Bank screens/Forex issues

[blaineage]

Came across this story, and thought I should post it here to put to bed any thoughts that bank screen stories or issues with forex updating screens holding up an RV. Certianly if they can have a contigency such as this they can prepare for an IQD RV.

DJ FXall Ready For Quoting Euro Legacy Currencies

9:41 AM (GMT-05:00) Eastern Time (US & Canada) Nov 29, 2011

-- FXall--one of largest bank-to-client currencies dealing systems--has plans in place to deal with new currencies -- Advising clients to be ready to update settlement instruction capacities -- Latest in a series of currency market intermediaries making contingency plans for potential euro breakup By Eva Szalay Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Electronic foreign-exchange trading platform FXall has set up contingency plans to prepare for a potential euro breakup, and is advising clients to be ready to update their settlement instructions for additional currencies, the company told Dow Jones Newswires Tuesday. "We have comprehensive contingency plans in place and are prepared to quote any changes to currency pairs," said Mark Warms, general manager for Europe at the firm in London. "Our contingency plans include the ability to add currencies and capacity, and to convert legacy euro trades." Warms said the company was hopeful that the euro-zone crisis would eventually reach a favorable solution, but it needs to be prepared for every eventuality to adjust quickly to changing market conditions. Trading an additional currency would only be a simple matter of adding a new code on the system, a person familiar with the situation said. But Warms said the company is warning its clients to be prepared to update their settlement instruction systems, and to examine legal and contractual issues. "Our clients are looking closely at the wording of euro-zone contracts they have in place," Warms said. "They are focused on managing [counterparty] risk effectively and adding more counterparties if needed." The New York-based platform, which announced plans for a stock-market listing in September, is the latest industry utility that said it is taking steps to prepare for a potential breakup of the currency zone. It is the first dealer-to-client system to reveal such plans. Currency settlement utility CLS Bank has conducted stress tests, it emerged last week, including scenarios involving the breakup of the euro zone. ICAP and Thomson Reuters, which run the two biggest bank-to-bank dealing platforms, have also they stand ready to trade now-defunct euro-zone currencies again. Meanwhile, major foreign-exchange banks are also warning clients that risks of a euro-zone breakup have increased. Nomura warned clients to check the fine print on their euro-zone bonds to gauge whether their assets would remain in euros or potentially a legacy currency in case of a euro-zone breakup. A number of other banks have also warned clients that a breakup is possible. -By Eva Szalay, Dow Jones Newswires; 44 20 7842 9305; eva.szalay@dowjones.com; @djfxtrader (END) Dow Jones Newswires November 29, 2011 09:41 ET (14:41 GMT) Copyright © 2011 Dow Jones & Company, Inc.

[Gooserider67]

Wow, if the Euro fails and countries begin to print their own currency again... could this be another opportunity to invest in countries for a possible RV?

[Crow]

Wow, if the Euro fails and countries begin to print their own currency again... could this be another opportunity to invest in countries for a possible RV?

Was thinking the same!!! More ways to torture ourselves!!!!

[BradyBear]

Great point Gooserider67, this could really work out well!

[jordan1]

if the whole world economy was going to fail and the IQD was the saviour Don't you think that maybe the rv would have happened by now ... Nuff Said :lol:

[storm1]

I believe the point of the posted article was to show you there are NO banks delaying RV or Bank screen issues as goo roo's say.

[blaineage]

I believe the point of the posted article was to show you there are NO banks delaying RV or Bank screen issues as goo roo's say.

That was my original thought, but hey, who knows....maybe get some cheap italian liras and go for another fun ridefor 10 years on www.liravets.com ....................not

[Jaygo]

Currently I am looking at Libyan and Qatar. Could be good.

[dinardarius]

I'm going blind

[Hawkedge]

o.0