px; color: black; font-family: 'arial black', arial, sans-serif; font-size: 40px; letter-spacing: -0.05em; line-height: 1em; list-style: none; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;" target="_blank">Billions in bearer bonds could be lost due to Hurricane Sandy: sources</a></h1>
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<li class="byline" style="border: 0px; color: #444444; font-weight: bold; list-style: none; margin: 0px 0px 3px; outline: 0px; padding: 0px; vertical-align: top;">By MICHAEL GARTLAND</li>
<li class="date updated" style="border: 0px; list-style: none; margin: 0px 0px 3px; outline: 0px; padding: 0px; vertical-align: top;"><span style="border: 0px; list-style: none; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;">Last Updated:</span> 12:10 PM, November 18, 2012</li>
<li class="date posted" style="border: 0px; list-style: none; margin: 0px 0px 3px; outline: 0px; padding: 0px; vertical-align: top;"><span style="border: 0px; list-style: none; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;">Posted: </span>1:23 AM, November 18, 2012</li>
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It’s the biggest mystery on Wall Street.</div>
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Hurricane Sandy floodwaters inundated a 10,000-square-foot underground vault downtown, soaking 1.3 million bond and stock certificates — including bearer bonds that function like cash — and putting them in danger of turning to mush.</div>
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A contractor working for the vault owner, the Depository Trust and Clearing Corp., is feverishly working to restore the paper.</div>
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But the value of the threatened notes under 55 Water St. remains unknown to all but the innermost circle of Wall Street bankers.</div>
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One source said $70 billion in bearer bonds were in jeopardy.</div>
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<img alt="LIQUID ASSETS: Thousands of bearer bonds — which could be worth as much as $70 billion — are now in danger of turning to pulp after Hurricane Sandy flooded the downtown vault that had been storing them." height="300" src="http://www.nypost.com/rw/nypost/2012/11/18/news/web_photos/18.1N007.vault1.C--300x300.jpg" style="border-bottom-style: solid; border-width: 0px 0px 3px; display: block; list-style: none; margin: 0px 0px 1px; max-width: 100%; outline: 0px; padding: 0px; vertical-align: top;" title="LIQUID ASSETS: Thousands of bearer bonds — which could be worth as much as $70 billion — are now in danger of turning to pulp after Hurricane Sandy flooded the downtown vault that had been storing them." width="300" /><div class="photo-credit" style="border: 0px; color: #777777; float: right; font-family: arial; font-size: 0.8em; list-style: none; margin: 0px 0px 5px 10px; outline: 0px; padding: 0px; text-align: right; vertical-align: top;">
Bloomberg</div>
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<strong style="border: 0px; color: #666666; list-style: none; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;">LIQUID ASSETS:</strong> Thousands of bearer bonds — which could be worth as much as $70 billion — are now in danger of turning to pulp after Hurricane Sandy flooded the downtown vault that had been storing them.</div>
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DTCC — a depository controlled by the biggest financial firms on Wall Street — won’t say exactly what was in its vaults, how much the notes are worth, and who owns what.</div>
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Most of its member firms, including Deutsche Bank, JP Morgan Chase, Bank of America, UBS and Citi did not return calls.</div>
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The exception was Goldman Sachs, whose spokesman Michael DuVally confirmed Friday to The Post that his firm stored bearer bonds in the DTCC vaults. He acknowledged they would be nearly impossible to redeem if destroyed.</div>
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Yesterday morning, DuVally elaborated, and said the value of the Goldman bonds was “less than $1 million.” An hour later, he called back to say, “The market value of bearer bonds potentially impacted is less than $10,000.”</div>
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DTCC spokeswoman Judy Inosanto would say only that “a variety of equities and bonds” were damaged. “I can’t go into details. We do not provide values for security reasons.”</div>
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Even a contractor who bid on the cleanup and recovery job — the notes were drenched in diesel- and sewage-tinged water that filled 55 Water Street’s three sub-basements — clammed up when asked about the damage.</div>
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“It’s nobody’s business,” he said. “The public doesn’t need to know what’s in that vault. It’s between them and their customers.”</div>
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What is known is that for decades the vault housed millions of bearer bonds — worth many times that amount in dollars. In 1990, two-thirds of the 32 million notes in the vault were bearer bonds, DTCC records showed. Even as bearer bonds matured and the notes were removed, the vault continued to hold 5.4 million bearer bonds at late as 2003.</div>
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Experts say the only hope for saving the stacks of bonds would be to freeze-dry them in a cold vacuum chamber. As the air pressure in the chamber is reduced, and heat is increased, moisture in the documents would evaporate.</div>
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Security would have to oversee a tight chain of custody during the procedure, and the entire process could cost upward of $2 million.</div>
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Belfor, a Texas-based recovery firm rumored to have won the job, had a trailer parked outside 55 Water St. yesterday. When asked about a contract with Goldman to recover $70 billion in bearer bonds, Belfor spokeswoman Alex Gort said, “We have very strict confidentiality.”</div>
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Belfor workers at the site yesterday described a “complete restoration job” under “very high security,” but claimed to know nothing about the bonds.</div>
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“There are three vaults,” a hardhat said outside the building. “I wasn’t in the vault where the bonds are. Security is very tight down there. I know they were all under water. Billions of dollars’ worth, soaked. I know they are trying to pack them up.”</div>
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Bearer bonds are paper certificates, usually issued by governments, that are redeemable after a prescribed term. The bearer submits an attached coupon to receive payment. Because they are typically unregistered and can be used like cash, they were commonly used by those wishing to hide, and not pay taxes on, assets. They were banned in 1982.</div>
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But those that haven’t been fully redeemed remain in circulation.</div>
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Andrew Kintzinger, a securities lawyer, said that if a Wall Street firm were holding bonds as a custodian for investors, there would be electronic records documenting payments that would provide investors with proof of ownership.</div>
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But if Goldman or the other banks owned the damaged bonds themselves, redeeming them could be “a problem,” he said.</div>
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<em style="border: 0px; list-style: none; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;">Additional reporting by Mark DeCambre and Kevin Fasick.</em></div>
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<span style="color: #222222; font-family: arial, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;"><span style="font-size: 14px; line-height: 18.583334px; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;"><a href="https://3c.web.de/mail/client/dereferrer?redirectUrl=http%3A%2F%2Fwww.nypost.com%2Fp%2Fnews%2Flocal%2Fmanhattan%2Fsunken_treasure_R1WidDOAwSBvWbYgSIoflJ&selection=page1" style="margin: 0px; outline: 0px; padding: 0px; vertical-align: top;" target="_blank">http://www.nypost.com/p/news/local/manhattan/sunken_treasure_R1WidDOAwSBvWbYgSIoflJ</a></span></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-82457215276749286162012-10-28T06:10:00.001-07:002012-10-28T06:10:43.249-07:00Konsequenzen für den Bondmarkt und die Holdouts nach dem pari passu Urteil des Court of Appeals // Werning JPMorgan<br />
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<a href="http://rolfsgriechenlandblog.blogspot.de/2012/10/konsequenzen-fur-den-bondmarkt-und-die.html" style="color: #888888; text-decoration: none;">Konsequenzen für den Bondmarkt und die Holdouts nach dem pari passu Urteil des Court of Appeals // Werning JPMorgan</a></h3>
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<br />Argentina: Holdout creditors' "trick or treat" threat warrants cutting Argentina debt to MW in model portfolio<br /><br /><br /><br />Holdout creditors score win in long awaited US Appeals Court "pari passu" ruling<br />Argentina likely to exhaust alternatives before considering compromise<br />Argentina's performing bond market can suffer further from "friendly", as well as "enemy fire"<br />Cut Argentina debt to marketweight in model portfolio<br /><br />Hold out creditors litigating against Argentina in US courts have brought forward Halloween holiday this year. The "trick or treat" was issued via a US Appeals Court ruling which resonated negatively in bond markets. The problem for the market is that Argentina is being told to "treat" but performing debt bondholders are the potential victims of a (very nasty) "trick" if Argentina does not concede hand outs.<br /><br />In this note we complete the thoughts that formed our immediate impressions in response the news of the adverse ruling for Argentina ("Argentina: Court rules pari passu—quick & dirty and negative"). In a nutshell, as we think about the details and possible scenarios our concerns over the risk this litigation poses to Argentine performing bond holders remains large.<br /><br />This ruling is the key headline risk event that the market has been waiting for but the result is not what the market was expecting. Thus, it is negative for the soverign debt. Whether the risks are worth more than the $7.0-9.5 price gap in long-duration performing bonds that already transpired is the key question investors face.<br /><br />We believe the market worries are unlikely to resolved for better or for worse in the near term and hence market anxiety may escalate. Given the legal complexities of the case and the fact that a politically-charged decision now lies unpredicatbly in Argentina's lap, we prefer to stay sidelined at this stage and recommend cutting Argentina exposure to marketweight (see last section below).<br /><br />The ruling is very harsh, raising risks of an adverse "end game" for performing debt<br /><br />With regards to the ruling there are many things to highlight. We abstract from an analyzing arguments driving the decision in depth (sufficient is to say that the Appeals Court literally trashed a laundry list of Argentina's arguments—with one caveat). The main take aways are the following:<br /><br />1. The ruling AFFIRMS the judgements of the district court against based on breach of "pari passu" (i.e. issuing an opinion on the "broad" definition that serves establish precedents for sovereigns in general, not just the "narrow" definition based on argument of the "lock law" specific to Argentina).<br /><br />For practical purposes, this boils down to disallowing Argentina to pay holders of restructured bonds in US territory unless it pays holdout creditors in the lawsuit (with claims worth $1.33 bn)—despite the payments are in a bondholder trust which technically means they are no longer property of Argentina. Specifically, this involves 2005 and 2010 Exchange Securities which we interpret to mean Discount, Pars, GDP Coupons and Global 17s under foreign law, which includes USD-denominated NY law and EUR denominated UK law securities; in contrast, bonds from those same exchanges but under Argentine law, irrespective of whether they are USD or ARS, are not affected as they are paid outside US jurisdiction).<br /><br />2. The case is REMANDED to District Court so that two issues are clarified :(i.e. the "pro rata" formula and the injunction's application to third parties and intermediary banks) and then will be returned to Appeals court for FURTHER CONSIDERATION.<br /><br />While this may generate a perception that the Appeals Court can change its mind if the District Court clarifications do not satisfy it, we doubt this is likely to happen. The pro-rata formula (while critical for all parties and potentially controversial) once defined is a technicality and it is unlikely to be scrutinized by the Appeals Court. We suspect that the clarification regarding financial intermediaries can be resolved if a definition is narrowed in a way that institutions are unaffected when they (a) are in the chain of payment for Exchange Securities that do not directly recieve proceeds from Argentina or in trust for bondholders (but caught somewhere between) or (b) involved in transactions unrelated to Exchange Securities being targeted (for example, a payment of a different bond)<br /><br />3. The ruling does not mention the stays on the injunctions that the District Court concended to Argentina for the purpose of allowing it to proceed with its appeal.<br /><br />The lack of reference to the 'stays' raises a valid concern that if a solution is not adopted quickly by parties involved, the District Court injunctions and the Appeals Court affirmation would already apply to upcoming coupons on Exchange Securities due in December of 2012 (Discounts and GDP warrants). The worry is that without stays a potentially defensive and hasty political response from Argentina might surface, irrespective of the collateral damage to the bond markets it may entail. However, we believe that—with the remend requested and with Argentina sure to seek a "certioari" of the US Supreme Court—it is more likely that the threatening remedies will not be enforced until the judiciary process is complete (which, given court timing, inclines us to think that December 2012 coupons will be paid as usual). In fact, Argentina's Secretary of Finance Cosentino addressed this issue in a public statement, ratifying that the "stays" are in place currently.<br /><br />Next steps: The ball is Argentina's (better said, Cristina's) court<br /><br />The end game in this litigation will depend on Argentina's response. Below are some thoughts on the path ahead and a lot of concerns over the political capacity of the government to find a solution that limits collateral damage to the bond market:<br /><br />1. Argentina can choose abide by the Courts and settle with hold out creditors the claims. Litigation claims ($1.33 billion) can be settled without affecting Argentina's broader payment capacity (and hence the risk premium on Argentina performing bonds). Argentina can dip into its $45 billion of reserves to make the payment as it currently does for performing debt service.<br /><br />However, there are economic and a political factors at play that make this unlikely: On the economic side, we note that there are a total of $6.6 billion untendered debt (litigating and non-litigating), mostly foreign law, that could "piggy back" on this ruling to demand similar compensation. And considering that Argentina's definition of claims is limited to principal (but plaintiffs could demand PDI since 2001) the liability can conceivably inflate to an figure in the neighborhood of $11-12 billion. So it is not clear that a "small" $1.3 billion payment (or some lower amount settled privately between plaintiffs and Argentina) closes the door on the issue.<br /><br />Political considerations are more worrisome. In our view the alternative of settling claims with litigating investors looks like a difficult pill to swallow politically for a government that has publicly blasted the "vulture funds" as public enemy No. 1 (but not exclusively so) of the Argentine people. We give a slim chance to this unless plaintiffs accept a similar deal similar to the restructuring exchange (which allows the government an elegant exit: selling the deal publicly as one that respects the terms of its own original proposal). Yet, should plaintiffs be expected to accept such a proposal after years of litigation? We are doubtful... but we (and bond markets) would be relieved to be proven wrong.<br /><br />What could trigger an surprise compromise by Argentina? Maybe, the silver lining in the YPF nationalization is that now the government has a need for the state-run oil company to raise funds that help it fulfill the investment goals the President cares about. And maybe, the government acknowledges that it must resolve litigation uncertainty in a cooperative manner to make yields attractive for YPF and make its strategy to solve the energy imbalance feasible again. But too many "maybes"—and a leap of faith that the government will readily adopt economic cost-benefit analysis over political calculation—are involved in this vision for comfort.<br /><br />2. Argentina is sure to appeal (or seek "certiaori"): Argentina's public statements (from Secretary of Finance Cosentino) in response to emphasized that the latter "is not the end of litigation" making it clear that the next step is to seek a judiciary review of the ruling. What is not clear is if Argentina will appeal immediately or wait for Judge Griesa to resolve on the clarifications required by the Appeals Court.<br /><br />We understand that an Appeal can be made by Argentina to an expanded Appeals Court before the sovereign would need to seek a "certiaori" from the US Supreme Court. This again suggests that performing bond coupons are not immediately threatened. The clock on the threat to coupon payments on restructured debt starts ticking once the Supreme Court rejects the case or if it accepts it and subsequently affirms the injunctions. The Supreme Court might take 3-6 months to decide to take Argentina's appeal or reject it. So an appeal buys time and reduces the risk of a defensive and hasty response by Argentina that inflicts collateral damage.<br /><br />A Supreme Court ruling could eventually overturn the Appeals Court. At the end of day, Argentina has already proven capable of doing so in other litigation also involving holdout creditors. Moreover, recall the US government did submit an Amicus Brief siding with Argentina on the (broad) interpretation of "pari passu" that might be taken into account (although the Appeals Court evidently brushed its relevance aside). Assessing those chances, however, is the subject of a different conversation that involves analyzing in detail the arguments supporting the ruling.<br /><br />3. Argentina can try to re-route the payments on restructured debt: To avoid making payments in US jurisdiction Argentina might consider offering performing debt holders payment of coupons into a new offshore trust.<br /><br />Legally, this is complicated to the extent that one of the orders of the judge requires Argentina not to modify its payment mechanisms for Exchange Securities. Evidently Argentina, in exercise of sovereignty, may attempt to do so anyway. Yet financial institions under NY law that facilitate such a scheme might be liable to being labeled in contempt of court and therefore Argentina would rely on other institutions to help it carry out such a plan.<br /><br />But in addition, a successful execution would require solving some operational unknowns. We have heard opinions from legal experts that payment to the Trust in NY is "hard-wired" into bond contracts. If so, to re-route payments offshore (outside US) Argentina may need to carry out an exchange with current restructured debt holders. Yet an offshore payment would sacrifice US legislation and—while it is clear investors have an incentive to facilitate the payment of their coupons—it is not clear if they would rush to embrace a different legislation. Argentina can argue that a full payment in USD in Argentina should be viewed as superior to risk of payments being pro-rata in NY. But following all the noise around risk of "pesofication" we doubt all investors dependant on the BoNY trust structure have the appetite to make the gamble. A foreign non-US jurisdiction (UK?) might offer a (temporary?) shelter to continue payments but 100% participation in a swap of this kind has slim chances.<br /><br />4. Argentina can unilaterally decide to set aside future coupon payments in an (offshore) trust as a display of willingness and capacity to pay, risking accusations of default. If Argentina does not want to play the cards it has been dealt within the established rules it may consider rewriting these rules in a convenient way. It might be deemed a political "face saver" to announce that it will deposit funds for Exchange Securities in a separate offshore trust that respects restructured bond holders claims but defies litigating creditors claims and US court orders to pay them pro-rata.<br /><br />This option would lead to further collateral damage in bond markets. If the coupons do not reach their original destiny and the latter is truely "hard-wired" into bond contracts (as has been suggested to us) this option would likely qualify as a default. Of course, technically a formal default triggering CDS would have to be defined by market participants responsible for that process. Argentina's situation, if it chooses to stay current on restructured bonds but paying into a different trust, would at a minimum raise controversial opinions in this process. Moreover, for a CDS trade to look attractive bonds must trade at distressed prices that make them cheap to deliver and it is not clear they will if Argentina actually continues to pay the corresponding cashflows on the bonds.<br /><br />Final thoughts: Any safe havens?<br /><br />Unfortunately, Argentina's poor communication with markets does not provide assurance that the sovereign will (or even can) signal its strategy clearly and in a pre-emptive fashion that might help to reduce market anxiety rapidly. Thus, "pari passu" litigation will remain an overhang for the bond market.<br /> <br />All bonds—irrespective of currency—that are under local law and paid through mechanisms not within the jurisdiction of the NY court are spared from the "pari passu" litigation consequences. In the near term, the local law USD bonds like Bodens and Bonars have suffered though less than foreign law bonds due to shorter duration and due to investor understanding that they can continue to be paid by Argentina without third party interference.<br /><br />Argentina: Cutting overweight back to marketweight in our EMBIG Model Portfolio<br /><br />We moved overweight Argentina in our EMBIG Model Portfolio on 17th September as a supportive environment post the Fed’s announcement of QE3 provided support for high spread Emerging Maket sovereign performance and we saw a cyclical lift to the domestic economy in 2013, with ‘no news’ for a period in Argentina being good news for bond prices. Today’s 'news' from the pari passu court ruling is a negative risk we highlighted at the time and we see a period of uncertainty ahead. We entered the overweight when Argentina (global) 8.75% $ 2017s were at a price of 100.00, which was a spread to treasuries of 801bp versus the EMBIG spread then at 282bp. We take losses on this overweight and move back to marketweight given the downside risks, with current prices of Argentina (global) 8.75% $ 2017s down at 91.00/95.00 (spread to USTs of 1,053bp / 935bp as at 1.30pm US time 26th Oct).<br /><br />We rebalance other positions in our EMBIG Model Portfolio to keep the overall portfolio position unchanged. Many questions remain about the next steps in this process, which is unusual in that there is potential risk to bond holder payments that is not being driven by the unwillingness or inability of the issuing government (Argentina) directly. The reaction of the government to this ruling and the next legal stages are not yet known and may turn out to delay or avoid any impacts on bond payments. This keeps from wanting to move underweight at this stage, until we have more clarity on these next steps and given the price drop already. However, we think that any bounces in bond prices will likely be sold into as investors are left with a great deal of uncertainty on the future payment process and where CDS are likely to be a price point that widens as technical triggers are focused on.<br /><br /><br />Vladimir Werning (AC)<br />(1-212) 834-4144<br />vladimir.werning@jpmorgan.com<br />J.P. Morgan Securities LLC<br /><br /><br />Jonny Goulden<br />(44-20) 7134-4470<br />jonathan.m.goulden@jpmorgan.com<br />J.P. Morgan Securities plc<br /><br /><br /><br /> <span class="Apple-tab-span" style="white-space: pre;"> </span><br />www.morganmarkets.com<br /><br /><a href="https://mm.jpmorgan.com/EmailPubServlet?h=jjungnd5&doc=GPS-973118-0.html" style="color: #888888; text-decoration: none;">https://mm.jpmorgan.com/EmailPubServlet?h=jjungnd5&doc=GPS-973118-0.html</a></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-44446139736126972412012-10-28T01:04:00.000-07:002012-10-28T01:04:27.957-07:00Urteil des Court of Appeals vs Argentina auf Grundlage der Pari Passu Covenants (Zusicherungen) in den Anleiheverträgen<br />
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Urteil des Court of Appeals vs Argentina auf Grundlage der Pari Passu Covenants (Zusicherungen) in den Anleiheverträgen</h1>
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<dd id="id173ce" style="margin: 0px 0px 2mm; outline: 0px; padding: 0px; vertical-align: top;">"Rolf Koch" <rolfjkoch@web.de></dd>
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<dd id="id173cf" style="margin: 0px 0px 2mm; outline: 0px; padding: 0px; vertical-align: top;">"x sparkasse darmstadt" <732_Mailpool_WpHandel@sparkasse-darmstadt.de>, "mdaII rolfjkoch" <rolfjkoch@web.de>, xy, poststelle@bafin.de</dd>
<dt style="float: left; font-weight: bold; margin: 0px 0px 2mm; outline: 0px; padding: 0px; vertical-align: top; width: 20mm;">Datum:</dt>
<dd style="margin: 0px 0px 2mm; outline: 0px; padding: 0px; vertical-align: top;">28.10.2012 09:00:34</dd></dl>
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wie dem attached urteil vom 26.10.2012 zu entnehmen ist, ist argentinien in new york vom berufungsgericht verurtelt worden die alten, defaulten und die neuen, umgeschuldeten bonds pari passu pro rata zu bedienen.</div>
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es besteht die gefahr, dass es argy zum 15.12. (gdp-kicker) und 31.12. normale bonds nicht möglich ist über die ausserhalb argentiniens liegende vewahrketten zu zahlen.</div>
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gegebenenfalls wird argy ein ArgyClear aufsetzen.</div>
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aus diesem grund ist die kenntnis der lagerstellen zwingend notwendig um entsprechend disponieren zu können.</div>
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ich fordere die spk da auf umgehend diese lagerstellen für die argy-bonds zu benenen !!!</div>
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sollte uns schaden aus nichtzahlungen entstehen, werden wir die spk in die pflicht nehmen.</div>
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Frau RA xy, machen Sie sich bitte Gedanken über möglichkeiten eines Eilverfahrens / Rechtschutzmassnahmen.</div>
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Die BAFIN bitte ich zu unserem Anlegerschutz auf die SPK DA einzuwirken.</div>
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28.10.2012</div>
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rolf koch</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-15051461353447198312012-10-27T05:44:00.002-07:002012-10-27T05:44:37.158-07:00die immunisierung von Euroclear 2004 in Folge des 56 Mio USD Coups Elliotts vs Peru<br />
Art. 12 - Artikel 9 desselben Gesetzes, abgeändert durch das Gesetz vom 19. November 2004, wird wie folgt<br />
ersetzt:<br />
«Art. 9 - Ein Verrechnungskonto beim Systembetreiber oder bei der Verrechnungsstelle, das für das Halten von<br />
Geldern genutzt wird, und ein Geldtransfer über ein Kreditinstitut nach belgischem oder ausländischem Recht, der<br />
einem solchen Verrechnungskonto gutzuschreiben ist, darf von einem Teilnehmer, einer Vertragspartei oder einem<br />
Dritten, der nicht der Systembetreiber oder die Verrechnungsstelle ist, nicht gepfändet, unter Sequestration gestellt oder<br />
auf irgendeine Weise blockiert werden.»<br />
<br />
<a href="http://reflex.raadvst-consetat.be/reflex/pdf/Mbbs/2012/05/29/119996d.pdf">http://reflex.raadvst-consetat.be/reflex/pdf/Mbbs/2012/05/29/119996d.pdf</a><br />
<br />
S 30469<br />
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-31432975634419161972012-10-10T23:24:00.000-07:002012-10-10T23:24:04.609-07:00NEW YORK, 10. Oktober (Bloomberg). Die State Street Corp. und Bank of New York Mellon Corp., zwei der weltgrößten Depotbanken,Franken und Kronen<br />kosten Geld<br />NEW YORK, 10. Oktober (Bloomberg).<br />Die<span style="color: red;"><b> State Street Corp</b></span>. und<span style="color: red;"><b> Bank<br />of New York Mellon Corp</b></span>., <span style="color: red;"><b>zwei der<br />weltgrößten Depotbanken, </b></span>werden<br />ihre Kunden künftig dafür zur Kasse<br />bitten, wenn diese Franken oder Dänische<br />Kronen parken wollen. Schon ab<br />dem 1. November will State Street einen<br />negativen Jahreszins von 0,75 Prozent<br />auf Kronen-Einlagen berechnen,<br />geht aus einer Meldung an Kunden hervor.<br />Auch beim Franken solle es eine<br />Extra-Gebühr von 0,25 Prozent jährlich<br />geben. BNY Mellon hat bereits im<br />vergangenen Monat damit begonnen,<br />für Kronen-Einlagen gesonderte Gebühren<br />zu verlangen. Eine Gebühr für<br />Franken gebe es hier aber noch nicht,<br />wie es hieß.<br />
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FAZ Print Do 11.10.2012Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7379221363049923018.post-83209697333526781262012-10-07T09:13:00.001-07:002012-10-07T09:13:46.965-07:00Clearstream wird für die Bösgläubigkeit seiner Organe haften und somit auch die Depotbanken.<h2 class="date-header">
<span>Sonntag, 7. Oktober 2012</span></h2>
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<a href="http://rolfsgriechenlandblog.blogspot.de/2012/10/clearstream-wird-fur-die-bosglaubigkeit.html">Clearstream wird für die Bösgläubigkeit seiner Organe haften und somit auch die Depotbanken.</a>
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Anonym hat einen neuen Kommentar zu Ihrem Post "<a href="https://3c.web.de/mail/client/dereferrer?redirectUrl=http%3A%2F%2Frolfsgriechenlandblog.blogspot.com%2F2012%2F10%2Ferfullt-damit-den-tatbestand-einer.html&selection=page1" target="_blank">erfüllt damit den Tatbestand einer unerlaubten Han...</a>" hinterlassen:
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Art. 6 EGBGB <br />Artikel 6<br />Öffentliche Ordnung (ordre public).<br /><br />"Eine
Rechtsnorm eines anderen Staates ist nicht anzuwenden, wenn ihre
Anwendung zu einem Ergebnis führt, das mit wesentlichen Grundsätzen des
deutschen Rechts offensichtlich unvereinbar ist. Sie ist insbesondere
nicht anzuwenden, wenn die Anwendung mit den Grundrechten unvereinbar
ist."<br /><br />Mit Ausnahme der rechtswidrig durchgeführten Staatspleite
Argentiniens - bei der übrigens alle Klagen von Kleinanlegern
erfolgreich waren - gab es in der jüngeren Geschichte ausschließlich
rechtmäßige Umschuldungen aufgrund gültiger, in den Anleihebedingungen
vorhandenen, CACs. ( Ukraine, Moldawien, Uruguay, Belize )<br />Nachträglich
kann auch ein Souverän nicht Anleihebedingungen ändern, er kann jedoch
per Dekret ( Gesetz ) versuchen sich selbst zu entschulden, aber nur auf
seinem Staatsgebiet, falls sein eigenes Verfassungsgericht nicht
interveniert. <br />( wird aber auch nicht funktionieren, da sich GR nie
für zahlungsunfähig erklart hat, was aber Vorraussetzung für eine
Staatsinsolvenz mit anschließender Umschuldung gewesen wäre . )<br /><br />Infolge
Art. 6 EGBGB und diverser anderer europäischer und deutscher
Grundrechte sowie bestehender BITs ist das griechische Gesetz 4050/2012 (
CACs ) für uns nicht gültig da rechtswidrig.<br /><br />Und jetzt zu den Banken:<br />1. Sie wussten, dass eine ordentliche legale Umschuldung nur mit gültigen VORHANDENEN CACs durchgeführt werden konnte.<br />oder durch<br />2. einen rechtmäßigen legislativen Akt der auch für Ausländer bindend ist. <br />Davon
kann bei Enteignung keine Rede mehr sein. Möglich gewesen wäre in
diesem Zusammenhang z.b. nur eine überschaubare zeitliche Verlängerung
der Laufzeit ( 3-5 Jahre ), evtl. auch eine Reduzierung des Zinssatzes;
niemals aber ein Verfall der Forderung als solcher oder eine
Laufzeitverlängerung um ca. 20 Jahre.<br /><br />Clearstream wird für die Bösgläubigkeit seiner Organe haften und somit auch die Depotbanken.<br /><br />Dass nach Verbrauchergrundsätzen hier in der BRD geklagt werden kann, wurde von mir - vor 3 Monaten - hier hervorgehoben.<br /><br />CBL wird in der BRD verklagt werden.<br /><br />Wer es genauer wissen will, einfach nachlesen: <br />Szodruch: Staateninsolvenz und private Gläubiger <br />BWV Berliner Wissenschaftsverlag
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Von Anonym am 7. Oktober 2012 17:55 unter <a href="https://3c.web.de/mail/client/dereferrer?redirectUrl=http%3A%2F%2Frolfsgriechenlandblog.blogspot.com%2F&selection=page1" target="_blank">rolf`s griechenland blog</a> eingestellt.</span>Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-7379221363049923018.post-43254727937384972402012-10-07T02:21:00.001-07:002012-10-07T02:21:22.287-07:00erfüllt damit den Tatbestand einer unerlaubten Handlung. na, wenn das nicht Mithaftungen der Depotbanken auslöst !!!<h3 class="post-title entry-title" itemprop="name">
<a href="http://rolfsgriechenlandblog.blogspot.de/2012/10/erfullt-damit-den-tatbestand-einer.html">erfüllt damit den Tatbestand einer unerlaubten Handlung. na, wenn das nicht Mithaftungen der Depotbanken auslöst !!!</a>
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<i style="mso-bidi-font-style: normal;"><span style="font-size: 9.0pt;">Dr. Dirk Unrau, Landesgeschäftsführer Hamburg /
Schleswig-Holstein der DSW (Deutsche Schutzvereinigung für Wertpapierbesitz)</span></i></div>
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Nach unserer Beurteilung verstößt die Vorgehensweise des
griechischen Staates gegen Völkerrecht, Europarecht, bilaterales Recht sowie
nationales Verfassungsrecht und damit auch gegen den ordre public im Sinne des Paragraphen
6 EGBGB.<span style="color: red;"><b> Die Weigerung Griechenlands, die Staatsanleihen vollständig
zurückzuzahlen, stellt zudem eine vorsätzliche sittenwidrige Schädigung des
jeweiligen Anlegers im Sinne des Paragraphen 826 BGB dar und <u>erfüllt damit den
Tatbestand einer unerlaubten Handlung.</u></b></span> </div>
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na, wenn das nicht Mithaftungen der Depotbanken auslöst !!!</div>
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<span style="color: blue;">§ 826<br />Sittenwidrige vorsätzliche Schädigung</span></h6>
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<span style="color: blue;"><b>Wer in einer gegen die guten Sitten
verstoßenden Weise einem anderen vorsätzlich Schaden zufügt, ist dem
anderen zum Ersatz des Schadens verpflichtet.</b></span></div>
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