Capital Markets & IT - lakyara June 2016
Financial institutions are under constant pressure to reduce costs, improve operational efficiency, adapt to regulatory changes and grow their business. NRI believes that a combination financial knowledge and information technology are crucial to the industry’s growth and development.
Through our lakyara reports, NRI identifies the various capital markets and IT issues impacting our clients and the future of their business.
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BOJ-NET's foreign exchange yen clearing and SWIFT's migration to ISO 20022
BOJ-NET's Foreign Exchange Yen Clearing System (The FXYCS) has been using the ISO 20022 message format since last year. When SWIFT migrates from its existing MT message format to ISO 20022, even BOJNET settlement services may be affected.
While the BOJ's negative interest rate policy's adverse impact on financial institutions cannot be ignored, the one ultimately hardest hit by NIRP may be the BOJ itself when it attempts to normalize its currently ultra-accommodative monetary policy.