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Index
Author’s Acknowledgements
About the Author
Members of the 2014-2016 CTP BOK Committee
Table of Contents
Chapter 2: Regulatory and Legal Environment
Introduction
General Regulatory Environment
General Types of Financial Institution (FI) Regulations
Issues Affecting Financial Regulation
Primary Regulators and Standard Setters of International Financial Markets
Central Banks
Financial Stability Board (FSB)
Bank for International Settlements (BIS)
Basel Committee on Banking Supervision (BCBS)
European Payments Council (EPC) and Single Euro Payments Area (SEPA)
European Securities and Markets Authority (ESMA)
International Association of Deposit Insurers (IADI)
International Organization of Securities Commissions (IOSCO)
Financial Action Task Force (FATF)
International Association of Insurance Supervisors (IAIS)
US Legal and Regulatory Environment
Regulatory Agencies
US Legal Environment
Tax Considerations
Unitary Taxes and Foreign Tax Credits
Capital Tax
Asset Tax and Turnover Tax
Withholding Tax
Sales and Use Taxes
Other Taxes
Bankruptcy (Insolvency) Laws
Critical Issues in a Business Bankruptcy Decision
Bondholders’ Rights
Shareholders’ Rights
Types of Bankruptcy in the United States
Formal versus Informal Bankruptcy Procedures
Summary
Appendix 2.1: SEPA Member States
Chapter 2: Test Your Understanding
Chapter 2: Answers
Chapter 3: Banks and Financial Institutions
Introduction
Financial Institutions: Functions and Services
Global Financial Institutions (FIs)
Commercial Banks
Investment Banks and Brokerage Firms
Credit Unions
Special Purpose Financial Institutions
Summary
Chapter 3: Test Your Understanding
Chapter 3: Answers
Chapter 4: Payment Systems
Introduction
Payment Systems Overview
Basic Payments
The Payment Process
Settlement versus Finality
Types of Payments
Cash Payments
Check-Based Payments
On-Us Check Clearing
Transit Check Clearing
Foreign Checks
Endpoints
Deadlines and Deposit Timing
Availability Schedules
Balances and Float
Other Check-Processing Factors That Influence Availability
Additional Paper-Based Instruments
Large-Value Electronic Funds Transfer (EFT)/Wire Transfer Systems
Real-Time Gross Settlement (RTGS) Systems
Clearing House Interbank Payments System (CHIPS)
TARGET2 and the Single Euro Payments Area (SEPA)
Continuous Linked Settlement (CLS)
Society for Worldwide Interbank Financial Telecommunication (SWIFT)
Small-Value Transfer or Automated Clearinghouse (ACH) Systems
Card-Based Payment Systems
Credit Cards
Debit Cards/EFTPOS
Other Varieties of Payment Cards
Payment Card Industry Data Security Standard (PCI DSS)
Merchant Card Fees
Summary
Appendix 4.1: Check Return Reasons
Appendix 4.2: Fedwire Format Example
Appendix 4.3: FedGlobal ACH Payments Countries
Appendix 4.4: Banking and Payment Systems Information for Selected Countries
Chapter 4: Test Your Understanding
Chapter 4: Answers
Chapter 5: Money Markets
Introduction
Global Money Markets
Money Market Participants
Investment Risk Considerations
Types of Money Market Instruments and Investments
Short-Term Money Markets in the United States
Processing and Clearing of Short-Term Investments in the United States
US Money Market Participants
US Federal Agency and Government-Sponsored Enterprise (GSE) Securities
Municipal Notes, Variable-Rate Demand Obligations (VRDOs), and Tax-Exempt Commercial Paper (CP)
Summary
Chapter 5: Test Your Understanding
Chapter 5: Answers
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