MARKET SETTLEMENT
Understanding Smart Contracts: The backbone of secure transactions in DeFi
This article explores DeFi and Ethereum-based smart contracts introduced by Nick Szabo, streamlining lending platforms, DEXs like Uniswap, and tokenized assets. Key features include atomic settlements and composability. Despite efficiencies, risks like the Poly Network hack necessitate security audits. Future advancements involve self-custody, AI integration, and interoperability in structured products.
PC Jewellers shares hit 10% upper circuit on PNB approval for one-time settlement of dues
PC Jewellers' shares surged 10% to Rs 56.2 in Monday's BSE trade following approval from PNB for a one-time settlement of its dues. The OTS terms include cash and equity components, release of securities, and mortgaged properties. However, specific details regarding outstanding dues with other banks and OTS specifics were not disclosed.
PC Jewellers gets PNB approval for one-time settlement of dues
PC Jeweller Ltd announced on Sunday that Punjab National Bank has approved a one-time settlement for its outstanding dues. The approval was detailed in a regulatory filing by the company. "Punjab National Bank, the third largest bank after State Bank of India amongst consortium banks of the company in terms of its exposure, has conveyed its approval to the One Time Settlement (OTS) proposal submitted by the company."
India’s new finance hub in Gujarat eyes real-time dollar settlement by 2025
Real-time dollar settlement in India’s newest financial hub in Gujarat, GIFT City, is set to begin later this year. The service aims to attract foreign investors by streamlining transactions and reducing delays.
Sebi issues guidelines for contribution to LPCC's core settlement guarantee fund
LPCC is an entity established to undertake the activity of clearing and settlement of repo transactions. A well-functioning repo market contributes to the development of the debt securities market by way of boosting liquidity.
Johnson & Johnson agrees to $700 million settlement over talc products
Johnson & Johnson has agreed to a $700 million settlement with 42 US states and Washington, DC, over allegations of misleading consumers about the safety of its talc-based products. The company maintains that its products are safe and asbestos-free, despite facing around 61,490 lawsuits. The settlement, announced in January, addresses claims of ovarian cancer and mesothelioma linked to talc products. J&J continues to pursue various paths to resolve the litigation, including a proposed $6.48 billion settlement and a comprehensive resolution through litigation or settlement.
Putin urges major expansion of Russian financial markets, cutting use of Western currencies
Putin emphasized the need for Russia to reduce imports, increase the use of non-Western currencies in trade settlements, and expand its domestic financial markets. He highlighted the growth in trade with Asia and the increasing use of the Russian rouble in external trade. Putin also mentioned the importance of boosting the share of settlements in BRICS currencies and reducing reliance on "toxic" currencies of unfriendly states. He stressed the importance of creating competitive production to reduce imports and increasing investment in fixed assets.
ET Explains: Why RBI keeps gold abroad?
The Reserve Bank of India (RBI) has been aggressively buying gold this year, purchasing one and a half times the amount bought in the whole of 2023 in just the first four months of this calendar year. A big portion of this gold is held overseas, but the RBI is now planning to bring back a portion of these reserves. This move comes amid risks following the West freezing Russian assets. The RBI holds 822.10 metric tonnes of gold, with 387.26 metric tonnes kept in safe custody with the Bank of England and the Bank for International Settlements (BIS).
Failed Wall Street trades rate roughly stable under faster settlement
The U.S. failed trades rate stood at 1.90% on Wednesday, stable from Friday, per DTCC. Market expected a rise to 4.1% post T+1 implementation, from 2.9%, as per ValueExchange.
Sebi launches beta version of calculator to arrive at settlement amount
Capital markets regulator Sebi on Thursday launched a beta version of the settlement calculator to simplify the process of arriving at the indicative settlement amount, and provide more transparency in the system.
Wall Street's faster trade settlement sees some temporary bumps
The transition to faster trade settlements in the U.S. faced bumps despite a mainly smooth switch to T+1 settlement cycle from T+2, mandated by the SEC. Market participants anticipated increased trade failures and hiccups in the securities market.
Work overnight for FPI tax papers: Sebi tells big four firms
At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to generate the mandatory 'confirmation certificate' overnight so that offshore funds managers can repatriate the money from the sale of stocks here to other international markets the very next day.
Wall Street returns to T+1 stock trading after a century
The switch to the system known as T+1 — abandoned in the earlier era as volumes became unwieldy — is ultimately intended to reduce risk in the financial system.
Dollar firm ahead of global inflation data
The dollar held steady on Monday, but was set for its first monthly loss this year, as investors were focused on U.S., European and Japanese inflation data to guide the global interest rate outlook.
US stock changes push FX trades into Asia's 'twilight zone'
Asian money managers face disruption as U.S. stock settlement window shortens next week, requiring quicker fund validation in thin, volatile currency markets.
Speedier Wall Street trades putting global finance on edge
Spurred on by the original meme-stock frenzy, the Securities and Exchange Commission is pushing the shift to reduce the chance of something going wrong between when a trade is executed and when it's settled. But the switch to what's known as T+1 comes with risks of its own.
Sebi extends settlement scheme period till June 10 in illiquid stock option cases
"It has been observed that during the last few days, a large number of entities have shown interest in availing the scheme. Considering the interest of entities in availing the scheme, the competent authority has extended the period of the scheme till June 10, 2024," Sebi said in a statement.
T+0 settlement cycle: Dalal Street ahead of Wall Street, a precursor to instant settlement
Last month, after a long debate we witnessed the part implementation of T+0 settlement cycle for trading in the securities markets. Timely and quicker settlement is a sign of an efficient market as it reduces the risk of any wrongdoing.
A modest debut for T+0 settlement
According to BSE, 63 brokers participated in the shorter trade settlement process with 41 trading in 10 stocks. They placed a total of 329 orders which resulted in 90 trades, said the exchange in a release.
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