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  • WASHINGTON (4/16/14)--The Basel Committee on Banking Supervision has approved new rules for "systemically important" banks --those identified as having the potential to impact the global economy by their actions. The rules will dictate how much business such institutions could do with each other and also refine an existing cap on how much they can do with any single counterparty ( Bloomberg April 15). The intent is to limit the extent of the damage a single failure can cause--to the economy and to other lenders. In a statement on its website, the committee said the limits, effective Jan. 1, 2019, "can directly contribute toward the reduction of system-wide contagion risk," i.e., another global meltdown. It noted that the rule builds on one the committee issued in March 2013 ...
  • LUND, Sweden (4/16/14)--In an indication that--for better or worse--innovations in the payments system may be limited only by human imagination, an April 15 article in TechWeekEurope UK reported that a student at Lund University here invented a payment system that uses scans of the vein pattern of a user's hands to authenticate a transaction. Fredrik Leifland calls his system Quixter and said he came up with the idea two years ago when standing in a slow line waiting to pay for a purchase. The article says Quixter is currently set up in 15 businesses around the university, and that more than 1,600 people have signed on ...


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