Deutsche bank suspende traders de forex

Steven Cho: Top Goldman Sachs Forex Trader saindo do banco.

A Goldman Sachs perdeu seu principal trader de forex, Steven Cho, que está se aposentando do banco Reuters.

O principal trader de forex do Goldman Sachs, Steven Cho, está deixando o gigante dos bancos de investimento dos EUA.

Cho é sócio da Goldman Sachs e lidera as operações no mercado à vista e futuras das principais moedas estrangeiras. Uma fonte no banco confirmou que Cho deve sair.

A Goldman Sachs recusou o pedido da IBTimes UK para comentar. De acordo com a Reuters, Cho está se aposentando ao lado de Leland Lim, co-diretor de macro trading da Goldman para a Ásia-Pacífico, excluindo o Japão.

O Wall Street Journal disse que Cho se recusou a comentar quando contatado diretamente. Cho ingressou no escritório do Goldman em Londres em 1996, depois de se iniciar como operador de câmbio dois anos antes no Citibank. Ele se mudou para o escritório de Goldman em Nova York em 2001.

O mercado global de moedas, no valor de US $ 5 trilhões (US $ 3 trilhões, € 3,6 bi) no comércio diário, está sob maior escrutínio dos reguladores financeiros, em meio a suspeitas de que eles tenham sido manipulados.

Vários dos rivais do Goldman suspenderam ou demitiram altos funcionários do forex - incluindo Barclays, HSBC, RBS, Citigroup, JPMorgan, Standard Chartered e Deutsche Bank - enquanto as sondagens regulatórias dos EUA, da Europa ao leste da Ásia se aqueciam.

Antes da notícia sobre o Cho de Goldman, surgiu que o chefe de câmbio do Citi, Anil Prasad, deixará o banco de investimentos em março.

Fontes disseram à IBTimes UK que sua saída é "totalmente não relacionada" com as investigações globais sobre a possível manipulação das taxas de câmbio.

Ninguém da Goldman Sachs foi suspenso ou demitido e não há nada que sugira que as saídas de Cho ou Lim estejam relacionadas às sondagens regulatórias.

Após a especulação da mídia, a Autoridade de Conduta Financeira do Reino Unido confirmou que está investigando o mercado de moeda estrangeira após sugestões de que pode ter havido tentativas de manipulá-lo por algumas das maiores instituições financeiras do mundo.

Todos os dias, cerca de US $ 5 trilhões mudam de mãos no mercado de câmbio do mundo. É o maior mercado do sistema financeiro.

Autoridades norte-americanas, suíças e de Hong Kong informaram que lançaram suas próprias investigações sobre alegações de manipulação do mercado monetário.

"Podemos confirmar que estamos conduzindo investigações junto a várias outras agências, tanto no Reino Unido quanto no exterior, em várias empresas relacionadas à negociação no mercado de câmbio (forex)", disse um porta-voz da FCA.

"Como parte disso, estamos coletando informações de uma ampla variedade de fontes, incluindo participantes do mercado. Nossas investigações estão em um estágio inicial e levará algum tempo até concluirmos se houve algum desvio de conduta que levará a ações de fiscalização.

"Não vamos comentar mais sobre nossas investigações".

Notícia do mercado de ações de hoje & amp; Análise.

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Barclays entregou o melhor bônus do banco na história do Reino Unido sobre o equipamento de moeda "descarado".

Autoridade de Conduta Financeira & libra; uma penalidade de 284,4m vem em meio a US $ 6 bilhões em multas por seis bancos para manipulação cambial.

20:17 BST 20 de maio de 2015.

O Barclays recebeu a maior multa bancária do Reino Unido na história, já que seis bancos foram obrigados a pagar US $ 6 bilhões pela manipulação dos mercados de câmbio.

A Autoridade de Conduta Financeira ordenou à Barclays que pagasse £ 284,4m como parte da liquidação de £ 1,5 bilhão do banco britânico com o órgão de vigilância da Cidade e quatro reguladores dos EUA.

O Royal Bank of Scotland, o JP Morgan, o UBS, o Citigroup e o Bank of America também foram multados pelo Federal Reserve, enquanto todos, exceto o Bank of America, foram forçados a se declarar culpados e penalizados pelo Departamento de Justiça dos EUA.

Os banqueiros tentaram manipular benchmarks vitais utilizados por empresas em todo o mundo como uma referência para as transações cambiais no mercado de US $ 5,3 trilhões por dia. Um comerciante do Barclays escreveu em bate-papos eletrônicos: & # x201c; Se você não está traindo, você não está tentando. & # X201d;

O Barclays demitiu oito funcionários como parte de seu acordo com o Departamento de Serviços Financeiros de Nova York e concordou com uma multa de US $ 115 milhões com a Comissão de Comércio de Futuros de Commodities dos Estados Unidos por manipular o ISDAfix, um marco usado para precificar certos produtos financeiros. .

Benjamin Lawsky, chefe da DFS, que revelou na quarta-feira que deixará o cargo após quatro anos, disse: Simplificando, os funcionários do Barclays ajudaram a fraudar o mercado de câmbio. Eles se engajaram em uma cabeça de bronze que eu ganho, as caudas que você perde & # x2019; esquema para arrancar seus clientes. & # x201d;

Os quatro reguladores dos EUA e a FCA cobraram US $ 5,7 bilhões em multas diretamente por manipular benchmarks de câmbio. Além disso, o UBS e o Barclays foram condenados a pagar US $ 263 milhões pelo Departamento de Justiça, porque sua atividade violou os acordos assinados quando os bancos foram multados pela operação da Libor.

O Barclays, o RBS, o Citigroup eo JP Morgan também deram o passo sem precedentes de se declarar culpados de conspirar para fixar preços, enquanto o UBS, que cooperou com a investigação dos EUA, se declarou culpado de uma acusação separada de fraude relacionada à Libor.

Os bancos foram acusados ​​de falhas, o que significava que seus comerciantes puderam se juntar para comercializar os mercados FX até 2013 e x2013; O ano depois que o escândalo Libor falhou. As autoridades disseram que identificaram casos de aparecimento de mercado ocorrendo já em 2007.

Apesar das imensas multas, que levam penalidades combinadas à manipulação de câmbio para US $ 10 bilhões, as ações dos bancos subiram nos investidores. alívio que eles não eram maiores.

Barclays subiu mais de 3pc, adicionando £ 1,48 bilhão ao valor do banco & # x2013; quase tanto como foi forçado a pagar. O banco reservou mais de 2 bilhões de libras em relação às sondas, enquanto não foi julgado que violou um acordo de processo diferido com o DoJ.

RBS, que é 80pc de propriedade do contribuinte, subiu 1,78pc. O banco reservou £ 704 milhões para possíveis multas, mas suas multas na quarta-feira totalizaram apenas £ 430 milhões.

Barclays & # x2019; as multas totais relacionadas ao equipamento de moedas são o maior dos sete bancos que foram penalizados, e o DFS ainda está sendo perseguido pelo potencial equipamento eletrônico de benchmarks de divisas.

O regulador está investigando se os funcionários do banco montaram sistemas automatizados para manipular os mercados.

& # x201c; Embora a ação de hoje responda a falta de conduta na negociação no local, há um trabalho adicional a seguir. A investigação do Departamento de comércio de divisas eletrônicas & # x2013; que compõe a grande maioria das transações neste mercado & # x2013; vai continuar, & # x201d; Sr. Lawsky disse.

O DFS não regulamenta os outros bancos envolvidos e, portanto, multa apenas o Barclays, mas também está investigando o Deutsche Bank sobre o potencial aparato automatizado.

Antony Jenkins, Barclays & # x2019; executivo-chefe, disse: "A má conduta no núcleo dessas investigações é totalmente incompatível com Barclays & # x2019; propósito e valores e lamentamos profundamente que isso tenha ocorrido. & # x201d;

O chefe da Barclays, Antony Jenkins.

O banco, ao contrário das outras instituições a serem multadas, não havia se instalado com a FCA e a CFTC em novembro, quando o HSBC também foi penalizado em um acordo que totalizava US $ 4,3 bilhões. Isso significava que só era qualificado para um desconto de liquidação de 20pc com o cão de guarda, em comparação com os 30pc recebidos pelos outros bancos.

A FCA disse Barclays & # x2019; sistemas e controles sobre seus negócios FX foram & # x201c; inadequados & # x201d; e deu aos comerciantes dessas empresas a oportunidade de se engajar em comportamentos que colocam o Barclays & # x2019; interesses à frente daqueles dos seus clientes & # x201d ;.

O órgão regulador, que envia a maior parte do dinheiro que recebe através de multas para o Tesouro, ordenou agora que os bancos paguem £ 1,4 bilhão em relação à manipulação cambial, quase o dobro da conta do aparelhamento Libor. A FCA disse que não vai mais multar os bancos pelo escândalo.

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Tag: COMESA.

Blocos Regionais de Comércio e Integração Econômica.

Blocos Regionais de Comércio e Integração Econômica.

Da Ascensão da Ásia na Nova Ordem Mundial do Comércio.

Do que são blocos comerciais regionais ou acordos de livre comércio?

Com a intensificação da integração comercial entre os países, ouvimos cada vez mais os Acordos de Comércio Livre (FTAs) e os Blocos Comerciais Regionais (RTBs). Como o próprio nome sugere, esses RTBs / FTAs ​​são arranjos visando uma liberalização mais rápida do comércio em níveis regionais.

Os países estão convencidos de que o comércio é um motor de crescimento e estão buscando arranjos que promovam o comércio.

A OMC, que contém 162 países, é a mais popular; um verdadeiro fórum multilateral para a liberalização do comércio. Mas a história da liberalização do comércio liderada pela OMC mostra que a organização está enfrentando dificuldades em trazer maior liberalização comercial por causa do interesse conflitante entre o grande número de países.

Isso levou ao interesse na liberalização do comércio dentro de um número limitado de países que podem estar regionalmente próximos. Esses arranjos regionais de promoção comercial defendem mais cortes tarifários e remoção de outras restrições dentro do grupo, mantendo restrições contra o resto do mundo.

Embora muitos acordos comerciais regionais, como a UE, o NAFTA e a ASEAN, tenham sido estabelecidos antes ou na época da formação da OMC, houve uma proliferação de RTBs nos últimos anos. A recém-formada Trans Pacific Partnership (TPP) mostra essa crescente afinidade com os RTBs. Muitos RTBs como o TPP gostariam de fazer a liberalização do comércio de nível avançado e, portanto, não estão satisfeitos com o ritmo lento da liberalização do comércio dentro da OMC.

O que são blocos regionais de comércio (RTBs)?

Os blocos comerciais regionais ou acordos regionais de comércio (ou acordos de livre comércio) são um tipo de acordo intergovernamental regional, onde os países participantes concordam em reduzir ou eliminar barreiras ao comércio, como tarifas e barreiras não-tarifárias. Os RTBs são, portanto, historicamente conhecidos por promover o comércio dentro de uma região, reduzindo ou eliminando a tarifa entre os países membros.

Nas últimas décadas, as liberalizações do comércio internacional estão ocorrendo de maneira séria através da formação de RTBs. Eles estão recebendo ampla atenção por causa de muitos desenvolvimentos internacionais importantes. Primeiro, agora o mundo está se esforçando para escapar da grande fase de recessão em curso. Segundo, o fracasso da OMC em adotar medidas adicionais de liberalização na frente de liberalização do comércio.

A UE, o NAFTA, o ASEAN, o SAFTA, etc. são exemplos de integração regional. A tríade da América do Norte, Europa Ocidental e Ásia-Pacífico tem os blocos comerciais mais bem-sucedidos. Recentemente assinado Trans Pacific Partnership é um poderoso RTB. Da mesma forma, outro chamado RCEP está em rodada de negociação. A Índia assinou um TLC com a ASEAN em 2009. Simultaneamente, o país assinou muitos FTAs ​​bilaterais.

Todos os blocos comerciais regionais não têm o mesmo grau de liberalização do comércio. Podem diferir em termos da extensão do corte tarifário, da cobertura de bens e serviços, do tratamento do investimento transfronteiriço entre eles, do acordo sobre a movimentação de mão-de-obra, etc.

A forma simples do bloco comercial regional é a Área de Livre Comércio. A Área de Livre Comércio é um tipo de bloco comercial, um grupo designado de países que concordaram em eliminar tarifas, cotas e preferências na maioria (se não em todos) bens e serviços negociados entre eles.

Do mais baixo ao mais alto, a integração comercial regional pode variar desde um arranjo de redução de tarifas até a adoção de uma moeda única. O tipo mais comum de bloco comercial regional é o acordo de livre comércio, onde os membros abolem as tarifas dentro da região. A seguir, os principais tipos de integrações econômicas regionais.

Sindicato comercial preferencial: aqui, dois ou mais países formam um clube comercial ou um sindicato e reduzem as tarifas sobre as importações um do outro, ou seja, quando trocam preferências tarifárias e concessões.

Sindicato livre ou associação: Os países membros abolem todas as tarifas dentro da união, mas mantêm suas tarifas individuais contra o resto do mundo.

União aduaneira: os países abolem todas as tarifas e adotam uma tarifa externa comum contra o resto do mundo.

Mercado Comum: além da união aduaneira, o movimento irrestrito de todos os fatores de produção, incluindo o trabalho entre os países membros. No caso do Mercado Comum Europeu, uma vez obtido um visto, pode-se empregar na França ou Alemanha ou em qualquer outro país membro com restrições limitadas.

União Econômica: A União Econômica é a forma mais alta de cooperação econômica. Para além do mercado comum, há moeda comum, políticas fiscais e monetárias comuns e políticas cambiais, etc. A União Europeia é o exemplo de uma União Económica. Sob a União Monetária Européia, há apenas uma moeda - o euro.

Atualmente, do total de acordos comerciais regionais, os ALCs são os mais comuns, representando quase 90 por cento.

Do regionalismo em um mundo globalizado: uma perspectiva da Ásia-Pacífico.

Da Ascensão da Ásia na Nova Ordem Mundial do Comércio.

Das áreas de livre comércio do mundo - e tudo o que você precisa saber sobre elas.

O comércio internacional é uma força motriz por trás do crescimento econômico, e dois acordos comerciais denominados “mega-regionais” estão dominando o debate público sobre a questão: a Parceria Trans-Pacífico (TPP) e a Parceria Transatlântica de Comércio e Investimento (TTIP).

Mas existem cerca de 420 acordos comerciais regionais já em vigor em todo o mundo, segundo a Organização Mundial do Comércio. Embora nem todos sejam acordos de livre comércio (ALCs), eles ainda moldam o comércio global como o conhecemos.

O que exatamente são áreas de livre comércio?

A OCDE define uma área de livre comércio como um grupo de “países nos quais as barreiras alfandegárias tarifárias e não-tarifárias entre os membros são geralmente abolidas, mas sem uma política comercial comum para os não membros”.

A livre circulação de bens e serviços, tanto no sentido de geografia quanto de preço, é a base desses acordos comerciais. No entanto, as tarifas não são necessariamente completamente abolidas para todos os produtos.

Quais são as principais áreas de livre comércio do mundo?

O Acordo de Livre Comércio da América do Norte (NAFTA)

O comércio livre entre os três países membros, Canadá, Estados Unidos e México, está em vigor desde janeiro de 1994. Embora as tarifas não tenham sido totalmente abolidas até 2008, até 2014 o comércio total de mercadorias trilaterais excedeu US $ 1,12 trilhão.

Segundo o governo dos EUA, o comércio com o Canadá e o México apóia mais de 140.000 empresas de pequeno e médio porte e mais de 3 milhões de empregos nos EUA. Os ganhos no Canadá são supostamente ainda maiores, com 4,7 milhões de novos empregos adicionados desde 1993. O país também é o maior exportador de mercadorias para os EUA.

No entanto, o Council on Foreign Relations sugere que o impacto sobre o México é mais difícil de avaliar. A renda per capita não aumentou tão rapidamente quanto o esperado; nem diminuiu a emigração mexicana para os EUA. No entanto, as exportações agrícolas para os EUA triplicaram desde 1994, e o custo das mercadorias no México diminuiu. O custo dos bens domésticos básicos caiu pela metade desde a entrada em vigor do Nafta, de acordo com estimativas da GEA, uma empresa de consultoria econômica mexicana.

Associação da Área de Livre Comércio das Nações do Sudeste Asiático (AFTA)

O AFTA foi assinado em janeiro de 1992 em Cingapura. Os membros originais eram Brunei, Indonésia, Malásia, Filipinas, Cingapura e Tailândia. Quatro países aderiram posteriormente: Vietnã, Laos, Mianmar e Camboja.

O bloco removeu amplamente todas as taxas de exportação e importação de itens negociados entre as nações. Também assinou acordos com várias outras nações, incluindo a China, eliminando tarifas sobre cerca de 90% dos bens importados.

As nações da AFTA tiveram um PIB combinado de US $ 2,3 trilhões em 2012, e eles abrigam 600 milhões de pessoas. O acordo, portanto, ajudou a reduzir drasticamente o custo do comércio para um grande número de empresas e pessoas.

Mercado Comum do Sul (MERCOSUL)

Embora o MERCOSUL tenha sido concebido como um mercado único latino-americano, permitindo a livre circulação de pessoas, bens, capitais e serviços, essa visão ainda está por se tornar realidade. As disputas internas diminuíram o progresso para a remoção de tarifas e a livre circulação de pessoas e bens.

Mas o MERCOSUL ainda é um dos principais blocos econômicos do mundo e tem uma grande influência no comércio sul-americano e na economia global.

Mercado Comum da África Oriental e Austral (COMESA)

Formada em dezembro de 1994, a organização visa desenvolver recursos naturais e humanos para beneficiar a população da região. Seu foco principal, de acordo com as Nações Unidas, é estabelecer uma grande unidade e economia para superar as barreiras ao comércio.

Com 19 estados-membros e um faturamento anual de exportação superior a US $ 80 bilhões, a organização é um mercado significativo, tanto na África quanto no mundo.

O COMESA destina-se, intencionalmente, a eliminar todas as barreiras ao comércio intra-regional, começando pelas tarifas preferenciais e trabalhando para um mercado comum livre de tarifas e uma união económica.

E a União Européia?

A UE é um mercado único, semelhante a uma zona de comércio livre, na medida em que não tem tarifas, quotas ou impostos sobre o comércio; mas um mercado único permite a livre circulação de bens, serviços, capital e pessoas.

A UE esforça-se por eliminar as barreiras não pautais ao comércio, aplicando as mesmas regras e regulamentos a todos os seus Estados-Membros. As regulamentações em toda a região, desde o horário de trabalho até o empacotamento, são uma tentativa de criar condições equitativas. Isso não é necessariamente o caso em uma área de livre comércio.

A criação do mercado único foi um processo lento. Em 1957, o Tratado de Roma estabeleceu a Comunidade Econômica Européia (CEE) ou Mercado Comum. No entanto, só em 1986 é que o Acto Único Europeu foi assinado. Este tratado constituiu a base do mercado único tal como o conhecemos, uma vez que visava estabelecer o livre fluxo do comércio através das fronteiras da UE. Em 1993, este processo estava em grande parte concluído, embora o trabalho sobre um mercado único de serviços ainda esteja em curso.

Hoje, a UE é a maior economia do mundo e o maior exportador e importador. A própria UE tem acordos de livre comércio com outras nações, incluindo Coréia do Sul, México e África do Sul.

E quanto ao TPP e TTIP?

Uma vez plenamente ratificada, a Parceria Trans-Pacífico está prestes a se tornar o maior acordo comercial do mundo. O TPP já cobre 40% do PIB global, e o comércio entre os países membros já é significativo.

No entanto, ao remover tarifas e outras barreiras ao comércio, o acordo espera desenvolver ainda mais os laços econômicos e impulsionar o crescimento econômico.

A Parceria Transatlântica de Comércio e Investimento é um acordo atualmente em negociação entre a UE e os EUA. Se atingido, ele próprio se tornaria o maior acordo comercial do mundo - cobrindo 45% do PIB global.

Como o TPP, visa cortar tarifas e barreiras regulatórias ao comércio. Entre eles está a remoção de tarifas alfandegárias, de acordo com a ficha de negociação da UE.

O Centro de Pesquisas de Políticas Econômicas estimou que o acordo valeria US $ 134 bilhões por ano para a UE e US $ 107 bilhões para os EUA - embora os oponentes tenham contestado esses números.

Como a Iniciativa E15 do Fórum Econômico Mundial destacou, o comércio global eficaz é fundamental para o crescimento econômico e o desenvolvimento. Acordos comerciais são parte integrante de tornar isso uma realidade.

Dos Acordos Comerciais Regionais e da Ordem Global Multi-polar:

Implicações para a economia da Coréia do Sul.

Dos Acordos Comerciais Regionais e da Ordem Global Multi-polar:

Implicações para a economia da Coréia do Sul.

Dos Acordos Comerciais Regionais: Promovendo o conflito ou construindo a paz?

Governos em ascensão Governança Econômica Global Mega-Regionais Organização Mundial do Comércio (OMC) Parceria Transatlântica de Comércio e Investimento (TTIP) Parceria Transpacífica de Comércio e Investimento (TPP) MFN (Nação Mais Favorecida) PTA (Preferred Trading Agreement) FTA (Acordo de Livre Comércio) RTA Acordo Comercial Regional MTS (Sistema de Comércio Multilateral) BTA (Acordo Comercial Bilateral) Iniciativa Faixa e Estrada Regional Global Economic Partnership (RCEP) ASEAN AEC APEC BRICS UE SAARC Mercosul Área de Livre Comércio da Ásia-Pacífico (FTAAP) NAFTA ASEAN + 3 ASEAN + 6 Sindicatos aduaneiros Mercados Comuns Sindicatos Económicos GATT OMC SADC COMESA CEDEAO ECCAS / CEEAC SACU AFTA SAPTA / SAFTA.

Principais fontes de pesquisa:

O que são blocos comerciais regionais ou acordos de livre comércio?

As áreas de livre comércio do mundo - e tudo o que você precisa saber sobre elas.

Acordos comerciais regionais: Bênção ou ônus?

Caroline Freund, Emanuel Ornelas.

Acordos Comerciais Regionais: Promovendo o conflito ou construindo a paz?

Faisal Haq Shaheen.

Shaheen Rafi Khan.

Acordos comerciais regionais.

UM GUIA COMPLETO PARA OS ACORDOS REGIONAIS DE COMÉRCIO DA ÁSIA PACÍFICO.

ESCRITO POR TIM MARTYN.

Globalização e Crescimento nos Acordos de Comércio Livre.

Acordos comerciais regionais: bênção ou ônus?

Acordos de Livre Comércio do México.

M. Angeles Villarreal.

Especialista em Comércio Internacional e Finanças.

Acordos Comerciais Regionais em um Regime Comercial Multilateral: Uma Visão Geral.

INTEGRAÇÕES COMERCIAIS REGIONAIS: Um Estudo Comparativo dos ACR Africanos.

Sannassee R., Boopendra S e Tandrayen Verena.

Blocos comerciais e o modelo da gravidade: um estudo da integração econômica entre os asiáticos.

Acordos de Livre Comércio, Organização Mundial do Comércio e Comércio Aberto.

O COMÉRCIO REGIONAL FOCA O CAMINHO DO FUTURO?

Acordos comerciais regionais ea OMC.

ACORDOS COMERCIAIS PREFERENCIAIS E A OMC: IMPEDIMENTO OU IMPEDIMENTO?

Comissão do Comércio Internacional.

Helena Sullivan, presidente.

A ASSOCIAÇÃO DO BAR DA CIDADE DE NOVA IORQUE.

42 WEST 44TH STREET, NEW YORK, NY 10036.

Acordos Comerciais Regionais e a Ordem Global Multi-polar:

Implicações para a economia da Coréia do Sul.

Potências crescentes no sistema de comércio global - China e negociações comerciais mega-regionais.

Ascensão da Ásia na Nova Ordem Mundial do Comércio.

Os efeitos dos acordos de comércio mega-regionais nos países asiáticos.

Parte 2 da série de estudos GED:

Efeitos dos Acordos Comerciais Mega-Regionais.

Acordos Comerciais Regionais: Desafios do Desenvolvimento e Opções Políticas.

Acordos Comerciais Regionais.

Quais são os acordos comerciais mega-regionais?

Acordos comerciais regionais, integração e desenvolvimento.

Acordo Mega-R egional T rade e o FUTURO da OMC.

OS NOVOS ACORDOS DE COMÉRCIO REGIONAL DA CHINA.

ACORDOS DE COMÉRCIO REGIONAL E BILATERAL DA CHINA.

Chunding Li Jing.

Wang John Whalley.

Sindicatos e acordos regionais de comércio: efeitos da UEM e da UE no comércio.

Banco da Reserva Federal de São Francisco.

Regionalismo em um mundo globalizado: uma perspectiva da Ásia-Pacífico.

Redes em Evolução dos Sistemas Regionais de Pagamento e Liquidação do LBTR.

Redes em Evolução dos Sistemas Regionais de Pagamento e Liquidação do LBTR.

A globalização criou incentivos para que as nações formassem uniões econômicas regionais para aproveitar a escala e o pool de recursos.

Há muitos esforços em andamento para desenvolver e implementar o RTGS regional entre os bancos centrais. Existem vários modelos para integração.

Muitos Estados, muitas moedas & # 8211; Hong Kong SAR Muitos Estados, Moeda Única & # 8211; UE usa EURO e América Central usa USD, SADC usa RAND sul-africano.

Sistemas LBTR destinados a facilitar essa integração econômica.

RTGS & # 8211; RTGS & # 8211; Modelo de interligação & # 8211; Hong Kong, ASEAN 5 RTGS-RTGS & # 8211; Modelo SSP Single Shared Platform & # 8211; EU.

Da interoperabilidade e supervisão do sistema de pagamento: a dimensão internacional.

Vários fatores podem levar à interligação internacional de PSIs. Na maioria dos casos, vincular os PSIs nacionais à interoperabilidade internacional de certos serviços de pagamento vem das decisões de um país de explorar os benefícios da integração econômica e financeira internacional (ou seja, maiores atividades internacionais de comércio e investimento, atração de capital de investimento estrangeiro, diversificação de riscos e aprofundamento e ampliação dos mercados financeiros e de capital domésticos), uma vez que a integração exige que as unidades econômicas tenham acesso conveniente às instalações de serviços de pagamento transfronteiriços. Um poderoso impulsionador para a interligação regional do PSI é constituído pelos acordos políticos entre os países de uma região sobre um programa cooperativo de desenvolvimento econômico e financeiro amplo e de longo prazo. Normalmente, neste caso, os esforços para vincular as infra-estruturas dos sistemas de pagamento (bem como de outros mercados financeiros) são apoiados ativamente por um grupo central de países em fóruns organizados de políticas e planejamento de desenvolvimento regional.5 Em alguns casos, a interligação pode resultar de Autoridades financeiras nacionais para atender à demanda dos participantes do mercado (e / ou de seus clientes, inclusive gestores de ativos, outros servidores de valores mobiliários e outros tipos de negócios) para acesso transfronteiriço a mercados internacionais a custos de transação inferiores de ponta a ponta.

As transacções transfronteiriças podem ser possíveis através do estabelecimento de ligações bilaterais entre as PSI nacionais. 8 Talvez a forma mais simples de interligação entre ISPs seja alcançada quando dois bancos centrais concordam com um esquema para apoiar ou facilitar transacções transfronteiriças. Isso provavelmente requer vincular os sistemas de transferência de grande valor dos países envolvidos, desenvolvendo interfaces técnicas entre eles. Algumas outras soluções são possíveis, que ligam os sistemas nacionais de pagamento por meio de contas bilaterais do banco central, em que os bancos centrais participantes mantêm contas de liquidação entre si ou com um banco comercial comum.

Soluções mais avançadas para interligação PSI são caracterizadas pela adoção de um esquema unificado e uma facilidade técnico-operacional comum para processar as transações definidas sob o esquema. A facilidade técnico-operacional comum (regional ou global) segue uma das duas arquiteturas básicas: o modelo descentralizado, ou o modelo único ou totalmente centralizado. Os arranjos que adotam um modelo descentralizado para pagamentos regionais, inter-regionais e / ou globais vinculam os sistemas nacionais de liquidação existentes (Figura 1). Estes normalmente apresentam diferentes graus de sofisticação e complexidade. A maioria dos sistemas de pagamentos regionais descentralizados é projetada em uma estrutura “hub-spoke”, na qual há uma instalação central administrativa e técnico-operacional chamada de “entidade central”, que liga os sistemas participantes.9 O mecanismo de interligação é geralmente um tecnologia padronizada de mensagens e conectividade, que conecta o gerenciamento de contas e os vários sistemas operacionais nacionais, enquanto os participantes acessam a entidade central por meio da infraestrutura de assentamento nacional de sua jurisdição.

No modelo de plataforma centralizada, as infraestruturas nacionais do sistema de pagamento são substituídas por um único sistema internacional (Figura 2). Neste caso, é mais apropriado falar sobre a integração do sistema de pagamento internacional. Os participantes acessam o sistema diretamente através da rede de telecomunicações relevante ou indiretamente através de qualquer participante direto no sistema. As plataformas centralizadas são principalmente identificadas com projetos de integração internacional, principalmente os regionais, que evoluíram para uniões monetárias com o uso de uma moeda regional. Eles minimizam ou até mesmo eliminam a distinção entre pagamentos transfronteiriços e domésticos, e permitem o processamento de ambos os tipos de transações no mesmo sistema sem problemas.

Vários exemplos ilustram as diferentes modalidades técnicas de interligação discutidas acima. Um exemplo de ligações bilaterais entre os sistemas nacionais de pagamentos é a ligação do sistema de compensação bruta em tempo real (RTGS) da Autoridade Monetária de Hong Kong com os sistemas LBTR de outros bancos centrais da região, especificamente o Banco RENTAS da Malásia e o Banco. BI-RTGS da Indonésia. Esses sistemas operam em uma plataforma operacional comum. Seus links, independentes entre si, permitem a liquidação de pagamento versus pagamento entre as moedas nacionais desses países e o dólar norte-americano. Outros exemplos ilustrativos são o Sistema de Pagamentos da África Oriental (EAPS), que mostra o caso dos sistemas de pagamentos nacionais vinculados à manutenção de contas bilaterais entre bancos centrais e o Sistema de Pagos em Moneda Local envolvendo os sistemas LBTR nacionais da Argentina e do Brasil. que é um exemplo dos sistemas de pagamentos nacionais ligados através dos seus respectivos bancos centrais que detêm contas de liquidação com um banco comercial comum. Atualmente, dois sistemas SML estão operacionais: um que liga os sistemas LBTR da Argentina e do Brasil e outro que liga os sistemas LBTR do Brasil e do Uruguai.

Outros casos exemplificam os modelos descentralizados e centralizados de integração de sistemas de pagamento internacionais. Esquemas com um sistema de liquidação descentralizado envolvendo múltiplas partes foram desenvolvidos em regiões onde existe uma moeda regional, bem como para a liquidação de pagamentos internacionais denominados em uma única moeda estrangeira. O exemplo mais conhecido de um esquema unificado com um sistema de liquidação descentralizado para uma moeda regional foi o TARGET original na Europa, que ligava os sistemas LBTR Euro dos bancos centrais nacionais da UE. Outro exemplo é o Sistema de Interconexão de Pagos na América Central e na República Dominicana, que utiliza uma arquitetura descentralizada para a liquidação de pagamentos transnacionais em dólares americanos.11.

No que se refere ao modelo centralizado de interligação (ou integração) PSI, os exemplos relevantes são o TARGET2 e EURO1 que apoiam pagamentos denominados em euros na União Europeia, 12 o STAR-UEMOA para o Franco CFA da África Ocidental em toda a União Económica e Monetária da África Ocidental, e o sistema LBTR do Banco Central do Caribe Oriental (ECCB) para o dólar da CE na União Monetária do Caribe Oriental. Durante a última década, infra-estruturas centralizadas de sistemas de pagamento também foram desenvolvidas regionalmente, onde não existia nenhuma moeda regional, para facilitar a liquidação de pagamentos domésticos, regionais e inter-regionais em mais de uma moeda de liquidação (por exemplo, RAPID nos Emirados Árabes Unidos, e CHATS em Hong Kong). Finalmente, um exemplo de um sistema global unificado para assentamentos denominados em múltiplas moedas é o CLS Bank International, que liga os sistemas LBTR nacionais das jurisdições / moedas participantes, com uma forte dependência do acordo legal do livro de regras e dos padrões técnicos.

O projecto regional de integração de pagamentos da Comunidade de Desenvolvimento da África Austral (SADC) na região da África Austral capta aspectos de um modelo centralizado. O projecto desenvolve-se no conceito do International Payments Framework (IPF) para construir uma infra-estrutura de pagamentos regional composta por uma câmara de compensação automática regional (ACH) e sistema de liquidação.14 A arquitectura actual consiste no Sistema Integrado de Liquidação Electrónica Regional da SADC (SIRESS). sistema central electrónico que facilita o comércio transfronteiriço na região da SADC. SIRESS, e exclui pagamentos interbancários domésticos e liquidações. Permite aos bancos participantes liquidar transacções regionais denominadas em rand sul-africano (ZAR) nos países da SADC, com base no LBTR. O sistema é operado pelo Banco de Reserva da África do Sul (SARB) em nome do Comité dos Governadores dos Bancos Centrais da SADC, com o SARB a actuar também como o banco de liquidação do ZAR. É um sistema de pagamento / liquidação seguro e eficiente que reduz o custo para os bancos, já que não há intermediário envolvido (intermediário) envolvido.15 O projeto deve eventualmente evoluir para uma única infra-estrutura regional de liquidação de pagamentos, em conjunto com a união monetária planejada.

Os sistemas regionais protótipos para pagamentos de varejo eram acordos multilaterais regidos por acordos de serviços e protocolos operacionais de padronização limitada entre bancos participantes em diferentes países. Por exemplo, o TIPANET, que foi projetado como um serviço de pagamento varejista para transferências de crédito entre bancos cooperativos na Europa e no Canadá, forneceu aos participantes um custo menor e entrega de pagamento mais rápida do que os acordos bancários correspondentes naquele período.16 O crescimento generalizado dos esquemas de pagamento de cartões de crédito e débito desde o final da década de 1980 forneceu uma segunda onda de integração e integração de ISP regionais e transregionais.

Alguns acordos transfronteiriços regionais desenvolveram-se através de ligações diretas (horizontais) entre os sistemas nacionais. É o caso do acordo que vincula o sistema de cartões de débito da Interac no Canadá, os sistemas NYCE Payments Network e PULSE nos Estados Unidos, e a Union Pay na China pelo acesso dos portadores dos cartões às redes de débito e ATM transfronteiriças. Os sistemas de pagamento com cartão global, como VISA e MasterCard, fornecem interoperabilidade transfronteiriça em sistemas de transação para pagamentos de crédito e débito e saques de caixa eletrônico para portadores de cartões e integração (vertical) desses sistemas com sistemas proprietários de compensação e liquidação. Como esquemas globais de pagamento por cartão, eles lidam com pagamentos domésticos, regionais e inter-regionais.17.

A interligação regional e inter-regional de sistemas nacionais e de transferência de fundos em geral é um desenvolvimento bastante recente. Alguns, como o STEP2 da EBA Clearings na Europa e o SICA-UMEOA na União Monetária e Econômica da África Ocidental, são esquemas e sistemas regionais únicos para pagamentos domésticos e internacionais entre países membros usando o euro e o franco CFA, respectivamente. Outros são geralmente construídos através de ligações bilaterais (horizontais) entre as ACH nacionais. Essas ligações permitem que os membros da ACH em um país transmitam pagamentos de clientes, normalmente por meio de transferências de crédito, a destinatários finais que mantêm contas com membros da ACH em outros países. A arquitetura de rede para infra-estrutura de compensação de pagamentos regional ou interregionalmente vinculada e para ACHs regionais únicas pode ser um arranjo de hub-spoke com uma conexão de hub central, uma estrutura de rede centralizada ou uma estrutura de rede bilateral distribuída, que contempla a operação de grandes prestadores de serviços de compensação e processamento de pagamentos (Caixa 1). Outro exemplo, na Europa, são os Mecanismos de Compensação e Liquidação (CSMs) da Estrutura Única de Pagamentos em Euros (SEPA). Os serviços oferecidos pelos CSM concorrentes, com base nos esquemas de pagamento da SEPA, são governados pelas forças do mercado e estão fora do âmbito do European Payments Council (EPC). O regulamento da UE prevê que, dentro da UE, um PSP acessível para uma transferência nacional de crédito em euros ou débito direto seja acessível para transferências de crédito em euros ou débitos diretos iniciados através de uma PSP localizada em qualquer Estado-Membro. Qualquer PSP que participe em qualquer um dos Esquemas EPC SEPA (Transferência a Crédito SEPA, Débito Directo SEPA), ao abrigo do acordo de adesão do regime relevante com o EPC e com o Regulamento do EPPA SEPA relevante, está permanentemente obrigado a cumprir a possibilidade a partir da sua data de preparação. Cada PSP precisa determinar como alcançar a acessibilidade total para o (s) Esquema (s) EPC SEPA a que aderiu. Existem várias maneiras de os PSPs enviarem e receberem transações de pagamento em euros para e de outros PSPs em toda a SEPA. Os PSPs podem escolher e usar qualquer solução ou combinação de soluções, direta ou indiretamente, desde que a acessibilidade e conformidade com os Esquemas EPC SEPA sejam efetivamente asseguradas.

Principais regiões com sistemas regionais LBTR.

EU TARGET2 Hong Kong SAR África Ocidental & # 8211; WAMZ East Africa & # 8211; EAPS da África do Sul (SADC) & # 8211; SIRESS ASEAN AEC & # 8211; ASEAN 5 RTGS América Central & # 8211; RTGS com base em USD & # 8211; TRAGO.

Desde a criação da Comunidade Económica Europeia em 1958, tem havido um movimento progressivo para um mercado financeiro europeu mais integrado. Este movimento foi marcado por vários eventos. No domínio dos pagamentos, os mais visíveis foram o lançamento do euro em 1999 ea transição para o euro nos países da área do euro em 2002.

O estabelecimento do sistema de pagamentos do banco central de grande valor, TARGET, foi menos visível, mas também de grande importância. Constituiu parte integrante da introdução do euro e facilitou a rápida integração do mercado monetário da área do euro.

Uma característica única do TARGET2 é o facto de os seus serviços de pagamento em euros estarem disponíveis numa área geográfica maior do que a área do euro. Os bancos centrais nacionais que ainda não adoptaram o euro têm também a opção de participar no TARGET2 para facilitar a liquidação das transacções em euros. Quando novos Estados-Membros aderem à área do euro, a participação no TARGET2 torna-se obrigatória. A utilização do TARGET2 é obrigatória para a liquidação de quaisquer operações em euros que envolvam o Eurosistema.

Em fevereiro de 2016, 25 bancos centrais da UE e suas respectivas comunidades de usuários participam ou estão conectados ao TARGET2:

Os 20 bancos centrais da área do euro (incluindo o BCE) e.

cinco bancos centrais de países não pertencentes à área do euro: Bulgária, Croácia, Dinamarca, Polónia e Roménia.

A infraestrutura financeira de Hong Kong é projetada para atender a atividades econômicas transfronteiriças e domésticas. Ligações com sistemas de pagamento e sistemas de títulos de dívida em outras economias proporcionam uma plataforma de pagamento e liquidação facilmente acessível para transações econômicas transfronteiriças e intermediação financeira.

Ligações com Guangdong (incluindo Shenzhen) & # 8211; Lançados em fases desde janeiro de 1998, esses links cobrem pagamentos de LBTR transfronteiriços em dólares de Hong Kong e dólares americanos, e verificam compensação em dólares de Hong Kong, dólares americanos e renminbi, com a Província de Guangdong incluindo Shenzhen.1 O uso desses links, ajuda a acelerar pagamentos e remessas entre Hong Kong e Guangdong, tem aumentado gradualmente com a crescente integração econômica entre Hong Kong e o Continente.

Pagamentos transfronteiriços com a Continental & # 8211; Os acordos de pagamentos transfronteiriços envolvendo o Sistema de Pagamentos Internacionais em Moeda Estrangeira do Continente foram estabelecidos em Março de 2009 para facilitar o financiamento em moeda estrangeira e a gestão de liquidez dos bancos do Continente e os pagamentos comerciais. Os acordos de pagamento transfronteiras cobrem atualmente quatro moedas & # 8211; o dólar de Hong Kong, dólar dos EUA, euro e libra esterlina.

Link com Macau & # 8211; A linha de compensação unidirecional para Hong Kong e Macau foi lançada em agosto de 2007 e junho de 2008, respectivamente, reduzindo o tempo necessário para compensar o dólar de Hong Kong e os cheques em dólares dos bancos de Hong Kong e de Hong Kong. apresentado em Macau de quatro ou cinco dias para dois.

Link com a Malásia & # 8211; Uma ligação entre o sistema RTGS da Ringgit na Malásia (o sistema RENTAS) e o sistema LBTR em dólar em Hong Kong entrou em operação em novembro de 2006. O link ajuda a eliminar o risco de liquidação ao permitir liquidações PvP de operações de câmbio em moeda nacional e dólar Horário comercial da Malásia e Hong Kong. Este é o primeiro link PvP transfronteiriço entre dois sistemas LBTR na região.

Link com a Indonésia & # 8211; The PvP link between Hong Kong’s US dollar RTGS system and Indonesia’s Rupiah RTGS system was launched in January 2010. The link helps eliminate settlement risk by enabling PvP settlements of foreign exchange transactions in Rupiah and US dollars during Indonesian and Hong Kong business hours.

Link with the Continuous Linked Settlement (CLS) system – The CLS system, operated by CLS Bank International, is a global clearing and settlement system for cross-border foreign exchange transactions. It removes settlement risk in these transactions by settling them on a PvP basis. The Hong Kong dollar joined the CLS system in 2004.

Regional CHATS – This is an extension of the RTGS systems in Hong Kong in the regional context. Regional payments in Hong Kong dollars, US dollars, euros and renminbi can use the RTGS platform in Hong Kong to facilitate cross border/cross bank transfers in those currencies.

In 2014, Hong Kong started operating PvP link between HK’s US dollar RTGS system and Thailand’s BAHT RTGS system.

This is surprisingly subtle.

When, for instance, when bank A in the Richmond Federal Reserve district sends $1000 in reserves to bank B in the Minneapolis Federal Reserve district, reserves are taken out of bank A’s account at the Richmond Fed and placed into bank B’s account at the Minneapolis Fed.

Now, bank A’s reserves are a liability on the books of the Richmond Fed, while bank B’s reserves are a liability on the books of the Minneapolis Fed. Without any offsetting change, therefore, the process would result in the Richmond Fed discharging a liability and the Minneapolis Fed gaining a liability – and if this continued, regional Fed assets and liabilities could become highly mismatched.

The principle, then, is that there should be an offsetting swap of assets. It would be too complicated to swap actual assets every time there is a flow of reserves between banks in different districts. (There’s over $3 trillion in transactions every day on Fedwire, the Fed’s RTGS system – and if even a fraction of those are between different districts, the amounts are really enormous.) Instead, in the short run the regional Feds swap accounting entries in an “Interdistrict Settlement Account” (ISA). In the example above, the Minneapolis Fed’s ISA position would increase by $1000, while the Richmond Fed’s ISA position would decrease by $1000, to offset the transfer of liabilities.

So far, this is all very similar to the controversial TARGET2 system in the Euro area, in which large balances between national banks have recently been accumulating. The American system is different, however, because ISA entries are eventually settled via transfers of assets. Every April, the average ISA balance for each regional Fed over the past year is calculated, and this portion of the balance is settled via a transfer of assets in the System Open Market Account (the main pile of Fed assets, run by the New York Fed). Hence, if in April the Minneapolis Fed has an ISA balance of +$500, but over the past year it had an average balance of +$2000, its balance is decreased (by $2000) to -$1500, and it has an offsetting gain of $2000 in SOMA assets.

As this example shows, since it is average balances over the past year that are settled, not the current balances, ISA balances do not necessarily go to zero every April. Historically, they were fairly tiny anyway, but since QE brought dramatic increases in reserves, these balances have sometimes been large and irregular. In the long run, though, the system prevents any persistent imbalances from accumulating.

(Note: the process in April is a little bit more complicated than I describe, since some minor transfers of gold certificate holdings are also involved. Basically, gold certificates are transferred between regional Feds to maintain a constant ratio of gold certificates to federal reserve notes; the transfers of SOMA assets are adjusted to account for this. Wolman’s recent piece for the Richmond Fed is one of the few sources that describes the system in detail.)

Twelve Districts of Federal Reserves.

EAC Payment and Settlement Systems Integration Project (EAC-PSSIP)

The East African Community Secretariat has received financing from the African Development Fund (ADF) toward the cost of the establishment of EAC Payment and Settlement Systems Integration Project (EAC - PSSIP) and intends to apply part of the agreed amount for this grant to payments under the contract for Audit Services for the EAC Payment and Settlement Systems Integration Project (EAC-PSSIP).

The EAC-PSSIP is an integral part of the EAC Financial Sector Development and Regionalisation Project’s (FSDRP) higher objective of broadening and deepening the financial sector and is aimed at complementing the integration of the regional financial market infrastructure to facilitate the undertaking of cross border funds transfer in support of the economies of the region as a whole. The project objective is to contribute to the modernization, harmonization and regional integration of payment and settlement systems.

The project specifically aims at: enhancing convergence and regional integration of payment and settlement systems; and strengthening a harmonized legislative and regulatory financial sector capacity in the Partner States. The Project is structured under the following components: Component 1: Integration of Financial Market Infrastructure; Component 2: Harmonization of Financial Laws and Regulations; and Component 3: Capacity Building.

The project commenced its operation in January, 2014 and it was officially launched in March, 2014.

Towards A Single Currency.

The latest development is the 2013 Monetary Union protocol, which sets out the terms for the introduction of a single currency by 2024. The IMF has stated that greater integration is “expected to help sustain strong economic growth and improve economic efficiency. A larger regional market will lead to economies of scale, lower transaction costs, increased competition, and greater attractiveness as a destination for FDI.” The first step towards this goal has already been taken. In May 2014 the East African Payment System (EAPS) was launched. The new system will facilitate real-time cross-border payments between member states. Initially, the EAPS was operational between Kenya, Tanzania and Uganda, linking the Tanzania Interbank Settlement System, the Kenya Electronic Payment and Settlement System, and the Uganda National Interbank Settlement. Lucy Kinunda, director of national payment systems at the Tanzanian central bank, told the local press, “We see the enthusiasm among commercial banks and traders building up as it facilitates intra-regional trade by reducing costs and risks in money transfers across border.”

While there is much expectation for the single currency and the political and economic integration it will bring, the main challenge will be the process of macroeconomic convergence. There has been substantial variation in inflation and economic growth rates within the EAC. For Kenya, there will also be a challenge in meeting the macroeconomic criteria laid out in the Monetary Union Protocol. In the decade to the end of 2013, Kenya only achieved the inflation target of below 8% in 2010 and 2013. The country fares better on the ratio of public debt to GDP, maintaining a ratio below the target level of 50% every year between 2008 and 2013. The member states have almost a decade to meet the convergence criteria.

SADC – Southern African Development Community – uses RAND as settlement Currency.

The Southern African Development Community (SADC) aims to achieve economic development, peace and security, alleviate poverty, and enhance the standard and quality of life of the peoples of Southern Africa through regional integration. Current status In order to achieve the above objective, a comprehensive development and implementation framework – the Regional Indicative Strategic Development Plan (RISDP) – was formulated in 2001 guiding the regional integration over a period of fi fteen years (2005-2020). The RISDFP outlines key integration milestones in fi ve areas: free trade area, customs union, common market, monetary union and single currency. The free trade area was achieved in August 2008, meaning that for 85% of intra-regional trade there is zero duty. The second milestone, to establish a customs union, has been postponed, with a new target date of sometime in 2013. Although the ultimate goal of monetary union with a single currency is several years away, the SADC Payment System integration project is already in motion. This has strategic objectives to: harmonise legal and regulatory frameworks to facilitate regional clearing and settlement arrangements; implement an integrated regional cross-border payment settlement infrastructure; and establish a co-operative oversight arrangement based on the harmonised regulatory framework. The first phase of the cross-border payment settlement infrastructure (SIRESS) went live for the Common Monetary Area countries that use the South African rand (South Africa, Lesotho, Namibia and Swaziland) in July 2013. The new system allows the settlement of payment transactions in a central location using rand as the common settlement currency. Next steps – towards an Economic Union If successful, the new system will be rolled out to the rest of the SADC Member States as the region advances towards its eventual establishment as an economic union. In parallel, the immediate next step is the establishment of the SADC customs union, which presents a number of challenges; the major one is the establishment of a single Common External Tariff, which requires convergence of all individual tariff policies into a single and uniform tariff regime.

The first stage of the Sadc Integrated Regional Electronic Settlement System (SIRESS), being the first go-live involving countries in the Common Monetary Area (CMA) namely Lesotho, Namibia, South Africa and Swaziland, was initiated in July 2013. Phase Two involved Malawi, Tanzania and Zimbabwe going live in April 2014 followed by Mauritius and Zambia which went live in September 2014 under Phase Three. Since the launch of Siress, 43% of payments in the Sadc region are now executed through the system, which settles payments in South African rand. By April 2015 Siress had reached the ZAR1 trillion (US$85,1 billion) settlement mark. This phenomenal growth of Siress is emblematic of the growing importance and influence of regional payment systems in general, the rationale of which is the subject of this article.

As of 2015, 9 out of the 15 countries have joined the RTGS system.

ECOWAS – West Africa Monetary Zone (WAMZ)

The Economic Community of West African States (ECOWAS)’ Monetary Cooperation Programme (EMCP) provided the blueprint for the economic integration of the countries of West Africa. Amongst other measures, the EMCP called for the creation of a single monetary zone in the sub-regions known as the West African Monetary Zone (WAMZ). The WAMZ was created in April 2000 with the goal to establish an economic and monetary union of the member countries. In 2001, WAMZ created the West African Monetary Institute (WAMI) to undertake preparatory activities for the establishment of the West African Central Bank (WACB), and the launching of a monetary union for the Zone. The WAMZ programme aims to increase trade among the ECOWAS/WAMZ member countries, reduce transaction costs for the users of payment systems, domesticate cross-border transactions within the WAMZ through the use of a single currency, develop safe, secure and effi cient payment systems that conform to global standards and build a payment system that will facilitate monetary policy management for the WACB.

Ahead of the establishment of the WACB, having a modernised, safe and stable financial infrastructure in place is a prerequisite to introduce a monetary union successfully. To this effect, a grant of about USD 30 million from African Development Bank Fund was approved for the WAMZ Payments System Development Project, which aims to improve the basic infrastructure of the fi nancial sector through upgrade of the payment systems of our countries – The Gambia, Guinea, Sierra Lone and Liberia. The system components of the project include Real-Time Gross Settlement (RTGS) system, Automated Clearing House (ACH) / Automated Cheque Processing (ACP) systems, Central Securities Depository (CSD) / Scripless Securities Settlement (SSS) systems, Core Banking Application (CBA) system and infrastructure upgrade (telecommunication and energy). The Gambia’s high-value payment system went live in July 2012 and Sierra Leone is currently going through the implementation. The target date of the project completion in all four countries is June 2014.

COMESA – Common Market for East and Southern Africa.

The COMESA launched the COMESA Customs Union in 2009 and the COMESA Regional Payment and Settlement System (REPSS) to facilitate crossborder payment and settlement between Central Banks in the COMESA region. The new system provides a single gateway for Central Banks within the region to effect payment and settlement of trades.

Burundi, Comoros, DRC, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambia, Zimbabwe.

ECOWAS – WAEMU/UEMOA – West African Economic and Monetary Union.

created as a single monetary zone is the West African Economic and Monetary Union (WAEMU) / Union Economique et Monétaire Ouest Africaine (UEMOA). The WAEMU was established to promote economic integration among member countries and a common market that share West African francs (CFA francs) as a common currency, monetary policies, and French as an official language. It is a trade zone agreement to encourage internal development, improve trade, establish uniform tariffs for goods, establish a regional stock exchange and a regional banking system.

The UEMOA/WAEMU has successfully implemented macro-economic convergence criteria and an effective surveillance mechanism; adopted a customs union and common external tariff; and combined indirect taxation regulations, in addition to initiating regional structural and sectoral policies. Uniquely amongst Africa’s regionalisation projects, UEMOA/WAEMU has a single central bank, Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO), which governs all of the fi nancial institutions across the Union. As part of the project for modernisation of the payment and financial infrastructure, the BCEAO launched a regional Real Time Gross Settlement (RTGS) system in 2004 and the regional Automated Clearing House (ACH) system in 2008.

Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, Togo.

SIP — A NEW INTEGRATED REGIONAL PAYMENT SYSTEM.

Guatemala Costa Rica Honduras El Salvador Nicaragua Dominican Republic.

Uses US Dollar as settlement Currency.

The SIP is a novel framework in the Americas, with several elements that dis - tinguish it from other cross-border arrangements: it involves participants in various countries, allows for payment flows in all directions among participants, uses an RTGS concept for its ‘hub’ and interlinks exclusively central bank RTGS systems, not ACHs, and uses a foreign currency for its settlement accounts.

There may certainly be some doubts as to whether the degree of existing commercial integration among the countries of Central America and the Dominican Republic will suffice to make SIP a commercially viable proposition.

But one can see the SIP as part of a wider initiative which seeks to develop the financial infrastructure with a view to furthering a regional financial market. The SIP will be an integral part of the local payment systems of CMCA member countries and, as such, will widen the coverage of available services to the benefit of participants of the national payment systems. Furthermore, the SIP could act as a direct stimulus for those banks that operate in only one of the member countries to offer affordable cross-border payment services to its clients and thus assist in the strengthening of regional financial integration.

Payment issues : Deputy Trade Minister Bayu Krisnamurthi (second right), accompanied by Artajasa president director Arya Damar (right), inspects a booth during the Integrated Payment System seminar in Jakarta on Wednesday. The seminar aimed at informing business players about the integrated payment system ahead of the ASEAN Economic Community in 2015. (Antara/Prasetyo Utomo)

Bank Indonesia (BI) is currently developing tools to create a more time-efficient and low-cost payment system ahead of the launch of the ASEAN Economic Community (AEC) in 2015 , when there will be a free flow of goods, services and people among ASEAN member countries.

‘€œWe are working to develop a more integrated national payment system before having an integrated payment system within the ASEAN region,’€ BI payment system executive director Rosmaya Hadi said at a seminar held by electronic payment service provider PT Artajasa Pembayaran Elektronik on Wednesday.

With the new system, the Indonesian banking industry will have a new real-time gross settlement system (RTGS) in which bank customers can carry out multi currency transactions on a real-time basis, she said.

‘€œWith this system, a bank customer can carry out multicurrency transactions in only minutes through non-cash payments,’€ she said, adding that BI would launch the new system this year.

Rosmaya also said the Indonesian central bank and its counterparts in five ASEAN members, including Malaysia, the Philippines, Singapore and Thailand, had agreed to prepare for an integrated payment system.

‘€œCentral banks of the ASEAN 5 have formed task forces on trade settlements, retail payments, monthly remittances, capital market settlements and standardization to formulate a set of regulations and schemes with which we will have an ASEAN integrated payment system,’€ she said.

Under the regional integrated payment system, people in ASEAN will be able to make financial transactions through ATMs, credit cards or electronic money without sacrificing much time and money.

According to a report by the ASEAN Working Committee on Payment and Settlement Systems (WC-PSS), the integrated payment system will reduce bank charges (such as foreign exchange spread among ASEAN currencies and handling fees), and encourage regulated non-bank remittance service providers to adopt international/common standards in retail payment systems.

Of all the ASEAN member countries, only Indonesia, the Philippines and Thailand currently have full ATM interoperability, according to an Asian Development Bank Institute report published in 2013.

‘€œWhen the AEC commences, ASEAN member countries will have greater need for an integrated payment system as people from across the region will have to carry out transactions from and to their home countries,’€ said Deputy Trade Minister Bayu Krisnamurthi at a similar event.

The AEC, also known as the ASEAN single market, will commence at the end of 2015. Under the AEC, the ASEAN 5 and Brunei Darussalam will have free trade agreements, while Cambodia, Laos, Myanmar and Vietnam will fully participate in the community in 2018.

Artajasa president director Arya Damar said that Indonesia should also develop its banking sector to tap its large market by utilizing more cashless transactions, otherwise other ASEAN countries’€™ banks would do so.

Citing BI data, Artajasa said that with a total of 800,000 local branches, commercial banks in Indonesia could reach only 20 percent of the total working-age population of around 150 million people.

‘€œMeanwhile, with only 15,000 ATMs, Malaysian commercial banks can reach 66 percent of its total working-age population,’€ he said.

Thai commercial banks, with around 66,000 ATMs, can reach about 30 percent of Of Thailand’€™s total working-age population, he added. (koi)

SINGAPORE – The five largest members of ASEAN – Indonesia, Malaysia, Singapore, the Philippines and Thailand – have agreed to implement an integrated payment system to enable real time gross settlement (RTGS) systems to be in effect by next year.

“With this system, a bank customer can carry out multi-currency transactions in minutes through non-cash payments,” said Rosmaya Hadi with Bank Indonesia.

The ASEAN 5 Central Banks are currently working on establishing protocols for intra-trade settlement, retail payments, monthly remittances, capital market settlements and standardization to enable the system to be up and running by the time the ASEAN Economic Community (AEC) unification occurs next January.

“When the AEC commences, ASEAN member countries will have greater need for an integrated payment system as people from across the region will have to carry out transactions from and to their home countries,” according to Deputy Trade Minister Bayu Krisnamurthi.

Under the system, individual users across ASEAN will be able to make financial payments through ATMs, credit cards, or electronic money without spending a significant amount of time or money doing so. As ASEAN currently has no plan to establish a unified currency, this program is expected to increase multi-currency transactions.

ASEAN members are also developing their ATM networks; Indonesia, for example, has an ATM reach of 20 percent of its total working population of 150 million, compared with 66 per cent for Malaysia.

Indonesia, Malaysia and Thailand are currently the only ASEAN members to have full ATM integration according to the Asian Development Bank. This will soon change as the other ASEAN member nations work towards greater integration.

Indonesia, Thailand, Phillipines, Singapore, Malaysia and Brunei Darussalam in 2015.

Cambodia, Laos, Myanmar and Vietnam to join in 2018.

ASEAN +3 Cross Border Infrastructure.

In Delhi in May 2013, the Finance Ministers and Central Bank Governors of the Association of Southeast Asian Nations (ASEAN), the People’s Republic of China (PRC), Japan, and the Republic of Korea—collectively known as ASEAN+3—agreed to set up a Cross-Border Settlement Infrastructure Forum (CSIF) to discuss detailed work plans and related processes for the improvement of cross-border settlement in the region, which included the possibility of establishing a regional settlement intermediary (RSI). Members, observers, and the CSIF Secretariat are listed in Appendix 1.

Based on the intensive discussions among CSIF members, the first report, Basic Principles on Establishing a Regional Settlement Intermediary and Next Steps Forward, was published by the Asian Development Bank in May 2014 after being endorsed by the ASEAN+3 finance ministers and Central Bank governors at their 17th meeting held in May 2014 in Astana. The members agreed that the central securities depository (CSD)–real-time gross settlement (RTGS) linkages, which connect national CSD systems and RTGS systems in a flexible.

way, would be an achievable model for cross-border settlement infrastructure in the short term and medium term. This model linking existing infrastructure enables local bonds to be settled in delivery versus payment (DVP) via central bank money, which ensures the safety of settlement and is compliant with international standards, as well as being cost - efficient. As such, the CSD–RTGS linkages are to be studied as the most feasible model for implementing the RSI in ASEAN+3.

The Joint Statement of the 17th ASEAN+3 Finance Ministers and Central Bank Governors Meeting reads as follows:

We welcomed the recommendations submitted by the Cross-Border Settlement Infrastructure Forum (CSIF) and the direction of developing the implementation roadmap of CSD-RTGS linkages as short-term and medium-term goals and integrated solution as a long-term goal for making it possible to deliver securities smoothly and safely versus payment across borders. We are of the view that this is a practical and efficient approach to advance regional settlement infrastructure that promotes cross-border securities transactions in the region.

The 4th and 5th CSIF meetings were held in Hong Kong, China (September 2014) and Manila (January 2015), respectively. Specific topics to develop an implementation plan for the CSD–RTGS linkages—such as a desktop study, possible road map—were discussed at these meetings. As an initial step, the Bank of Japan (BOJ) and the Hong Kong Monetary Authority (HKMA) agreed to conduct a desktop study.

Regional Integration in South Asia: BIMSTEC, SAARC, SAPTA, SAFTA.

January 1, 2016, marked the tenth anniversary of the South Asian Free Trade Area (Safta). The agreement, which was reached in January 2004 at the 12th Saarc Summit in Islamabad, Pakistan, came into force on January 1, 2006, and became operational after the agreement was ratified by seven nations (Afghanistan, the eighth member, ratified it in May 2011).

It created a free trade area for the people of eight South Asian nations and aimed at reducing custom duties of all traded goods to zero by 2016. That year is here but the South Asian nations see trade among them making up a meagre five per cent of their total transactions.

The purpose of Safta was to promote common contract among the member-nations and provide them with equitable benefits. It also aimed at increasing the level of cooperation in economy and trade among the Saarc nations by lowering the tariff and barriers and give special preference to the least developed countries in the Saarc region.

At a time when regional trade blocs and free trade area have emerged as models of cooperative economic growth, the Safta had offered a great opportunity to take forward the process of South Asian integration.

But South Asia has too much problems.

But South Asia is a unique regional entity in the entire world. It is a region which has remained a prisoner of the past and pressing geopolitical realities involving India, Pakistan and China.

Thanks to the relentless rivalry between India and Pakistan and the latter’s proximity to the Chinese who have included the strategy of containing India in its scheme of things in South Asia, the idea of integration of South Asia in other forms have remained elusive.

Other smaller countries like Nepal, Bengladesh, Maldives and Sri Lanka, too, have played the China card against India time and again, hurting the prospects of mutual confidence.

In such an atmosphere of suspicion, achieving what the Safta had envisioned a decade back has been next to impossible. Despite a free trade pact since 2006, trade among South Asian nations makes up five percent of their total trade. They share few transport and power connections between them.

We saw how Saarc fell apart at its 2014 summit.

We saw how the Saarc was split during the 18th summit held in Kathmandu in 2014 end when India and Nepal accused Pakistan of creating an obstacle on the way of regional integration by refusing to sign three multilateral agreements, including road trade and sharing of electricity.

Indian Prime Minister Narendra Modi even went to the extent of warning at that time, saying the integration would happen through the Saarc or without it.

He found backing in the Nepali ranks. India then went ahead with ties (visa, energy, road) with other neighbours like Nepal and Bangladesh and also promised to cut its trade surplus with the South Asian nations. But in all, Modi expressed displeasure that the progress was too slow.

Despite the presence of instruments like Safta and Bimstec (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation), South Asia has only languished. The state of affairs in connectivity, financial infrastructure including banking and mobility of people and goods have remained stuck in the complex cobweb of customs, visa and transit norms.

India, too, is responsible for the poor state of affairs.

India, being the largest nation in South Asia, has been equally guilty by not attaching much significance to the forum in the past, as it did in nurturing relation with the West and Russia. There has been a sheer lack of continuity in the country’s successive governments’ priorities towards South Asia.

For most, a combative policy towards Pakistan and dominating approach towards the smaller neighbours have been the most-after stand. No wonder, opportunities like Safta were lost without a trace.

Can Narendra Modi govt turn the tables around?

However, the Narendra Modi regime has attached much importance to the issue of South Asian integration which is a silver lining. The way India’s PM invited all South Asian heads of states or representatives to his swearing-in ceremony or kicked off his foreign tours with visits to small states like Bhutan and Nepal or suddenly landed in Lahore to reach out to his Pakistani counterpart-all these suggest that his government aspires to see a better surroundings.

Yes, there have been a serious goof-up by India’s foreign-policy makers in Nepal in the wake of its ratifying a new constitution, which has left the Himalayan neighbour distraught, but yet going by PM Modi’s general intent of improving the state of South Asian cooperation, the decade-old Safta could still have a future.

As of now, the wait will be for the 19th Saarc summit in Islamabad later this year.

Regional Monetary Co-operation in the Developing World Taking Stock.

Barbara Fritz / Laurissa Mühlich.

Redefining the Landscape of Payment Systems.

Summary of Proceedings of the World Bank Conference.

PAYMENT SYSTEMS TO FACILITATE SOUTH ASIAN INTRA - REGIONAL TRADE.

Regional Integration and Economic Development in South Asia.

Creating an Association of Southeast Asian Nations Payment System: Policy and Regulatory Issues.

No. 422 May 2013.

BASIC PRINCIPLES ON ESTABLISHING A REGIONAL SETTLEMENT INTERMEDIARY AND NEXT STEPS FORWARD.

CROSS-BORDER SETTLEMENT INFRASTRUCTURE FORUM.

PAYMENT AND SECURITIES SETTLEMENT SYSTEMS IN THE MIDDLE EAST AND NORTH AFRICA.

MASSIMO CIRASINO AND MARCO NICOLÌ.

Payments Systems and Intra African Trade.

Africa Payments: Insights into African transaction flows.

PAYMENT SYSTEMS DEVELOPMENT IN THE WEST AFRICAN MONETARY ZONE (WAMZ)

BY TEMITOPE W. OSHIKOYA.

SADC Regional payments integration Project – Annexure 6.

CROSS-BORDER LOW VALUE PAYMENTS AND REGIONAL INTEGRATION: ENABLERS AND DISABLERS.

DR. LEO LIPIS COLIN ADAMS.

EAC - PAYMENT AND SETTLEMENT SYSTEMS INTEGRATION PROJECT (EAC-PSSIP)

The development of a regional payment system in Central America: A step towards further integration and economic development.

Gregor Heinrich and Enrique Garcıa Dubon.

Implementing Cross-border Payment, Clearing and Settlement.

Systems: Lessons from the Southern African Development Community.

Albert Mutonga Matongela.

Payment System Interoperability and Oversight: The International Dimension.

Payment systems to facilitate South Asian integration.

Towards South Asia Economic Union.

RBI suspends euro transactions via Asian Clearing Union.

Financial Infrastructure in Hong Kong.

PEOPLE’S REPUBLIC OF CHINA––HONG KONG SPECIAL ADMINISTRATIVE REGION.

OVERSIGHT AND SUPERVISION OF FINANCIAL MARKET INFRASTRUCTURES–TECHNICAL NOTE.

IMF Country Report No. 14/208.

FINANCIAL SECTOR ASSESSMENT PROGRAM.

PAYMENT AND SETTLEMENT SYSTEMS.

Bonk of Malaysia.

Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries.

Amor Tahari, Patricia Brenner, Erik De Vrijer, Marina Moretti, Abdelhak Senhadji, Gabriel Sensenbrenner, and Juan Solé.

The Southern African Development Community Integrated Regional Settlement System (SIRESS): What? Como? and Why?

The Payment and Settlement Systems in the Republic of China (Taiwan)

PAYMENT SYSTEMS IN JAPAN.

The Inefficiencies of Cross-Border Payments: How Current Forces Are Shaping the Future.

Written by Yoon S. Park, PHD & DBA, George Washington University.

BI prepares for ASEAN integrated payment system.

The Jakarta Post.

Jakarta | Thu, January 30, 2014.

ASEAN Financial Integration towards ASEAN 2025:

Call for a well-coordinated supervisory and regulatory framework.

Satoru (Tomo) Yamadera.

UK Payments Infrastructure: Exploring Opportunities.

Payment Systems in Latin America: Advances and Opportunities.

By Nancy Russell, NLRussell Associates.

PROGRESS REPORT ON ESTABLISHING A REGIONAL SETTLEMENT INTERMEDIARY AND NEXT STEPS.

Implementing Central Securities Depository–Real-Time Gross Settlement Linkages in ASEAN+3.

CROSS-BORDER SETTLEMENT INFRASTRUCTURE FORUM.

ASEAN+3 Information on Transaction Flows and Settlement Infrastructures.

ASEAN+3 Bond Market Forum Sub-Forum 2 (ABMF SF2)

BASIC PRINCIPLES ON ESTABLISHING A REGIONAL SETTLEMENT INTERMEDIARY AND NEXT STEPS FORWARD.

CROSS-BORDER SETTLEMENT INFRASTRUCTURE FORUM.

ASIAN ECONOMIC INTEGRATION REPORT.

WHAT DRIVES FOREIGN DIRECT INVESTMENT IN ASIA AND THE PACIFIC?

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Geert Almekinders, Satoshi Fukuda, Alex Mourmouras, Jianping Zhou and Yong Sarah Zhou.

Guidelines for the Successful Regional Integration of Financial Infrastructures.

ASEAN 5 Prepares for Integrated Payment System.

Posted on January 31, 2014.

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Kusumo Wardhono, Dwi Tjahja.

a Practical approach to International Monetary System Reform: Building Settlement Infrastructure for Regional Currencies.

Changyong Rhee and Lea Sumulong.

Strengthening Financial Infrastructure.

Peter J. Morgan and Mario Lamberte.

No. 345 February 2012.

Why Complementarity Matters for Stability — Hong Kong SAR and Singapore as Asian Financial Centers.

V. Le Leslé, F. Ohnsorge, M. Kim, S. Seshadri.

Navigating Rise of Global RMB.

Cross-border payment link established with Hong Kong.

Hong Kong’s role in facilitating the use of Renminbi as a currency for settling international transactions.

TARGET2: a global hub for processing payments in euro.

THE EAST AFRICAN PAYMENT SYSTEM (EAPS)

Hong Kong and Thailand launch a new cross-border payment-versus-payment link.

Settlement Systems of East Asian Economies.

Payments in ASEAN post AEC.

Vengadasalam Venkatachalam, Head of Product Management South East Asia.

PSSR – Payments and Settlement Systems Report.

Payment, clearing and settlement systems in Hong Kong SAR.

Interdependencies of payment and settlement systems: the Hong Kong experience.

Creating an Integrated Payment System: The Evolution of Fedwire.

Adam M. Gilbert, Dara Hunt, and Kenneth C. Winch.

Federal Reserve Interdistrict Settlement.

TARGET2 and Central Bank Balance Sheets.

1 University College Dublin New Draft.

Ontology and Theory for a Redesign of European Monetary Union.

TARGET2: Symptom, Not Cause, of Eurozone Woes.

By Thomas A. Lubik and Karl Rhodes.

The Idiot’s Guide to the Federal Reserve Interdistrict Settlement Account.

Mutual aSSiStance betWeen Federal reServe bankS.

1913-1960 aS ProlegoMena to the target2 debate.

Barry Eichengreen, Arnaud Mehl, Livia Chiţu and Gary Richardson.

Interpreting TARGET2 balances.

by Stephen G Cecchetti, Robert N McCauley and Patrick M McGuire.

Monetary and Economic Department December 2012.

Cross Border/Offshore Payment and Settlement Systems.

Cross Border/Offshore Payment and Settlement Systems.

There are several ways by which international payment transactions are done around the globe.

Main mechanisms for payment and settlements are as follows:

Correspondent Banks Network – loosely coupled network of private banks. Clearing Bank Model - using international clearing banks – China’s RMB Clearing Banks Cross border RTGS – used mainly in regional economic and monetary blocs such as EMU – TARGET2. Clearing House model – Offshore Payment, Clearing, and settlements through systems such CHIPS in USA and CIPS in China.

Central Banks also have created a Currency Swap network for providing liquidity in international financial markets.

Recently, there has been a decline in correspondent banks network transactions. Many global banks have withdrawn correspondent relationships with other banks due to increased regulations.

There is also a newer trend in using ACH networks for international transactions. SEPA in Europe and FedGlobal ACH in USA are two examples.

SWIFT and CLS bank also play a critical role in international payments.

There is also very large OTC FX market in which 5.1 trillion USD per day are traded. I am not yet sure about the clearing and settlements of these transactions.

There are some newer technology platforms which have started providing Global payment services. Earthport in UK and Ripple Labs are two such examples.

Large Value Transfer Methods (B2B Transfers)

Cross border, Same Currency – TARGET2, SEPA, EURO1 Offshore, currency specific – CHIPS for USD, CIPS for RMB Cross border, multiple currencies – SWIFT, CLS Offshore Clearing Houses – Hong Kong, Singapore, London, Japan, Frankfurt, USA OTC FX markets (FX SWAPS, FX SPOT, FX Forward, FX Futures) Network of Correspondent Banks Network of Clearing Houses CB FX Swap Network Intra bank payment networks: Multinational Banks (Branch or subsidiary in a foreign country) FEDGlobal ACH Hawala System.

Regional Blocs (where new RTGS are being developed)

East Africa Community (EAC) West African Monetary Zone (WAMZ) Common Market for East and South Africa (COMESA) South African Development Community (SADC) – SIRESS RTGS Automated Clearing House in Common Monetary Area (CMA) ASEAN AEC ? South Asian (Asian Clearing Union) ?

LVPS used for International Payments.

EURO1 ( Pan Europe) euroSIC (Frankfurt) used for Euro transactions between countries in EU but not in EMU. FXYCS (Japan) EAF (Germany) SIC (Switzerland) CHIPS ( USA) CHAPS (UK) LVTS (Canada) CIPS (China)

I am not sure how many of these networks are currently operational since countries in EU have migrated to TARGET2 since 2008.

G-LVTN (Global Large Value Transfer Networks)

There are several newer solutions for international payment and money remittances at retail level. B2C and C2C international money transfers. They are listed here along with old solutions but are not discussed in this post.

New and Old Solutions (Retail B2C, C2C)

Block chain Ripple Earthport Transferwise Xoom (A Paypal service) Paypal Bitcoins Western Union (Old) MoneyGram (Old) Money2India/ICICI Bank State Bank of India Global ACH with FX Conversion International ACH Transactions.

One of the main reasons for this discrepancy is the inadequacy of the infrastructure for cross-border renminbi payments. Cross-border payments are currently made via a patchwork of clearing hubs and correspondent banks. These payments are hindered by complicated routing procedures, the need to maintain multiple foreign correspondent accounts, liquidity shortages in some offshore RMB centers, different hours of operations between clearing centers, a lack of common standards between international and Chinese domestic payment systems, and China’s capital controls.

Despite these hurdles, the use of the renminbi as an international payments currency has continued to grow rapidly. In the first half of 2015, there were more than RMB 5.7 trillion (USD 866.7 billion) worth of payments made to and from China using the renminbi. Currently, around a third of payments between China and the Asia Pacific region are conducted using renminbi. These numbers are projected to increase substantially over the coming years due to the desirability for Chinese businesses to use their own currency for trade transactions.

The increased use of the renminbi has led to around RMB1.5 trillion (USD 231 billion) in offshore renminbi deposits, with the largest amounts in Hong Kong, Taiwan and Singapore, respectively. As more renminbi accumulate outside of China, investors will increase their demands for channels to repatriate funds back onshore.

China’s Cross-border Inter-bank Payment System (CIPS) seeks to address many of the existing problems facing cross-border renminbi payments. CIPS provides one-point entry by participants and a central location for clearing renminbi payments It allows participation by both onshore and offshore banks and provides direct access to China National Advanced Payment System (CNAPS). These features reduce the need for banks to navigate complicated payment pathways via offshore clearing hubs or through correspondent banks. This should result in faster payment processing and reduced costs for cross-border payments.

CIPS is a real time gross settlement system, meaning that banks settle payments immediately between each other on a gross rather than a net basis. This reduces credit risks that can arise in systems where payments are netted before settlement.

Payment messages sent within CIPS are written in both English and Chinese. This eliminates the necessity of translating messages into Chinese before they can be transmitted to CNAPS. CIPS utilizes the ISO20022 messaging standard, a widely used international messaging scheme for cash, securities, trade and foreign exchange transactions. CIPS will also utilize SWIFT bank identifier codes, rather than CNAPS clearing codes. These factors will allow CIPS to smoothly process payments flowing between offshore banks using SWIFT and mainland banks using CNAPS. As a result, cross-border payments made through CIPS should be able to achieve straight through processing.

CIPS operating hours will extend from 9:00am to 8:00pm Shanghai-time. This allows the system to overlap with business hours in Europe, Africa, Oceania, and Asia. Banks within these jurisdictions will be able to settle renminbi transactions during their business day. Though North and South America are not currently covered, the People’s Bank of China (PBoC) has stated that an expansion of CIPS’ operating hours is possible.

As of the launch in October 2015, CIPS had 19 direct participants and 176 indirect participants. The initial direct members of CIPS include 11 Chinese banks and the Chinese subsidiaries of 8 foreign banks. There is currently only one American bank that is a direct participant in the system, Citibank. Of the indirect participants, 38 were Chinese banks and 138 are foreign banks.

Details on plans for the future development of CIPS are sparse. Chinese officials have spoken of a Phase II for CIPS that will improve liquidity management and the efficiency of cross-border clearing and settlement. PBoC officials have also stated that Phase II will include longer operating hours, support for securities settlement and central counterparties.

The creation of CIPS is an important milestone on the renminbi’s road to becoming a major global currency. It has the potential to significantly improve the efficiency of cross-border payment transactions and increase liquidity in the offshore market. CIPS provides a more direct pathway for processing transactions, improving speed and lowering fees. Liquidity in the offshore renminbi market will be improved due to the large number of participating financial institutions and the direct link the system has with CNAPS.

The fact that the renminbi has progressed so quickly despite the underlying deficiencies in the payments infrastructure is a testament to the global demand for the currency. CIPS seeks to rectify these deficiencies and is likely to play a critical role in the renminbi’s future growth as an international payments currency.

The Clearing House Interbank Payments System (CHIPS) is a bank-owned, privately operated electronic payments system.

CHIPS is both a customer and a competitor of the Federal Reserve’s Fedwire service.

The average daily value of CHIPS transactions is about $1.2 trillion a day.

The Clearing House Interbank Payments System (CHIPS) is an electronic payments system that transfers funds and settles transactions in U. S. dollars. CHIPS enables banks to transfer and settle international payments more quickly by replacing official bank checks with electronic bookkeeping entries. As of January 2002, CHIPS had 59 members, including large U. S. banks and U. S. branches of foreign banks.

The New York Clearing House Association, a group of the largest New York City commercial banks, organized CHIPS in 1970 for eight of its members with Federal Reserve System membership. Participation in CHIPS expanded gradually in the 1970s and 1980s to include other commercial banks, Edge corporations, United States agencies and branches of foreign banks, and other financial institutions.

Until 1981, final settlement, or the actual movement of balances at the Federal Reserve, occurred on the morning after a transfer. Sharply rising settlement volumes raised concerns that next-day settlement exposed funds unduly to various overnight and over-weekend risks. In August 1981, the Federal Reserve agreed to provide same-day settlement to CHIPS participants through Fedwire, the Fed’s electronic funds and securities transfer network.

The number of CHIPS members has fallen from about 140 in the late 1980s, mainly because of consolidations in the banking industry. Membership might have fallen even more sharply if CHIPS had not acted in 1998 to eliminate a requirement that members maintain an office in New York City.

CHIPS is governed by a ten-member board consisting of senior officers of large banks that establishes rules and fees and admits and reevaluates participants. CHIPS handles about 240,000 transactions a day with a total dollar value of about $1.2 trillion. Historically, CHIPS specialized in settling the dollar portion of foreign exchange transactions, and CHIPS estimates that it handles 95 percent of all U. S. dollar payments moving between countries. However, the CHIPS focus has shifted to domestic business since CHIPS introduced intraday settlement in January 2001.

Until January 2001, CHIPS conducted all of its settling at the end of the business day. Now, however, CHIPS provides intraday payment finality through a real-time system. CHIPS settles small payments, which can be accommodated by the banks’ available balances, individually. Other payments are netted bilaterally (e. g., when Bank A has to pay $500 million to Bank B, and Bank B has to pay $500 million to Bank A), without any actual movement of funds between CHIPS participants.

Other payments are netted multilaterally. Suppose Bank A must pay $500 million to Bank B, and Bank A is also expecting to receive $500 million from Bank C. Without netting, Bank A would send $500 million to Bank B, and it would thus experience a decline in its available cash while it was awaiting the payment from Bank C.

Using the CHIPS netting system, however, Bank A submits its $500 million payment for Bank B to a payments queue, where it waits until Bank C’s offsetting payment is received. The effect of matching and netting these payments is that Bank A’s cash position is simultaneously reduced by its payment to Bank B and increased by receipt of its payment from Bank C. The overall effect on Bank A’s cash position is thus zero.

Payments for which no match can be found are not made until the end of the day, but each payment is final as soon as it is made. To facilitate the working of the intraday netting system, each participant pre-funds its CHIPS account by depositing a certain amount between 12:30 and 9:00 a. m. The size of this “security deposit,” which is recalculated weekly, is set by CHIPS based on the number and size of the bank’s recent CHIPS transactions, and none of it can be withdrawn during the day. At the end of the day, CHIPS uses these deposits to settle any still-unsettled transactions. Any participant that has a negative closing position at the end of the day (that is, it owes more than what it has in its security deposit) has 30 minutes to make up the difference. The 30-minute period is referred to as the final prefunding period. If any banks do not meet their final prefunding requirement, CHIPS settles as many of the remaining payments as possible with funds that are in the system, and any payments still unsettled must be settled outside of CHIPS.

Banks that have positive closing positions at the end of the day receive the amounts that they are due in the form of Fedwire payments. Because the ultimate CHIPS settlements are provided by Fedwire, CHIPS is a customer, as well as a competitor, of Fedwire. The vast majority of CHIPS members are also Fedwire participants, and the daily value of CHIPS transfers is about 80 percent of Fedwire’s non-securities transfers.

CHIPS has recently added electronic data interchange (EDI) capability to its payment message format. EDI allows participants to transmit business information (such as the purpose of a payment) along with their electronic funds transfers.

USA FedGlobal ACH Payments.

To facilitate this mapping process, the Federal Reserve Bank of Atlanta joined with U. S. and foreign depository institutions, international clearing and settlement service providers, and other interested parties to form the International Payments Framework Association (IPFA). The IPFA is a nonprofit membership association comprising 29 members representing Brazil, Canada, Europe, Japan, South Africa, the United Kingdom, and the United States whose purpose is to create a framework for bridging national formats for non-urgent international credit transfers. IPFA establishes rules, standards, and operating procedures for the exchange of these payments. The first effort by IPFA was to create rules that would facilitate a bridge between the IAT format for ACH credit transfers and the payment format, ISO 20022, which supports the several retail networks within the single euro payments area (also known as SEPA), under the SEPA credit transfer scheme. The next step underway is to leverage the framework created for the United States and SEPA in order to add other countries—such as Brazil, Canada, and South Africa—that want to exchange payments with the United States or SEPA ACH networks.

The Reserve Banks, through FedGlobal, launched their first commercial international ACH service with Canada in 1999.43 The service began as a pilot program for outbound commercial ACH transfers from the United States to Canada and became a production service in December 2001. Subsequent to the Canadian service, the Reserve Banks launched individual services to Europe, Mexico, Panama, and Latin America, covering 34 countries in total.44 In 2010, the Reserve Banks processed 1.3 million international ACH transfers—accounting for about 20 percent of the total volume of international payments being cleared and settled through the U. S. ACH network.45.

The Reserve Banks offer FedGlobal account-to-account services to Canada, Mexico, Panama, and 22 countries in Europe. The Reserve Banks offer FedGlobal A2R services to Argentina, Brazil, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Peru, and Uruguay.

Europe Cross Border LVPS.

Target 2 Euro1 SEPA CLS/SWIFT STEP 2 STEP 1.

EU EBA Clearing – EURO1, STEP1, STEP2, MyBank.

EBA Clearing is a provider of pan-European payment infrastructure with headquarters in Paris. It is wholly owned by its shareholders.

Its initial mission consisted in the operation of the clearing and settlement system for single euro transactions of high value EURO1, which the Euro Banking Association (EBA) had transferred to EBA Clearing for the launch of the system in 1999. Besides EURO1, EBA Clearing also owns and operates STEP1, a payment system for single euro payments for small and medium-sized banks, and STEP2, a Pan-European Automated Clearing House (PE-ACH) for euro retail payments. In March 2013, EBA CLEARING launched MyBank, an e-authorisation solution for online payments, which is geared at facilitating the growth of e-commerce across Europe.[1]

Both EURO1 and STEP2 have been identified as Systemically Important Payment Systems (SIPS) by the European Central Bank (ECB). EBA CLEARING is also planning to deliver a pan-European instant payments infrastructure solution in the course of 2017.

The organisation is based in Paris and has representative offices in Brussels, Frankfurt and Milan.

EURO1 is a RTGS-equivalent large-value payment system on a multilateral net basis, for single euro transactions of high priority and urgency, and primarily of large amount. EURO1 is owned and operated by EBA CLEARING. It is open to banks that have a registered address or branch in the European Union and fulfil a number of additional requirements. EURO1 is subject to German law (current account principle/single obligation structure) and is based on a messaging and IT infrastructure provided by SWIFT.

Since 2000, EBA CLEARING has been offering a payment service named STEP1 for small and medium-sized banks for single euro payments of high priority and urgency. The technical infrastructure is the same as that of the EURO1 system, both use the messaging and IT infrastructure of SWIFT.

STEP2 was put into operation in 2003 with Italian payment system provider SIA S. p.A. It processes mass payments in euro. STEP2 is a Pan-European Automated Clearing House (PE-ACH). This means that it complies with the principles set by the European Payments Council (EPC) for a PE-ACH Compliant Clearing and Settlement System.

From the beginning of Single Euro Payments Area (SEPA) on 28 January 2008, STEP2 has been offering SEPA Credit Transfer processing services across all SEPA countries through its SEPA Credit Transfer (SCT) Service. Since 2 November 2009, the transposition date of the Payment Services Directive, EBA CLEARING has been processing SEPA Direct Debits with its STEP2 SDD Core and STEP2 SEPA Direct Debit (“Business to Business”) Services. Through its SEPA Credit Transfer and Direct Debit offerings, STEP2 provides banks across Europe with one channel through which they can send and receive their SEPA Credit Transfers and SEPA Direct Debits. The STEP2 platform reaches nearly 100 percent of all banks that have signed the SCT and SDD Scheme Adherence Agreements of the European Payments Council (EPC).

MyBank is a pan-European e-authorisation solution for online payments that was launched in March 2013 by EBA CLEARING. The solution enables customers across Europe to pay for their online purchases via their regular online or mobile banking environment without having to disclose confidential data to the merchant or other third parties. The solution can be used for authorising SEPA Credit Transfers as well as the creation of SDD mandates. At a later stage, MyBank may also be used for transactions in currencies other than euro or for e-identity services.

Today, MyBank is owned and managed by PRETA S. A.S., a wholly owned subsidiary of EBA CLEARING.[2]

ECB identifies systemically important payments systems.

Four systems were identified: TARGET2, EURO1, STEP2-T and CORE(FR);

Goal is to ensure efficient management of risks and sound governance arrangements.

The European Central Bank (ECB) has identified four key payment systems that are now under the new ECB Regulation on oversight requirements for systemically important payment systems (SIPS), which entered into force on 12 August 2014. The regulation covers large-value and retail payment systems in the euro area operated by both central banks and private entities, and aims at ensuring efficient management of legal, credit, liquidity, operational, general business, custody, investment and other risks as well as sound governance arrangements, namely with a view towards promoting the smooth operation of safe and efficient payment systems in the euro area.

The four systems identified today are: TARGET2, operated by the Eurosystem; EURO1 and STEP2-T, operated by EBA CLEARING; and CORE(FR), operated by STET, a joint initiative of six major French banks. They were identified according to the combination of at least two of four main criteria, i. e. the value of payments settled, market share, cross-border relevance and provision of services to other infrastructures. The Eurosystem will review this list annually on the basis of updated statistical data.

From CLS Bank & the World of FX Settlement.

Starting my career as a trader on Wall Street, one of the big mysteries I had, was just how all these trades on the NYSE got executed and reported. Within the maze of specialist booths and flying paper, trades were being crossed and buyers and sellers were recognized. While the occasional errors occur, the wild system is highly efficient at reporting and settling trades.

In the world of OTC, settlement represents a larger factor, as participants are not bound by a central exchange system that insures against counterparty risk. As such, companies are on their own to ensure that trades are settled correctly with their counterparties, and an exchange of funds takes place.

In Forex Magnates’s Q1 2013 Industry Report, we took a look at the world of FX settlement and post-trade flow and researched CLS Bank and Traiana. We wanted to know just what they did, and how their products help FX players handle their settlement needs, create efficient markets, and lower overall transaction costs. In this first part, we focus on CLS Bank.

Launched in 2002, CLS Bank was created as a private sector initiative, to deliver and operate services to mitigate settlement risk in the FX market. Owned and operated by member institutions and working alongside central banks, CLS offers members the ability to settle trades within a central location, thus, providing efficiencies to FX markets.

To understand what CLS does, it is first important to know how settlement works. Settlement is the process in which the payment and securities of a transaction are delivered. Within the securities world, this occurs in a three day window. For example, if a trader buys 100 shares of IBM stock at $100/share, the broker has three days to collect the $10,000 from the client, transfer it to the seller, and collect the shares back for the client.

Within FX, settlement does not involve securities, but instead different currencies. Therefore, in a EUR/USD trade, the seller sends dollars while receiving euros. For OTC participants, one of the greatest worries is settlement risk, which occurs when a counterparty is unable or unwilling to provide either the payment or transfer of securities.

While a deal between two parties can easily be voided, thus limiting impact of a problematic counterparty, the greater concern is the systemic risk. As traders are simultaneously trading with multiple parties, if one party fails to honor a transaction, it can affect counterparties and could prevent them from having the funds and/or securities to settle other trades.

Jake Smith, Head of Communications at CLS, explained that “FX settlement risk is also known as ‘Herstatt Risk’ ”. The name is derived from the failure of a privately owned German bank in 1974. At the time, Bankhaus Herstatt had received delivery of Deutsche marks from US counterparty banks, but had been put into receivership before the corresponding dollars were sent, due to the time zone difference.” Smith explained that, while this occurred nearly 40 years ago, “due to volumes growing substantially since that time, settlement risk has grown significantly.”

To mitigate this risk, CLS was created. Currently, there are over 60 members, who represent some of the largest financial institutions from around the world. CLS provides a central settlement network for FX transactions between its members and their customers. To facilitate settlement, all members are required to have a single multi-currency account with CLS, supporting the 17 currencies that are settled by its system.

After conducting a trade, members send transactional details to CLS Bank, including trade details, counterparties, and settlement data. On the day of settlement, CLS Bank multilaterally nets all the instructions between the settlement members, calculating each institution’s pay-in obligations for the day, to ensure settlement of all their instructions on a payment-versus - payment basis. As settlement completes, pay-out of multi-laterally netted long balances will occur.

Example: GBP/USD = 1.50, EUR/USD = 1.25.

Member 1: Buys 1,000,000 GBP/USD from Member 2.

Member 2: Buys 1,000,000 EUR/USD from Member 3.

Member 3: Buys 1,000,000 GBP/USD from Member 1.

Member 1: Owes 1.5M USD & 1M GBP, collects 1.5M USD & 1M GBP.

Member 2: Owes 1.25M USD & 1M GBP, collects 1M EUR & 1.5 USD.

Member 3: Owes 1.5M USD & 1M EUR, collects 1.25M USD & 1M GBP.

CLS then multi-laterally nets the total obligations:

Member 1: Pays 0.0.

Member 2: Pays 1M GBP.

Member 3: Pays 0.25M USD & 1M EUR.

These obligations are funded into each member’s respective multi-currency account.

CLS then redistributes the obligations to the corresponding members.

Member 1: Receives 0.0.

Member 2: Receives 1M EUR & 0.25M USD.

Member 3: Receives 1M GBP.

By multi-laterally netting (also known as trade compression) payment obligations for each currency, CLS eliminates the need to fund trades on an individual basis per currency, resulting in approximately 96% netting efficiency. This increases to 99% with In/Out Swaps (an In/Out Swap is an intraday swap consisting of two equal and opposite FX transactions.)

That means, that for every $1 trillion of In/Out swaps settled, members need to provide funding for less than $10 billion, and $40 million for spot FX. With CLS handling nearly $5 trillion worth of daily settlements, the netting rates are a key element in allowing firms to grow their transactional volumes, while substantially reducing the amount of funding required. According to Smith, “CLS believes this safer and efficient process is one of the factors that led to the increase in FX volumes over the last 10 years.”

Smith explained that CLS provides a number of benefits to the FX industry, including, settlement risk mitigation, multi-lateral netting, operational and IT efficiencies, business growth opportunities, and the ability to develop industry solutions best practices, common standards and rules that benefit the FX market.

Within settlement risk mitigation also comes credit recognition. By being CLS members, credit departments have a greater understanding of each other and the counterparty risk. This allows firms to allocate less risk between trades to other members. For example, while a bank may decide to trade up to $10 billion with another member, they are more likely to limit their trade exposure to non-members.

In terms of operational efficiencies, a key factor is with regard to CLS’s one rule and oversight committee. Having one set of guidelines for members and central banks, provides all participants with a clearer understanding of their counterparties. When adding a new currency, the corresponding central bank needs to follow the standardized guidelines. These rules provide protection for members who benefit from the increased transparency a participating central bank will need to follow.

In July 2012, the critical role that CLS plays in global financial markets was recognised by the US Department of the Treasury’s Financial Stability Oversight Council, when it designated CLS as a systemically important Financial Market Utility (FMU). CLS’s importance was highlighted further in November 2012, with the announcement of the US Treasury Department’s exemption of FX swaps and forwards from the clearing requirements required for many financial products under the Dodd-Frank legislation. The role that CLS plays in the mitigation of FX settlement risk was believed to be a contributing factor towards that decision.

CLS’s increased investment in technology, has enabled it to materially expand peak capacity as it updated core technologies, to meet the elevated standards required of a systemically important FMU. The result is that CLS can now accommodate trade matching volumes of up to five times the average daily volume, and process 20 per cent of a peak day’s volume in a one hour period.

Furthermore, CLS has put in place a flexible technology infrastructure, which enables “capacity on demand”, supporting future software upgrades to be delivered to increase capacity in a matter of days and weeks. This structure, allows CLS to pay for technology only when required, while fulfilling obligations to the market to settle all eligible FX settlement instructions.

The need to build capacity was demonstrated on January 22, 2013, when CLS settled more than 2.6 million instructions, 18 per cent more than the previous high, recorded on 19 September, 2012.

Looking to the future, as emerging markets grow, CLS has received interest from settlement members to include additional currencies. As such, CLS has been evaluating the addition of the Brazilian real, Chilean peso, Chinese renminbi, Russian ruble and Thai baht, amongst others.

Another area where CLS is extending its services is in same day settlement. A significant percentage of USD/CAD trades are intra-day and are not currently included in CLS settlement, due to the time of day. CLS is developing a same day settlement service between US and Canadian dollars to address this settlement risk, which has a proposed launch date in late 2013.

From The complexity of correspondent banking.

Correspondent Banking Network.

Correspondent banking, which can be broadly defined as the provision of banking services by one bank (the “correspondent bank”) to another bank (the “respondent bank”), is essential for customer payments, especially across borders, and for the access of banks themselves to foreign financial systems. The ability to make and receive international payments via correspondent banking is vital for businesses and individuals, and for the G20’s goal of strong, sustainable, balanced growth. At the extreme, if an individual bank loses access to correspondent banking services, this may affect its viability and if a country’s banks more generally face restricted access then it may affect the functioning of the local banking system. In addition, loss of correspondent banking services can create financial exclusion, particularly where it affects flows such as remittances which are a key source of funds for people in many developing countries.

Banks have traditionally maintained broad networks of correspondent banking relationships, but there are growing indications that this situation might be changing. In particular, some banks providing these services are reducing the number of relationships they maintain and are establishing few new ones. The impact of this trend is uneven across jurisdictions and banks. As a result, some respondent banks are likely to maintain relationships, whereas others might risk being cut off from international payment networks. This implies a threat that cross-border payment networks might fragment and that the range of available options for these transactions could narrow.

Rising costs and uncertainty about how far customer due diligence should go in order to ensure regulatory compliance (ie to what extent banks need to know their customers’ customers – the so-called “KYCC”-) are cited by banks as among the main reasons for cutting back their correspondent relationships. To avoid penalties and the related reputational damage correspondent banks have developed an increased sensitivity to the risks associated with correspondent banking. As a consequence, they have cut back services for respondent banks that (i) do not generate sufficient volumes to overcome compliance costs; (ii) are located in jurisdictions perceived as very risky; or (iii) provide payment services to customers about which the necessary information for an adequate risk assessment is not available.

The regulatory framework, and in particular the AML/CFT (Anti-Money Laundering/Counter Financing of Terrorism) requirements and the related implementing legislation and regulations in different jurisdictions, are taken as given in this report. It is acknowledged that these requirements, as agreed by the competent authorities, along with strict implementation, are necessary to prevent and detect criminal activities and ensure a healthy financial system.

From Redefining the Landscape of Payment Systems.

Regional Integration of Payment Systems.

Cross-border and cross-currency commercial and financial payments have traditionally been made through regional and global correspondent banking networks. Correspondent banking networks typically involve multiple levels of intermediation to link national payment systems. Similar arrangements exist for cross-border securities and other market-based transactions. Such decentralized, highly-tiered cross-border arrangements for payment and securities transfer, clearing and settlement involve substantial liquidity, operating and user costs. Moreover, the services provided are often too slow and unreliable for the rising volume of payments associated with closer regional commercial and financial ties. Consequently, more tightly organized and integrated regional and even inter-regional payment and securities infrastructures are developing as a result of integration initiatives in the African, Asian and Latin American regions, among others. The discussions around the theme of regional integration of systems extended even further to the need for harmonized development of central bank payment system and monetary policies.

Integration in Wholesale Systems.

The regional integration of national payment systems directly links the large-value payment systems of the participating countries. The link-up is through a distributed payment communications network involving either bilateral connectivity and system-to-system intra-regional payment settlement or connectivity to a central hub operating an intra-regional clearing and settlement facility. With large-value payment systems typically operated by national central banks, the distributed connectivity model of a regional payment system can substitute for the private correspondent banking network. The correspondent central banking arrangement concentrates intra-regional payments into a single central bank correspondent that participates in a network having more standardized service levels and agreements than the private system (i. e. correspondent banking). Over the medium-term, relative liquidity, operating and user costs should generally be lower and intra-regional payment settlement faster and more predictable than in the private system. A centralized model with a regional settlement bank can facilitate even greater standardization and more effective settlement risk control and, given a common settlement currency, permits multilateral netting that can lower liquidity costs even more as payment values and volumes rise.

The successful regional integration of national large-value payment systems does, however, require several pre-conditions. In addition to the obvious business case, the most critical pre-conditions are the harmonization of key institutional and structural elements in the national systems of the member countries and a sustainable commitment to the regional payment system, and the regional commercial and financial initiatives that underpin it. Experiences cited in a number of regional payment system initiatives indicate that unreasonable expectations of immediate pay-offs from integration and inadequate harmonization of key institutional elements during network expansion, such as those involving sound legal and oversight requirements, cause commitment to the project to waver and can sometimes cause the initiative to collapse. Organized and focused collaboration among all the key stakeholders and cooperation among the overseers of the national payment systems of the member countries is considered critical to sustaining commitment to the regional integration program.

Although several national securities depositories and securities settlement systems have developed bilateral system-to-system links in recent years, only a few have begun to integrate regionally or inter-regionally into an organized multilateral system. While the most developed cross-border systems are within the Eurozone, others have begun to develop elsewhere, as in the South African Development Community. The discussion concerning the role of CCPs in securities and derivatives settlement extended to consideration of regional, and even global, developments.

Integration of Retail Payment Systems.

Aside from the major global card payment systems, which are expanding their products and services into new payment applications for cross-border retail payments, there are only a few bilateral and multilateral system-to-system links that facilitate the clearing and settling of cross-border payments. Correspondent banking arrangements, even for the ultimate settlement of cross-border card payments, are still the primary network arrangements for the ultimate settlement of cross-border retail payments. The regional integration of large-value payment systems, in conjunction with the integration of retail and large-value payment systems at the national level, has spawned some initiatives for the regional integration of national retail payment systems. The SEPA (Single European Payment Area) initiative is perhaps the most ambitious of these integration initiatives. Triggered by policy action and driven by industry initiatives, SEPA is aimed at creating a single integrated market for retail payment instruments and services throughout the Eurozone. The most critical challenges faced by the SEPA initiative have been the set-up of public and private sector collaboration mechanisms for decision-making, user support from public sector administrations, and the harmonization of national legal barriers. SEPA-compliant credit and debit transfers are now in place and work is proceeding on the introduction of SEPA-compliant card payments and on the development of SEPA-based online and mobile payment channels.

Transnational Payment Systems.

While once there were only domestic payment channels in each country, we have witnessed the emergence of transnational systems such as TARGET, CLS (Continuous Linked Settlement), the Federal Reserve’s International ACH Project, known as FedACH International and the proposed pan-European automated clearinghouse known as PE-ACH. On the other end of the spectrum, card systems such as those operated by Visa and MasterCard are truly global in scope and have been expanding from consumer based transactions into commercial payments for more than a decade. Transnational systems have traditionally focused on providing payments within a region or to a small number of countries and usually support a single currency. Although none of these systems are yet global in scope, it is likely they will continue to expand their coverage to additional countries and currencies. Networks such as Visa and MasterCard are examples of global payment systems that also support multiple currencies, though they are primarily used for retail payments and ad hoc/T&E commercial transactions. Recently, in countries like Switzerland and Hong Kong13, new arrangements have been developed for the settlement of local payments in foreign currency. These arrangements neither fit perfectly in the traditional category of “correspondent banking” or in that of “payment systems”. The main common characteristic of these arrangements or systems is that they do not settle in central bank money but across accounts held with a commercial bank and that they are based on clearly defined and transparent rules for payment activities. Compared to traditional correspondent banking, these new solutions are standardized and settle payments in real time with continuous finality. In 1999, Swiss financial institutions established a cross-border solution in order to facilitate their cash management in euros. This solution involves a fully licensed bank in Germany, Swiss Euro Clearing Bank (SECB). To process euro transactions, SECB uses the euroSIC platform in Switzerland, which is often referred to as the euro payment system of Switzerland. EuroSIC is a replication of the Swiss franc RTGS system, Swiss Interbank Clearing (SIC). SIC and euroSIC are operated by Swiss Interbank Clearing AG. SECB is the settlement institution and shares the role of settlement agent with the operator SIC AG. SECB is also the liquidity provider in euroSIC. It extends intraday and overnight credit to the participants of euroSIC against collateral. SECB provides a link to the euro area, as it is a direct participant in RTGSPLUS through which access to TARGET is established. In Hong Kong, the U. S. dollar and euro clearing systems, USD CHATS (Clearing House Automated Transfer System) and Euro CHATS, were introduced in 2000 and 2003, respectively. They enhance the safety and efficiency of settling these foreign currencies in the local time zone. These systems are almost exact replicas of the Hong Kong dollar RTGS system (HKD CHATS). The key functions of both systems are to enable settlement of foreign exchange transactions between HK dollars, US dollars and euros in their respective currencies through a linkage with the Central Moneymarkets Unit (CMU) in Hong Kong.

The Hong Kong Monetary Authority has appointed the Hong Kong and Shanghai Banking Corporation as the settlement institution for USD CHATS and Standard Chartered Bank (Hong Kong) Limited as the settlement institution for Euro CHATS. Both institutions provide intraday liquidity to the direct participating banks by means of repos as well as overdraft facilities. One of the key benefits of both the US dollar and euro systems is the same day clearing of transactions. Also driving transnational systems is the implementation of “straight through processing (STP)” standards for transfers between banks as well as between banks and customers. To ensure simultaneous and dependable deliveries, payment-versus-payment (PVP), delivery-versus-payment (DVP), and delivery-versus-delivery (DVD) processes have also been established. The growth in transnational systems can improve the efficiency of cross-border payments by reducing clearing and settlement times, minimizing float. Better visibility of funds flows supports improved cash forecasting. Finally, standardized formats will reduce costly errors and repairs.

Intra bank Payments Networks – Multinational Banks.

Mergers and acquisitions have been the single biggest force reshaping the global payments landscape over the past two decades. The most recent round of consolidation has left a disparity between large and small never before seen. For example, we have witnessed the emergence of mega banks such as the combining of Bank of America and Nations Bank, as well as JP Morgan Chase combining Chase Manhattan Bank, Manufacturers Hanover Bank, Morgan Guaranty Trust and Bank One. In a scale-driven, technology-intensive business like payments, the emergence of true mega-players may lead to markedly different competitive dynamics. Acting as their own transnational systems, large international banks such as JP Morgan Chase, Citibank, Bank of America, and Hongkong Shanghai Banking Corporation operate their own internal global payments networks. Through these, they can route payments to destinations in different countries. Such internal networks do not necessarily differentiate between domestic and cross-border payments as these flows are all within the bank. The trend toward consolidation in the banking sector, both globally and in domestic markets, exerts influence on payment systems. Increased concentration of payment flows may have important credit, liquidity and operational risk implications. For example, the credit exposures that arise within a payments system that does not achieve intraday finality are likely to become concentrated on a smaller number of banks. Operational problems experienced by a single large bank could have significant repercussions for other participants in the system. A concentration of payment flows in commercial banks has emerged to reflect the increasing role that modern commercial banks, especially large global banks, have played in the payment systems around the world. The volumes and values settling across their books are, in some countries, quite substantial. Such traffic has often been accompanied by increased formalization of the correspondent relations within, as well as across, national boundaries. Banks that achieve global economies of scale can further drive down per transaction costs and derive higher revenues by keeping payments within their own networks. For global corporations, it has allowed them to match their global needs with a handful of banks rather than managing a large number of local relationships.

From The Inefficiencies of Cross-Border Payments: How Current Forces Are Shaping the Future.

A survey of major systems facilitating cross-border payments.

American Express : is a publicly traded company that issues charge and credit card products both directly and through nearly 100 financial institutions around the world. American Express had $484 billion in global sales in 2005.15.

CHAPS (Clearing House Automated Payment System) : CHAPS, established in 1984, is the United Kingdom’s high-value payment system, consisting of two systems: CHAPS Sterling and CHAPS Euro, which provide settlement facilities for sterling and euro payments, respectively. Over a dozen large banks and building societies are “direct” or settlement members, while there are also over 400 “indirect” members – typically smaller banks and building societies – who have access to the system through a settlement member.

CHIPS (Clearing House Interbank Payment System) : CHIPS is a bank-owned, privately operated, real-time, multilateral electronic payments system that transfers funds and settles transactions in U. S. dollars. CHIPS began operations in 1970 with 9 participating banks and, as of mid 2006, it processes about 300,000 payments a day with an average daily amount of $1.5 trillion. It currently has 46 participants from 19 countries around the world, including large U. S. banks and U. S. branches of foreign banks. The payments transferred over CHIPS are often related to international interbank transactions, including the payments resulting from foreign currency transactions (such as spot and currency swap contracts) and Euro placements and returns.

CLS (Continuous Linked Settlement) : The CLS system is the private sector response to a G-10 strategy to reduce foreign exchange settlement risk. CLS was founded in 1997 to create the first global settlement system, eliminating settlement risk in the foreign exchange market. Formed in response to regulatory concern related to the temporal and systemic risks (Herstatt risk) associated with foreign exchange transactions, CLS simultaneously settles both sides of foreign exchange trades using a multi-currency payment-versus-payment (PVP) mechanism. CLS is a unique real-time process enabling simultaneous foreign exchange settlement across the globe, eliminating the settlement risk caused by delays arising from time-zone differences. CLS settles well over $1 trillion per day, accounting for a substantial majority of cross-currency transactions across the globe.

Eurogiro : owned by 16 banks/postal financial service companies, is an electronic payment network for postal and giro (postbank) organizations that exchange cross-border credit transfers and cash-on-delivery orders. Established in 1989, Eurogiro has more than 40 participants from 37 countries in Europe, Asia, Africa, South America and the U. S. Members act as correspondents for one another and hold reciprocal accounts with each other to execute payments.

EURO1 : a private sector-owned high-value payment system, operated by the EBA Clearing Company for cross-border and domestic transactions in euro between banks operating in the European Union, and it is the largest of Europe’s four large-value, net settlement systems, processing on average 170,000 payments a day with a total value of about €170 billion. Launched in 1998, EURO1 was developed to provide an efficient, secure and cost-effective infrastructure for large-value payments in the new single currency environment of the EU. EURO1 is based on state-of-art messaging infrastructure and computing facilities supplied by SWIFT.

FedACH International Services : This international gateway arrangement service is owned and operated by the Federal Reserve System. Currently, the Federal Reserve Banks offer a suite of FedACH International Services as part of FedACH Services and provide U. S.- originating depository financial institutions with the ability to send international non-time-critical payments via the same process used to send domestic transactions for many decades. FedACH International Services offer an integrated, uncomplicated method to ensure straight-through processing (STP) of cross-border transactions, using NACHA formats that are supported by most software vendors.

Fedwire (Federal Reserve Wire Network) : This is a high-speed electronic network through which the U. S. Federal Reserve provides the Fedwire Funds Service, the Fedwire Securities Service, and the National Settlement Service. The Fedwire Funds Service provides an RTGS system in which more than 9,500 participants initiate funds transfers that are immediate, final, and irrevocable when processed.

LVTS (Large Value Transfer System) : The fully electronic LVTS, Canada’s real-time gross settlement system, became operational in early 1999. As Canada’s wire payment mechanism, it facilitates the electronic transfer of Canadian dollar payments across the country in real-time. Canada’s national payments system has been operated by the Canadian Payments Association (CPA) since 1980.

MasterCard : is a publicly-traded company that operates a global payment system. In addition to the MasterCard brand, the Maestro and Cirrus brands are also part of the company. MasterCard branded cards generated $1.7 trillion in global sales in 2005.16.

RTGSPLUS : is the German Bundesbank’s new liquidity-saving RTGS, which became operational in November 2001. It combines the risk-reducing benefits of gross settlement of the former German RTGS system known as the Euro Link System (ELS) with the advantages of liquidity-saving processing of the former hybrid system known as Euro Access Frankfurt (EAF).

SWIFT (Society for Worldwide Interbank Financial Telecommunications) : SWIFT is an industry-owned limited liability cooperative that supplies secure messaging services and interface software for financial transactions to more than 7,650 banks, securities brokers and investment managers in more than 200 countries.

SWIFT payment messages are processed by the Financial Information Network (FIN), which operates on a secure IP network called SWIFTNet. SWIFT is integrating into the ACH market segment as a payment service provider via its FileAct messaging service. ACH networks such as the EBA Clearing Company and the South African Automated Clearing Bureau are already using SWIFT’s messaging platform.

STEPS (Straight Through Euro Payment System) : The STEPS program was launched by the Euro Banking Association (EBA) to offer a full range of euro payments across Europe. STEPS has evolved into two systems aimed at accommodating a broad base of processing needs within the European Union: STEP1 (a pan-European system designed to process single cross-border, low-value retail payments) and STEP2 (a pan-European ACH for bulk/high volume, low-value, cross-border and domestic interbank payments).

STEP2 : a pan-European ACH solution, is a joint venture between the EBA and Italy’s ACH operator SIA. STEP2 processes high-volume, commercial and retail payment orders sent to the system via files through a secure network. Characteristics of payment orders that are processed via STEP2 are commercial and retail transfers in euro that are formatted to agreed technical standards. Accessible through SWIFTNet, STEP2 offers payment processing and settlement in euro.

TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer) : The Eurosystem, which comprises the European Central Bank (ECB) and the national central banks (NCBs) of the 12 EU member states which have adopted the euro, has created TARGET for large-value payments in euro. The TARGET system is a “system of systems” composed of the national payment systems of 16 of 25 countries that are currently members of the EU, the ECB payment mechanism (EPM) and an interlinking mechanism that enables the processing of payments between the linked systems.

TARGET2 : The current structure of TARGET was decided on in 1994 and was based on the principles of minimum harmonization and interconnection of existing infrastructures. This was the best way of ensuring that the system would be operational from the very start of the European Economic and Monetary Union (EMU) in 1999. TARGET2 is an enhanced version of the current TARGET incorporating technical consolidation, a single system-wide pricing structure for domestic and cross-border payments, a harmonized service level, and the system-wide pooling of available intraday liquidity. The go-live date for TARGET2 is set for November 19, 2007, with gradual migration to the new system by the member states in four waves. All central banks participating in TARGET2, together with their national banking communities, are expected to be using the new system by May 2008.

Visa : is a private, membership association jointly owned by more than 20,000 member financial institutions around the world. Visa develops common standards and specifications to facilitate commerce and provide member financial institutions with the global payment platform to support transactions on 1.46 billion cards that generate more than $4.3 trillion in global transactions in over 160 countries.17.

Voca : was formed in 1968 and was known as the “Bankers Automated Clearing System” or BACS which is similar to ACH in the US. BACS changed its name to Voca in 2004. Voca is one of a number of domestic ACH-type systems in Europe and owns the BACS infrastructure that processes the majority of non-RTGS, non-card, electronic credit and debit payments for B2C, C2B and B2B in the UK. VOCA performed 5 billion transactions in 2005. 28.

China’s Central Bank RMB Currency Swap Lines.

China’s Offshore RMB Clearing Centers.

Explaining cross-border large-value payment flows: Evidence from TARGET and EURO1 data.

Simonetta Rosati, Stefania Secola.

The Inefficiencies of Cross-Border Payments: How Current Forces Are Shaping the Future.

Written by Yoon S. Park, PHD & DBA, George Washington University.

There Is No Such Thing As An International Wire.

by ERIN MCCUNE on MAY 15, 2014.

The Elements of the Global Network for Large-Value Funds Transfers.

Cross-border RMB Settlements.

China launch of renminbi payments system reflects Swift spying concerns.

Possible RMB – Clearing model for the city of Frankfurt.

RMB Initiative Frankfurt Frankfurt, December 2013.

Working Group on the establishment of an RMB clearing house.

CIPS and the International Role of the Renminbi.

January 27, 2016.

By Nicholas Borst.

Correspondent banking July 2016.

Rethinking correspondent banking.

The complexity of correspondent banking.

CLS Bank & the World of FX Settlement.

Foreign exchange trading and settlement: Past and present.

by John W. McPartland, financial markets consultant.

Chicago Fed Letter 2006.

Settlement risk in foreign exchange markets and CLS Bank.

Cross-Border Payments Perspectives.

Research conducted by Glenbrook Partners.

Redefining the Landscape of Payment Systems.

Summary of Proceedings of the World Bank Conference.

Report to the Congress on the Use of the Automated Clearinghouse System for Remittance Transfers to Foreign Countries.

ESTABLISHING AN INTEGRATED PAYMENT SYSTEM.

(REAL-TIME GROSS SETTLEMENT) IN ASEAN.

A Proposal for a Cross-Border Mechanism to Support the AEC 2015.

PAYMENT SYSTEMS TO FACILITATE SOUTH ASIAN INTRA - REGIONAL TRADE.

Implementing Cross-border Payment, Clearing and Settlement Systems: Lessons from the Southern African Development Community.

Albert Mutonga Matongela.

The emerging single market in South-East Asia.

Payment System Interoperability and Oversight: The International Dimension.

Regional Monetary Co-operation in the Developing World Taking Stock.

Barbara Fritz / Laurissa Mühlich.

FRAMING A NEW ASIAN FINANCIAL ARCHITECTURE.

Creating an Association of Southeast Asian Nations Payment System: Policy and Regulatory Issues.

Payments in ASEAN post AEC.

Regional Integration and Economic Development in South Asia.

Sultan Hafeez Rahman.

Towards South Asia Economic Union.

Proceedings of the.

7th South Asia Economic Summit (SAES)

5-7 November 2014 New Delhi, India.

Siga o Blog via e-mail.

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Supply Chain Finance (SCF) / Financial Supply Chain Management (F-SCM) February 12, 2018 Gantt Chart Simulation for Stock Flow Consistent Production Schedules February 1, 2018 Instant, Immediate, Real Time Retail Payment Systems (IIRT-RPS) January 31, 2018 Network Economics of Block Chain and Distributed Ledger Technology January 12, 2018 Consciousness of Cosmos: A Fractal, Recursive, Holographic Universe November 16, 2017 Integral Philosophy of the Rg Veda: Four Dimensional Man November 6, 2017 Meta Integral Theories: Integral Theory, Critical Realism, and Complex Thought November 3, 2017 Boundaries and Networks October 31, 2017 Regional Trading Blocs and Economic Integration October 28, 2017 Global Liquidity and Cross Border Capital Flows October 25, 2017 Production Chain Length and Boundary Crossings in Global Value Chains October 22, 2017 Intra Industry Trade and International Production and Distribution Networks October 17, 2017 Cash and Investments: Corporate Savings Glut in USA October 12, 2017 Why do Firms buyback their Shares? Causes and Consequences. October 10, 2017 Understanding Trade in Intermediate Goods October 10, 2017 Production and Distribution Planning : Strategic, Global, and Integrated October 5, 2017 Trends in Intra Firm Trade of USA September 27, 2017 FDI vs Outsourcing: Extending Boundaries or Extending Network Chains of Firms September 25, 2017 Slowdown in Global Investment (FDI) Flows September 24, 2017 Trends in Cross Border Mergers and Acquisitions September 20, 2017 Trading Down: NAFTA, TPP, TATIP and Economic Globalization September 19, 2017 Boundary Spanning in Multinational and Transnational Corporations September 18, 2017 On Inequality of Wealth and Income – Causes and Consequences September 12, 2017 Rising Profits, Rising Inequality, and Rising Industry Concentration in the USA September 3, 2017 Why are Macro-economic Growth Forecasts so wrong? August 23, 2017 Low Interest Rates and Business Investments : Update August 2017 August 1, 2017 Low Interest Rates and Monetary Policy Effectiveness July 15, 2017 Low Interest Rates and Banks’ Profitability : Update July 2017 July 9, 2017 Some of my earlier published papers June 18, 2017 Short term Thinking in Investment Decisions of Businesses and Financial Markets May 24, 2017 Systems Biology: Biological Networks, Network Motifs, Switches and Oscillators March 27, 2017 Hierarchy Theory in Biology, Ecology and Evolution March 22, 2017 Bank of Finland’s Payment And Settlement System Simulator (BoF-PSS2) March 16, 2017 On Anticipation: Going Beyond Forecasts and Scenarios March 15, 2017 Clock of the Long Now: Time and Responsibility March 10, 2017 Socio-Cybernetics and Constructivist Approaches March 8, 2017 Growth and Form in Nature: Power Laws and Fractals March 6, 2017 Shapes and Patterns in Nature March 1, 2017 TARGET2 Imbalances in European Monetary Union (EMU) February 27, 2017 Economics of Digital Globalization and Information Data Flows February 26, 2017 Development of Global Trade and Production Accounts: UN SEIGA Initiative February 24, 2017 Accounting For Global Carbon Emission Chains February 22, 2017 Stock Flow Consistent Models for Ecological Economics February 21, 2017 Currency Credit Networks of International Banks February 17, 2017 The Dollar Shortage, Again! in International Wholesale Money Markets February 15, 2017 Understanding Global OTC Foreign Exchange (FX) Market February 12, 2017 Global Financial Safety Net: Regional Reserve Pools and Currency Swap Networks of Central Banks February 10, 2017 Evolving Networks of Regional RTGS Payment and Settlement Systems February 7, 2017 Cross Border/Offshore Payment and Settlement Systems February 6, 2017 Large Value (Wholesale) Payment and Settlement Systems around the Globe February 4, 2017 Structure and Evolution of EFT Payment Networks in the USA, India, and China February 2, 2017 Next Generation of B2C Retail Payment Systems January 31, 2017 Relational Turn in Economic Geography January 29, 2017 Economics of Trade Finance January 27, 2017 Understanding Global Value Chains – G20/OECD/WB Initiative January 25, 2017 The Collapse of Global Trade during Global Financial Crisis of 2008-2009 January 24, 2017 Oscillations and Amplifications in Demand-Supply Network Chains January 22, 2017 Financial Stability and Systemically Important Countries - IMF-FSAP January 18, 2017 Balance Sheets, Financial Interconnectedness, and Financial Stability – G20 Data Gaps Initiative January 16, 2017 Integrated Macroeconomic Accounts, NIPAs, and Financial Accounts January 15, 2017 A Brief History of Macro-Economic Modeling, Forecasting, and Policy Analysis January 12, 2017 Low Interest Rates and International Investment Position of USA January 10, 2017 Jay W. Forrester and System Dynamics January 9, 2017 Increasing Returns, Path Dependence, Circular and Cumulative Causation in Economics January 7, 2017 Economic Growth Theories – Orthodox and Heterodox January 4, 2017 Long Wave Economic Cycles Theory December 30, 2016 Mergers and Acquisitions – Long Term Trends and Waves December 28, 2016 Business Investments and Low Interest Rates December 22, 2016 The Decline in Long Term Real Interest Rates December 19, 2016 Low Interest Rates and Banks Profitability: Update – December 2016 December 15, 2016 Hierarchical Planning: Integration of Strategy, Planning, Scheduling, and Execution December 4, 2016 External Balance sheets of Nations November 29, 2016 Low Interest Rates and International Capital Flows November 23, 2016 Networks and Hierarchies November 12, 2016 Systems View of Life: A Synthesis by Fritjof Capra October 27, 2016 Milankovitch Cycles: Astronomical Theory of Climate Change and Ice Ages October 2, 2016 Process Physics, Process Philosophy September 17, 2016 Shape of the Universe September 4, 2016 Myth of Invariance: Sound, Music, and Recurrent Events and Structures August 26, 2016 Sounds True: Speech, Language, and Communication August 19, 2016 Mind, Consciousness and Quantum Entanglement August 12, 2016 Society as Communication: Social Systems Theory of Niklas Luhmann August 8, 2016 Geometry of Consciousness August 5, 2016 Art of Long View: Future, Uncertainty and Scenario Planning July 31, 2016 Reflexivity, Recursion, and Self Reference July 27, 2016 Truth, Beauty, and Goodness: Integral Theory of Ken Wilber July 24, 2016 Semiotics, Bio-Semiotics and Cyber Semiotics July 22, 2016 Autocatalysis, Autopoiesis and Relational Biology July 19, 2016 Systems and Organizational Cybernetics July 17, 2016 Micro Motives, Macro Behavior: Agent Based Modeling in Economics July 15, 2016 Feedback Thought in Economics and Finance July 13, 2016 Repo Chains and Financial Instability July 11, 2016 Multiplex Financial Networks July 11, 2016 Glimpses of Ancient Indian Mathematics July 9, 2016 Bring back M3 – Monetary Aggregate July 8, 2016 Increasing Returns and Path Dependence in Economics July 7, 2016 Economics of Money, Credit and Debt July 6, 2016 Boundaries and Relational Sociology July 5, 2016 George Dantzig and History of Linear Programming July 3, 2016 Phillips Machine: Hydraulic Flows and Macroeconomics July 1, 2016 Monetary Circuit Theory June 30, 2016 Morris Copeland and Flow of Funds accounts June 30, 2016 Financial Social Accounting Matrix June 29, 2016 Classical roots of Interdependence in Economics June 28, 2016 Stock-Flow Consistent Modeling June 26, 2016 Foundations of Balance Sheet Economics June 24, 2016 Contagion in Financial (Balance sheets) Networks June 22, 2016 Interdependence in Payment and Settlement Systems June 19, 2016 Evolution of Banks Complexity June 17, 2016 Economics of Broker-Dealer Banks June 17, 2016 Shadow Banking June 13, 2016 Low Interest Rates and Risk taking channel of Monetary Policy June 4, 2016 Funding Strategies of Banks June 2, 2016 Non Interest Income of Banks: Diversification and Consolidation May 31, 2016 Impact of Low Interest Rates on Bank’s Profitability May 22, 2016.

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Uma História: a Palavra do Ano do Dicionário.

Palavra do ano.

Nossa escolha de Palavra do Ano serve como um símbolo dos eventos mais significativos de cada ano e das tendências de pesquisa. É uma oportunidade para refletirmos sobre a linguagem e as ideias que representam a cada ano. Então, dê uma volta pela pista da memória para lembrar todas as nossas últimas seleções do Word of the Year.

Não foi moda, engraçado, nem foi cunhado no Twitter, mas achamos que a mudança contou uma história real sobre como nossos usuários definiram 2010. Ao contrário de 2008, a mudança não era mais um slogan de campanha. Mas o termo ainda tinha muito peso. Aqui está um trecho do nosso anúncio da Palavra do Ano em 2010:

O debate nacional pode ser resumido pela pergunta: Nos últimos dois anos, houve mudanças suficientes? Tem havido muito? Enquanto isso, muitos americanos continuam enfrentando mudanças em suas casas, contas bancárias e empregos. Só o tempo dirá se a última onda de mudanças pela qual os americanos votaram nas eleições intermediárias resultará em um resultado negativo ou positivo.

Tergiversar.

Esta palavra rara foi escolhida para representar 2011 porque descreveu muito do mundo ao nosso redor. Tergiversar significa "mudar repetidamente a atitude ou opiniões de uma pessoa em relação a uma causa, assunto, etc." Os editores do dicionário viram o mercado de ações, os grupos políticos e a opinião pública passarem por uma montanha-russa de mudanças ao longo de 2011. E assim, nomeamos tergiversar a Palavra do Ano de 2011.

Em um ano conhecido pelo movimento Occupy e o que ficou conhecido como a Primavera Árabe, nossos lexicógrafos escolheram a tag como sua Palavra do Ano de 2012. Aqui está um trecho do nosso lançamento que dá uma boa explicação para a nossa escolha:

2012 viu as campanhas políticas mais caras e alguns dos eventos climáticos mais extremos da história da humanidade, desde enchentes na Austrália a ciclones na China, ao furacão Sandy e muitos outros.

Ficamos sérios em 2013. A privacidade de todos estava naquele ano, desde a revelação de Edward Snowden do Project PRISM até a chegada do Google Glass. Aqui está um trecho do nosso anúncio em 2013:

Muitos de nós abraçamos as mídias sociais, optando por oferecer informações íntimas e fotografias pessoais no Facebook, Twitter e Instagram; Essa participação robusta ecoa uma observação de Mark Zuckerberg em 2010 de que o nível de conforto do público em compartilhar informações pessoais on-line é uma “norma social” que “evoluiu com o tempo”. Mesmo assim, uma pesquisa recente da Harris Poll mostra que os jovens estão agora monitorando e alterando suas configurações de privacidade mais do que nunca, um desenvolvimento que o USA Today apelidou de "efeito de Edward Snowden".

Alerta de spoiler: As coisas não ficaram menos sérias em 2014. Nossa Palavra do Ano foi a exposição, que destacou o surto do vírus Ebola no ano, chocantes atos de violência tanto no exterior quanto nos EUA e o roubo generalizado de informações pessoais. Aqui está o que nós tivemos a dizer sobre a exposição em 2014:

Do senso de vulnerabilidade que permeia o Ebola à visibilidade de atos de crime ou má conduta que provocaram conversas críticas sobre raça, gênero e violência, vários sentidos de exposição foram expostos ao público este ano.

A fluidez da identidade foi um grande tema em 2015. A linguagem em torno do gênero e da identidade sexual se ampliou, tornando-se mais inclusiva, com acréscimos ao dicionário, como gênero fluido, bem como o prefixo neutro de gênero Mx. A identidade racial também teve muito debate em 2015, após Rachel Dolezal, uma mulher branca se apresentar como uma mulher negra, disse que ela se identificou como biracial ou transracial. Nossa Palavra do Ano em 2015 refletiu as muitas facetas da identidade que surgiram naquele ano.

Xenofobia.

Em 2016, selecionamos a xenofobia como nossa Palavra do Ano. O medo do "outro" foi um grande tema em 2016, do Brexit à retórica de campanha do presidente Donald Trump. Em nosso anúncio, pedimos aos nossos leitores que refletissem sobre este termo em vez de celebrá-lo:

Apesar de ser escolhida como a Palavra do Ano de 2016, a xenofobia não deve ser celebrada. Pelo contrário, é uma palavra para refletir profundamente à luz dos acontecimentos do passado recente.

A palavra cúmplice surgiu em conversas em 2017 sobre aqueles que se manifestaram contra figuras e instituições poderosas e sobre aqueles que permaneceram em silêncio. Foi um ano de despertar real para a cumplicidade em vários setores da sociedade, da política à cultura pop. De nosso anúncio de Palavra do Ano de 2017:

Nossa escolha para Palavra do Ano é tanto sobre o que é visível quanto sobre o que não é. É uma palavra que nos lembra que até a inação é um tipo de ação. A aceitação silenciosa do erro é como chegamos a esse ponto. Não devemos deixar que isso continue a ser a norma. Se fizermos isso, então somos todos cúmplices.

Blog exignoranta.

„Rasa ludzka umrze na cywilizację.” Ralph Waldo Emerson (1803-1882)

Rozdział IV: Technologia, etyka i wolność.

Miles Olson przez ostatnią dekadę przyswajał i praktykował zanikające tradycyjne umiejętności egzystowania poza systemem industrialnym. Doświadczenia, które zebrał pozwoliły mu obrać unikalne spojrzenie na radykalną samowystarczalność i wpływ cywilizacji na dziką przyrodę. Przedstawił je w książce „Unlearn, Rewild” będącej medytacją, dochodzeniem etycznym, przewodnikiem przetrwania. Na zmianę liryczna, pełna humoru, zaskakująca, iluminująca i stymulująca intelektualnie lektura zmusza do zakwestionowania znaczenia słowa ‚ucywilizowany’.

Technologia, etyka i wolność.

Każda technologia zaczyna jako klucz, a kończy jako klatka.

Kilka lat temu moja przyjaciółka otrzymała w prezencie książkę pt. „Łowca karibu”. To pamiętnik jednego z ostatnich wielkich, tradycyjnych myśliwych Innu, Mathieu Mestokosho, który wiódł nomadyczną egzystencję w tundrze obecnego Quebecu północnego. Wziąłem wolumin z półki i zakochałem się. Pochłonęły mnie opowieści o epickich ekspedycjach, stadach niezliczonych karibu, intymnej wiedzy o miejscu i miłości do reniferów, które pozwalały ludziom przetrwać. Najbardziej oszałamiającą była historia drużyny myśliwych – zagubionych pośród tundry, bez schronienia – którzy wraz z nadejściem mroku upolowali kilka karibu, odarli je ze skóry i użyli jej jako ciepłych koców w lodowatym uścisku arktycznej nocy. Opowieści rozgrywały się w pierwszych dekadach XX wieku, na długo po tym, jak lud Mathieu zetknął się z europejską cywilizacją; polowali wyłącznie przy użyciu broni palnej. To wystarczyło, aby powstrzymać moją przyjaciółkę przed przeczytaniem książki, ponieważ nie darzyła szacunkiem nikogo, kto polując sięgał po flinty. Nie miałem problemu z faktem, że preferowali strzelby, ale prowadzi to do ważnego pytania: Które technologie są etyczne, które dają niesprawiedliwą przewagę, które są z natury destrukcyjne i czy ma to w ogóle jakiekolwiek znaczenie?

Technologia i oderwanie.

Moja dobra przyjaciółka nie jest oczywiście osamotniona w swojej awersji do strzelb. Wielu inteligentnych, wrażliwych ludzi uważa, że wykorzystanie broni jako narzędzia do polowania (lub walki) daje użytkownikowi absurdalnie wysoki poziom siły. Zwłaszcza w kontekście polowania siła ta eliminuje wiele naturalnych mechanizmów, które mogłyby zapewnić równe szanse drapieżnikowi i ofierze. Nie ma potrzeby, aby przesadnie angażować się w polowanie, jeśli dysponuje się siłą broni wysokiego kalibru, osadzonej na stalowej stopce i wyposażonej w celownik optyczny, który umożliwi strzelcowi pewne ulokowanie kuli z odległości setek metrów. Dawniej łowca zmuszony był maskować swoją woń (prawdopodobnie stroniąc od wybranych, silnie aromatycznych pokarmów, seksualnej bliskości i innych intensywnie zapachowych czynności na wiele dni przed polowaniem), poruszać się bezszelestnie i na inne sposoby spełnić wymagania ofiary, zanim wolno mu było znaleźć się w strefie śmiertelnego uderzenia – teraz można dojechać do wybornego punktu obserwacyjnego, posiedzieć sobie wygodnie przez godzinę i samo zabicie uczynić stosunkowo łatwym.

Każdy kolejny poziom technologii tworzy dalszy stopień oderwania przy równoczesnym wzmożeniu wartości siły, kontroli i wydajności – kłopotliwa kombinacja. Łopatą zdołasz wykopać dół znacznie szybciej niż własnymi rękoma, ale nie poczujesz ziemi. Drzewo zetniesz zdecydowanie szybciej piłą niż narzędziami kamiennymi – piłą łańcuchową szybciej niż ręczną, maszyną leśną Feller-Buncher szybciej niż piłą łańcuchową. Na każdym etapie osoba ścinająca staje się coraz bardziej oderwana od procesu, bardziej obca wobec ścinanego drzewa. Zabijasz szybciej, czujesz mniej.

To jedna z pułapek technologii: daje siłę/władzę i wydajność, odbiera więź i zrozumienie. Więcej siły/władzy + mniej zrozumienia = świat super-silnych, infantylnych prostaków.

Rzeczywistym powodem tego, że w odróżnieniu od przyjaciółki nie potępiałem starych łowców Cree za praktykę stosowania strzelb zamiast łuków był fakt, że ofiarami technologii tak naprawdę nie były karibu. Renifery wciąż były wolne, to ludzie wpadli w sidła.

Po wprowadzeniu, strzelby w sposób oczywisty uczyniły łuki zbędnymi ze względu na swój większy zasięg i łatwość utrzymania, prościej było zakupić kule niż wykonać strzały. Większość przedstawicieli rdzennych populacji szybko zapomniała jak wyrabia się łuki i strzały z lokalnego materiału i chociaż nadal byli myśliwymi, ich przetrwanie całkowicie zależało od broni palnej i handlu z Europejczykami. Klucz rychło zamienił się w klatkę. Oto powszechny efekt industrialnej, nie-lokalnej technologii: niszczy autonomię. Stajemy się niewolnikami tych, którzy kontrolują jej źródło.

Automobile pozwalają ludziom przebyć ogromne odległości bez wysiłku, w krótkim czasie. Brzmi całkiem nieźle, ale szkopuł w tym, że ludzie w kulturze samochodowej zmagają się z nadwagą, zadłużeniem, depresją, furią, śmiertelnymi ofiarami wypadków i tym przykrym, uporczywym faktem, że spalanie paliw kopalnych zabija planetę.

Internet pozwala nam kontaktować się ze sobą na sposoby w przeszłości niewyobrażalne. Z drugiej strony serwuje ludziom toksyczną imitację kontaktu rzeczywistego. Pozwala nam mieć dostęp do ogromnej ilości informacji – zawsze i wszędzie. Najwyraźniej niszczy zdolność naszego umysłu do zachowania tych informacji, ponieważ odnajdywane są poza prawdziwym kontekstem. Zatruwa seksualność mężczyzn powszechnie dostępną i konsumowaną, mizoginistyczną pornografią.

Każda nowa technologia obiecuje, że przyniesie poprawę życia, ale w rzeczywistości tworzy nową zależność, nowy poziom złożoności, nową truciznę. Staje się protezą, a my zapominamy o tym, co kiedyś musieliśmy znać: ta likwidacja praktycznej wiedzy osłabia nas i jest groźna.

Jedynym prawdziwie trwałym poziomem technologii jest technologia oparta na zasobach lokalnych lub nazywana pospolicie technologią Epoki Kamienia. Każdy intensywny proces wydobywczy z definicji jest nie do utrzymania, ponieważ mamy do czynienia z surowcami nieodnawialnymi. Dlatego stali, plastiku, elementów fotowoltaicznych i innych nowoczesnych narzędzi nie da się na dłuższą metę utrzymać. Jeśli nie możesz czegoś zbierać na lądzie bez narzędzi przemysłowych i jeśli nie wyrasta to i nie uzupełnia na nowo w tempie odpowiadającym rytmowi zbiorów, wówczas nie może to być zrównoważone i długowieczne.

Czy całkowite porzucenie wszystkich tych narzędzi byłoby realistyczne?

Czy byłoby strategicznie rozsądne?

Absolutnie nie Pochodzimy wszyscy z miejsca, w którym jesteśmy poważnie usidleni przez technologię. Przejście na zdrowy poziom technologii – prawdziwie odpowiedniej technologii – będzie procesem powolnym.

Niektóre wytwarzane fabrycznie narzędzia nie mają trwałego odpowiednika (statki kosmiczne, samochody, smartfony), inne mają (taczki, ubrania, szczotki, instrumenty muzyczne, pudełka). Nawet gdyby społeczeństwo przemysłowe miało przestać funkcjonować już jutro, pozostałoby mnóstwo wiader na 20, 30 lat (zanim uległyby fotodegradacji, skruszały i rozpadły) i stalowych narzędzi na jakiś czas. Najmądrzej pod względem strategicznym byłoby opanować właściwy sposób użycia i dbania o te narzędzia, a następnie przyuczyć się, jak radzić sobie bez nich. Może to przypominać przyswajanie tradycyjnej sztuki wyrobu beczek dębowych bez rezygnowania z beczek z plastiku lub metalu. Opanowanie umiejętności szycia ubrań bez rozstawania się z ulubionym swetrem FUBU. Zapoznawanie się z zasadami użycia, ostrzenia i serwisowania piły przy jednoczesnym zachodzeniu w głowę i kombinowaniu, jak wyglądałoby życie, gdybyśmy cięli drewno na opał bez stalowych narzędzi.

Uzależnienie od technologii przemysłowej może być samobójcze, lecz w tym momencie 100% całkowita z niej rezygnacja może być w równym stopniu autodestrukcyjna. Jak to mówią: „Najlepiej byłoby użyć wszystkich narzędzi pana, żeby rozebrać jego dom.” W końcu wystukuję te słowa na klawiaturze, Ty odczytujesz je ze stron książki, a jest to częścią procesu odchodzenia od technologii industrialnej.

Czy technologia jest neutralna?

Często powtarza się, że technologia jest neutralna, nie jest ani naturalnie zła, ani zdrowa czy destrukcyjna. Jest nieożywiona, nie ma własnej energii; jest jedynie tak dobra lub zła, jak jej użytkownik. „Broń nie zabija ludzi, to ludzie zabijają ludzi.” Do pewnego stopnia jest to prawdą, ale byłbym bardziej skłonny powiedzieć, że tak naprawdę technologia nigdy nie jest neutralna. Tak, ludzie zabijają ludzi, ale ludzie z bronią zabijają znacznie więcej ludzi. Ewolucja technologii przebiega znacznie szybciej niż proces dojrzewania ludzi; aby technologia mogła być neutralna, ludzie musieliby być odporni na uwodzicielski efekt władzy. Sądzę, że w sposób oczywisty ludzie jako gatunek nie są odporni na nęcący powab władzy, którą reprezentuje technologia. W tym sensie technologie mają własną siłę i własny impet; bez trzymającej je w karbach kultury rosną nieskrępowanie, tworzą zależność i destrukcję, stają się ostatecznie samowzmacniającą się pułapką.

Kiedy rozmawiamy o tych sprawach, zawsze pojawi się kwestia hipokryzji. Jak to niby mogę krytykować wysoko rozwiniętą technologię i pisać książkę na laptopie? Czy kwalifikuje to mnie jako hipokrytę?

Czy hipokrytą jest więzień krytykujący system więziennictwa? W końcu to więzienie zapewnia mu wikt i dach nad głową. Odpowiedź jest oczywista: nie. Osadzony korzysta z więziennego wyżywienia i schronienia dlatego, że jest tam zamknięty. Jesteśmy podobnie uwięzieni, nawigujemy popsuty świat, żyjemy pośród ludzkiej monokultury, która jest wysoce technologiczna i na dłuższą metę nie do utrzymania. Dla większości z nas całkowita rezygnacja z użycia wszystkich nietrwałych narzędzi tej kultury jest niemożliwa. Przejście do charakteryzującej się prostotą przyszłości i skierowanie kroków w stronę prawdziwie zdrowego świata nie nastąpi z dnia na dzień. Podobnie jak w przypadku więźnia, nasza ucieczka będzie wymagała dokładnego planowania i strategii. Będziemy zmuszeni sięgnąć po niektóre z narzędzi pana, aby się uwolnić.

Purytanizm to beznadziejna strategia.

Nieświadomość i pułapka systemu.

14 listopada 2013.

Wydaje się, że wszystkie wysiłki zmierzające do zbudowania świadomości zachodzącej raptownie zmiany klimatu będą bezużyteczne. Każdy wysiłek, aby przeciętna osoba zrozumiała problem, w obliczu którego dzisiaj stoimy będzie bezużyteczny. Dobrym przykładem starań, które zawiodły są „Granice wzrostu”. Ostrzeżenie było z nami przez 40 lat. Wymagana globalna świadomość, konieczna, by odpowiedzieć na aktualną sytuację, jawi się niemożliwą, ponieważ jako gatunek nie jesteśmy dość bystrzy, aby poradzić sobie z własną siłą [władzą].

Z doświadczenia wiem, że przeciętny człowiek postrzega świat w sześciu wymiarach. Są nimi: własne ciało, rodzina, dom, praca, sklep spożywczy (sklepy w ogóle) i sąsiedztwo. Wszystko spoza tego zakresu istnieje na zewnątrz prawdziwego zrozumienia (coś dzieje się gdzieś tam , ale nikt nie śmie dowiedzieć się co i jak). Naród jest odległym pojęciem rozumianym tylko dlatego, że nasza praca i rodzina wymaga zabezpieczenia oferowanego przez koncepcję narodu. Większość ludzi nie rozumie, w jaki sposób działa państwowy system. Woda i prąd po prostu są, zawsze dostępne. Żywność jest w sklepie. Praca to miejsce, gdzie się udajemy, robimy coś i otrzymujemy za to pieniądze fiducjarne. Śmieci zabiera gdzieś śmieciarka. Brudna woda gdzieś spływa. Dym znika w powietrzu. Poza tymi granicami nikt nie wie, co się faktycznie dzieje. Nikt nie zna mechanizmów. Nie jesteśmy w stanie połączyć punktów. Jednocześnie nikt nie wie, jaki pozostawia ślad, jakie są tego skutki dla reszty świata (obecnie i w przyszłości). Nikogo to nie obchodzi.

Ale świat, biosfera, z działalnością ludzką włącznie, są tysiąc razy bardziej złożone (dziesięć tysięcy wymiarów?). Przeciętni ludzie ogarniają tylko sześć… Nie zdołaliśmy opracować modelu klimatu. Nie zdołaliśmy stworzyć modelu zachowania oceanu (z którym związana jest moja praca). Nie zdołaliśmy zbudować robota z filmu „Ja, robot” – wciąż należy do naukowej fikcji, choć próbujemy już od ponad 50 lat. Nie zbliżyliśmy się nawet do odtworzenia organicznej części ludzkiego ciała. Nasi szanowani lekarze mogą jedynie pomóc ją naprawić. Prawda jest taka, że naprawą ostateczną zajmuje się ciało. Wiemy, że grawitacja istnieje, ale nie wiemy, czym jest. I tak dalej. Jest tak wiele rzeczy, których zasady funkcjonowania nie są nam znane. A rzeczywistość przeciętnego człowieka przedstawia się tak rudymentarnie.

Natura jest szalenie skomplikowana, a jej zrozumienie jest tak daleko poza zasięgiem naszej aktualnej wiedzy. Mamy mnóstwo ekspertów, którzy o rzeczach spoza granic swojej technicznej specjalizacji wiedzą niewiele. Przeciętna wiedza osobista ma bardzo wąskie pasmo. Jestem inżynierem i widzę jakimi jesteśmy ignorantami, nawet kiedy projektujemy rzeczy proste, takie jak statek czy samochód. Współczynnik ignorancji jest zawsze obecny, w każdej konstrukcji (zdarza się, że stanowi margines 30-40%). Testowanie modeli w rzeczywistych warunkach to jedyny sposób, aby zapewnić niezawodne działanie; metoda prób i błędów. Katastrofy promów kosmicznych Challenger i Columbia są dobrym przykładem naszego braku wiedzy o złożonościach realnego świata.

Nasze społeczeństwo stało się poważnym ciężarem dla biosfery i to, co było bez znaczenia 100 lat temu, teraz ma znaczenie. Ślad pozostawiany przez nasze społeczeństwo, wynik zsumowanego śladu wszystkich osób (w tym dzieci), jest czymś, co ma znaczenie już dziś. Ma widoczny wpływ. Ale zrozumienie, jak nasze indywidualne działania wpływają na kogoś na drugim końcu świata, jakie będą miały skutki za 20-50 lat, znajduje się poza zasięgiem przeciętnych obywateli (99.9% z nas).

Jeśli jako społeczeństwo nie zrozumieliśmy konsekwencji naszego osobistego i rodzinnego śladu dla ludzi i przyrody, za niemożliwe uważam, żebyśmy zrozumieli w porę, jak dokładamy się do zmiany klimatu, wyczerpywania ropy naftowej i innych przyszłych kataklizmów – ich wpływu na nas samych – oraz podjęli o czasie stosowne działania, aby uniknąć tragedii. Zatem kiedy mówimy o zmianie klimatu, niezwykle złożonej zależności między kilkoma czynnikami, nie możemy oczekiwać, że proces ten zostanie w pełni zrozumiany przez przeciętnych ludzi, stanie się ich sprawą osobistą. Zrozumienie nadejdzie za późno – kiedy naruszony zostanie jeden z sześciu podstawowych wymiarów ich egzystencji. Przeciętny człowiek nie ma odpowiednich zdolności umysłowych (i wymaganej wiedzy), aby poradzić sobie z siłą, jaką dzierży nasz gatunek. Daj komuś piłę łańcuchową, dość paliwa i żywności, a całe swoje życie spędzi na wycinaniu drzew bez zadawania pytań o konsekwencje ( „Szef musi wiedzieć…” ).

Przypominamy młodych Sicarios (najemnych morderców) z Meksyku, 16-17-letnich chłopców z pistoletem, którzy mogą zabić każdego bez wyrzutów sumienia. Całkowicie nieświadomi konsekwencji swoich czynów. Zbyt niedojrzali. Tak, jak nasze społeczeństwo dzisiaj. Zbyt dużo siły, zbyt mało dojrzałości, aby nią się posługiwać.

Następnie musimy dodać pułapkę samego systemu. Wychowaliśmy się w tym systemie, potrzebujemy go, aby przeżyć. Tego samego systemu, z którym sobie nie radzimy. Nie rozumiemy, jak naprawdę działa, ale potrzebujemy i używamy go (podobnie jak samochodu). Istnieją ludzie, którzy potrafią poradzić sobie z więcej niż sześcioma wymiarami i potencjalnie dopasować swoje zachowanie. Lecz nawet z posiadaną wiedzą egzystowanie poza systemem jest prawie niemożliwe. Nie jesteśmy przygotowani, a system nie oferuje alternatywy.

Zatem całkowity brak zrozumienia systemu implikuje całkowity brak zrozumienia śladu, jaki pozostawia (z nami włącznie) oraz mechanizmów biosfery i środowiska. Dodajmy fakt, że jesteśmy całkowicie zależni od systemu, nie znamy innego sposobu życia – mamy przepis na katastrofę.

Nie widzę sposobu, abyśmy zmienili nasz kurs.

Godofredo Aravena , 52-letni projektant statków, przez 15 lat pracował w najważniejszej stoczni w Chile, gdzie był dyrektorem Wydziału Architektury Morskiej. Ma żonę, dwie córki i wnuczkę.

Rozdział III: Wyżywienie.

Miles Olson przez ostatnią dekadę przyswajał i praktykował zanikające tradycyjne umiejętności egzystowania poza systemem industrialnym. Doświadczenia, które zebrał pozwoliły mu obrać unikalne spojrzenie na radykalną samowystarczalność i wpływ cywilizacji na dziką przyrodę. Przedstawił je w książce „Unlearn, Rewild” będącej medytacją, dochodzeniem etycznym, przewodnikiem przetrwania. Na zmianę liryczna, pełna humoru, zaskakująca, iluminująca i stymulująca intelektualnie lektura zmusza do zakwestionowania znaczenia słowa ‚ucywilizowany’.

Polują tu od dziesięciu tysięcy lat…

Może dłużej. Ich rzeka wolno zmieniła z czasem swój kształt i praprzodkowie nie rozpoznaliby jej obecnego biegu. Meandrowała daleko, wypłukując i budując, wijąc się poprzez ląd. Poznali prawidła jeleni, żołędzi i łososi; z końcem lata jelenie przybierają na wadze, żołędzie dojrzewają, a łososie składają ikrę, zatem jesienią i podczas pozostałych pór roku przybywają tu, aby obozować.

Z żołędzi wyrabiają mąkę i chleb, łososie wędzą lub spożywają na surowo, mięso jeleni suszą, a skórę przerabiają na ubrania, łuki i sidła. Dawno temu nauczyli się spożywać i wykorzystywać płody ziemi, są wobec nich hojne. Raz na wiele lat żołędzi bywa niewiele, a sezon następny przynosi niedostatek jeleni. Ludzie są odzwierciedleniem ziemi, są żołędziami, jeleniami i łososiami. Jeżeli żołędzi i jeleni jest mniej, spożyją więcej łososi. Jeśli brakuje wszystkiego, spłodzą mniej potomstwa, zjedzą więcej roślin, po które zazwyczaj nie sięgają. Zdołają jakoś przetrwać, choć może być ciężko.

Większość zwierząt i roślin nie dostrzega ludzi. Ludzie ich nie zajmują, niewiele mają wspólnego z mnogością gatunków traw, porostów i żab drzewnych. Nawet liczne jelenie widują ich sporadycznie, unikają intensywnej woni obozowisk i osad.

Kiedy późną jesienią nadciągają potężne burze, rzeka często rozlewa. Do tego czasu ludzie przenoszą się na tereny położone wyżej, znają rytm przyrody i przemieszczają się wraz z nim.

Podobnie jak wszystkie wszystkie żywe stworzenia, pozostają na łasce ziemi, separacja nie istnieje.

Egzystują tak od bardzo dawna.

Im dłużej tu żyją, tym więcej przybywa opowieści, tym więcej przekazywanych jest nauk, tym głębiej zanurzają się w mądrości lądu i wiedzy o wdzięcznym życiu.

Zmuszą ziemię, aby wydała plony…

Kiedy dobre nastają lata, jest szczodra i przynosi obfitość; proszą, aby powiedziała „zboże” i jest im posłuszna. Ale przez większość lat spełnia własne zachcianki, sprzeciwia się i nie wykonuje rozkazów. Teraz prawie zawsze – jeżeli jej na to pozwolisz – odmawia. Niczym niesforne dziecko, które nie posłucha, nie zamilknie i nie zacznie się sprawować, dokazującą ziemię należy ukarać i przywołać do porządku.

Dawniej stosowali narzędzia z kamienia i kości, potem narzędzia z metalu, pługi, nawadnianie; teraz mają leki, syntetyzowane w laboratoriach chemikalia, które zmuszą ją do dobrego sprawowania. Odkryli tajemnice nasiona, hodują je, aby było uległe, nawet karmią je chemikaliami. Zmuszą ziemię, aby wydała plony. Może być w połowie martwa i odurzona, mimo to wyprodukuje to, czego chcą.

Wszystko, co tutaj żyje odczuwa obecność ludzi. Myszy polne zabija spryskiwanie. Susły zabija kombajn. Drzew już nie ma. Glyfosat upija i dezorientuje trawę. Czy umiera? Brązowieje, ale jest wiosna – nie jesień?

Zmieniają bieg rzeki, aby gleba była zawsze wilgotna. Wokół rzeki budują wały i tamy, aby kontrolować jej przepływ. Ostatecznie zamykają ją w ścianach z cementu i zbrojenia. Rzeka trzymana jest w ryzach, już nie wije się i nie wylewa, jest pod kontrolą, jest użyteczna.

W czasie zbiorów pola zostają ogołocone. Plon jest ich dziełem – ziemia była jedynie nośnikiem ich kreacji.

Ziemia jest sługą, bez nich – ignoranckim marnotrawstwem. Sprawiają, że wydaje plon.

Ich liczebność wzrasta.

Kiedy ziemia jest tak nieposłuszna, że ich starania nie przynoszą żadnych rezultatów, a zbiory są mizerne, bogaci pozostają syci – zmagazynowali żywność z lat minionych i zatrzymają sobie płody nieurodzaju. Biedni będą głodować. Podobnie jak pola, są tylko sługami.

Pewnego dnia ziemia zostanie wyczerpana doszczętnie, jej ciało jałowe i spękane. Ludzie porzucą ją i ruszą dalej.

Żywność i kultura.

Konsumpcja to najbardziej intymny sposób umożliwiający człowiekowi interakcję z ziemią. Właśnie tak gleba miesza się z ciałem, właśnie tak jesteśmy ze sobą nierozerwalnie połączeni. Zatem zrozumiałe jest, że ludzkie kultury w dużej mierze kształtuje to, co spożywają i jak zdobywają swoje pożywienie. Określa to charakter naszego współczesnego obcowania z ziemią, sobą nawzajem i innymi kulturami.

Sposób, w jaki kultura traktuje podłoże swojego bytowania, jej relacja z nie-ludźmi, niczym lustro odzwierciedla sposób, w jaki traktuje samych ludzi. Ci, którzy źle traktują ziemię, robią to samo z innymi; ci, którzy dominują i podporządkowują ziemię, postępują tak samo ze współbratymcami. Separacja nie istnieje.

Powszechną wśród antropologów jest wiedza, że społeczeństwa definiowane jako myśliwi-zbieracze nie niszczą swojej ziemi, są wolne od zhierarchizowanych struktur klasowych (władczy bogacze i bezsilni biedacy), niewolnictwa, zorganizowanej religii i wielu innych chorób cywilizacji. Im bardziej rolnicze staje się społeczeństwo, tym większe są podziały klasowe i inne elementy ucisku: zinstytucjonalizowana religia, sztywny podział ról między obojgiem płci, niewolnictwo, okaleczanie genitaliów, imperializm, sztuka itd. Urbanizacja, wylesianie i upustynnienie to także synonimy rolnictwa. Jedną z najlepszych tego ilustracji jest klasyk Marshalla Sahlinsa „Ekonomia Epoki Kamienia”.

Pamiętam, jak dobitnie wniosek ten utrwaliła lata temu lektura książki zatytułowanej „Ludy i kultury Ugandy”. Publikacja prezentowała szczegóły wzorów wyżywienia i struktur społecznych kilkudziesięciu kultur współczesnej Ugandy. Większość mieszkańców była rolnikami, niektórzy pasterzami, jeszcze inni łączyli polowanie z niewielką uprawą roli, a nieliczni byli myśliwymi-zbieraczami żyjącymi w ocalałych lasach. Istniała szokująca korelacja między zachowaniami opresyjnymi a poziomem kultywacji i praktykowanym przez te kultury rolnictwem.

Zamieszkujący lasy Pigmeje nie mieli żadnej religii, sztuki czy skłonności do wojowania. Byli egalitarni, a ślad jaki po sobie pozostawiali był niezwykle delikatny – budowali proste szałasy w porze deszczowej, które dla obserwatora z zewnątrz były praktycznie niedostrzegalne. Społeczności pasterskie i te, które polegały na uprawie roli i wybranej żywności rosnącej dziko miały bardziej złożone religie – tradycja lękania się i zabijania „czarownic” była jej częścią – luźną strukturę klasową (mam na myśli podział bogactwa i władzy między elitami i pospólstwem), sztukę, wyniszczającą relację z ziemią i działania wojenne na małą skalę. Społeczeństwa w pełni rolnicze miały to wszystko, co ostatnia grupa, tylko w bardziej zintensyfikowanej formie. Były imperialistyczne i ekologicznie destrukcyjne, okaleczanie kobiecych genitaliów było (jest) powszechne, a zinstytucjonalizowana religia przymusowa; borykały się (i borykają nadal) z poważnymi problemami przeludnienia, ubóstwa i chorób.

To ogólny wzorzec i zaryzykuję być może zbędne powtórzenie tego, co powiedziałem wcześniej: kultury, które egzystują poprzez polowanie, zbieractwo, ostrożną opiekę nad ziemią tradycyjnie pozostają w stanie równowagi. Te, które praktykują rolnictwo nigdy i nigdzie nie były do tego zdolne. Rolnictwo jest siłą napędową stojącą za ludzkim przeludnieniem i degradacją środowiska – katastrofy nuklearne, globalne ocieplenie, inne podobne zjawiska stanowią problem tylko dlatego, że tworzy je społeczeństwo wsparte na rolnictwie przemysłowym. Żadna inna metoda wyżywienia nie wytworzyła niczego, co nawet w części byłoby równie destrukcyjne.

Stwierdza się często, że „rolnictwo jest kulturą” lub „nie ma kultury bez agrokultury”. Uprawa to po prostu sposób, w jaki ludzie pozyskują żywność; podobnie jak pszczoły i ich kwiaty jest częścią naturalnego porządku. Tego musimy się oduczyć.

Rolnictwo dosłownie oznacza „kultywowanie pola”. Obejmuje to karczowanie ziemi, aby przygotować podłoże (żadna połać ziemi nie leży sobie odłogiem i czeka, aż zaopiekuje się nią człowiek) i eliminację niepożądanych gatunków, aby zasadzić pożądane rośliny sezonowe. Oznacza to także obróbkę gleby. I chociaż ludzie praktykują to przez około 5% swojej egzystencji, owo 5% mgnienie oka zdominowało niemal wszystkie pozostałe metody wyżywienia. Podczas tego 5% epizodu wycięto prawie wszystkie starodrzewia i zapoczątkowano masowe wymieranie gatunków. Uprawa roli wyparła pozostałe style życia bynajmniej nie dlatego, że jest lepsza; zrobiła to, ponieważ kultury rolnicze są nieodmiennie ekspansywne i imperialistyczne. Rolnictwo jest chorobą zakaźną.

Niektórzy są przeświadczeni, że rolnictwo i cywilizacja Zachodu są skutkiem uzależniających, pokrewnych opium związków zawartych w ziarnach zbóż, a farmerzy są arcy-narkomanami opętanymi przez pszenicę, karczującymi coraz więcej ziemi, aby zasiać monokultury – wcielając monokulturę stają się nią sami. W przeliczeniu na kalorie uprawa roli jest przecież o wiele bardziej intensywna pod względem zużycia energii niż polowanie i zbieractwo, co oznacza, że nigdy nie miała logicznego sensu.

Zamiast po prostu zbierać i przetwarzać żywność, musisz orać, zasiewać, pielęgnować, nawadniać, chronić, zbierać i przetwarzać ją. Pod względem ekonomicznym lub ekologicznym nie jest to w żadnym razie poprawa w porównaniu z polowaniem i zbieraniem, w rzeczywistości jest to degeneracja.

Zanim zderzyła się z cywilizacją, kultura Irokezów bazowała na uprawie kukurydzy, kabaczków i fasoli. Kiedy badacze zanalizowali koprolity (próbki stolca) Irokezów z tego okresu, odkryli, że typowa dieta zawierała mniej niż 10% dzikiego pożywienia. Pomimo że jego źródła – chociażby jelenie, ryby, żołędzie – z pewnością były dostępne, ludzie prawie wyłącznie jedli żywność wyhodowaną na roli. Istnieją nawet relacje myśliwych, którzy polowali na ciężarne łanie, aby zredukować populację jeleni i kontrolować w ten sposób szkody wyrządzane uprawom kukurydzy.

Skąd te preferencje wobec żywności rolnej? Sądząc po wzorcach innych kultur agrarnych (z tą, która nas otacza włącznie), uprawa roli tworzy zawężoną percepcję tego, co uznaje się za „żywność”; praktykujących ją czyni ślepymi na żywność, której się nie uprawia. Wiele odmian dzikiej żywności ma w istocie niszczący wpływ na rośliny uprawne (jelenie, „chwasty”), co czyni je wrogiem, chociaż są w takim samym stopniu żywnością, co rośliny za taką uznawane. Żywność jest oczywiście konstruktem kulturowym, co oznacza, że nasza kultura uczy nas, że niektóre rzeczy są żywnością, a inne nie. Koniki polne są bardziej odżywcze, trwałe i faktycznie smaczniejsze od soi, ale nasza kultura uczy, że tylko jedno z tych dwojga jest żywnością – i tak się składa, że jest nią to, co powoduje nowotwory piersi i bezpłodność, co udokumentowali m. in. badacze Uniwersytetu Stanowego w Michigan ( „Estrogeniczny wpływ genisteiny na wzrost estrogenicznych komórek nowotworu piersi z dodatnimi receptorami u ludzi [MCF-7] w warunkach laboratoryjnych i żywym organizmie,” C. Y. Hsieh i inni).

Istnieją oczywiście różnice we wzorach niewolnictwa, ekobójstwa i scentralizowanej władzy, które zbiegają się z agrokulturą.

Tradycyjne kultury żyjące wzdłuż wybrzeża Północnego Zachodu [USA] nie były rolnicze pod żadnym względem, ale miały tak obfite, łatwe do zebrania źródło pożywienia – poza inną rzeczną i lądową żywnością były to liczne gatunki łososia, które każdego roku powracały do ich rzek – że rozwinęły cechy przypisywane zazwyczaj w pełni rozwiniętym cywilizacjom. Niewolnictwo, elita rządząca, rytualne wiązanie głów w wybranych grupach i kultura wojenna to kilka z posiadanych przez nie atrybutów, zarezerwowanych najczęściej dla kultur bardziej „rozwiniętych”. Jednakże kultury Północnego Zachodu posiadały kilka ważnych cech, które odróżniały je od cywilizacji.

Po pierwsze, nigdy nie niszczyły ziemi. Może to być związane z faktem, że ich podstawowe jedzenie – łosoś – było dzikie, niekultywowane. Oznacza to, że obfitość źródła ich pożywienia była bezpośrednio związana ze zdrowiem bogatego, złożonego ekosystemu, a nie karczowaniem ziemi pod uprawę.

Po drugie, nie byli w stanie rozprzestrzeniać się. Raz jeszcze odnosi się to do źródła pokarmu powiązanego z rzekami i brzegami. Nie możesz podbić swoich słabszych sąsiadów żyjących wgłębi lądu (bez dostępności łososi, która uczyniłaby ich tak licznymi i silnymi, jak ty), ściąć tamtejszych lasów i poprowadzić w porębach rzekę, która zrodzi łososie. W odróżnieniu od wielkich, ekspansywnych, imperialistycznych cywilizacji wzniesionych na roślinach uprawnych (pszenica, kukurydza, ryż etc.), główne źródło ich pożywienia było nieruchome, oni także. Fakt, że łosoś jest pożywieniem dzikim, które wymaga zdrowych rzek i lasów temperował zapędy tych kultur.

Kultura zależna od zdrowia dzikiej ziemi będzie ją pielęgnować. Kultura zależna od wyrządzania szkód ziemi zrujnuje ją.

Ostatecznie wszyscy jesteśmy uzależnieni od zdrowia ziemi.

A co z innymi, niewidzialnymi siłami, które pozwoliły długotrwałym kulturom pozostać w stanie równowagi? Praktyki duchowe, kulturowe tabu i niezmiernie istotny fakt, że nie-ludzi szanowano, uznawano za świętych i potężnych, komunikowano się z nimi – to atrybuty tak samo, o ile nie bardziej, ważne niż sytuacja uniemożliwiająca kulturom fizyczną ich ekspansję. Można się tu wiele nauczyć, zważywszy, że dysponujemy narzędziami i wiedzą, aby wieść egzystencję destrukcyjną.

Ażeby wyewoluował zdrowy sposób wyżywienia, będziemy musieli stworzyć kultury, które wzmacniają zdrowe, trzymające je w ryzach granice.

Z pewnością nie sugeruję, że możemy stworzyć pokojowy świat zwyczajnie poprzez zmianę przyzwyczajeń żywieniowych. Obecne mechanizmy destrukcji są zbyt głęboko okopane, aby do tego doszło. Jeżeli mamy zamiar udać się w stronę zrównoważonej przyszłości – a musimy to zrobić – krytyczną częścią procesu będzie przedefiniowanie naszej interakcji z ziemią, nawyków żywieniowych i sposobu pozyskiwania pokarmu.

Dopóki nie uświadomimy sobie, że nasze przetrwanie zależy od zdrowia dzikiej ziemi, dopóki raz jeszcze nie staniemy się jej intymną częścią, dopóty będziemy uśmiercać planetę.

Dziennik pokładowy: Ocean umiera (aktualizacja: 16.10.2016)

18 października 2013.

To właśnie cisza sprawiła, że ten rejs był inny od wszystkich dotychczasowych.

Nie chodzi tu o nieobecność dźwięków.

Wiatr nadal targał żaglami i gwizdał w takielunku. Fale nadal smagały kadłub z włókna szklanego.

Było wiele innych odgłosów: stłumiony łomot, łoskot i zgrzyty, kiedy łódź odbijała dryfujące odpady.

Brakowało krzyków morskich ptaków, które podczas wszystkich poprzednich rejsów otaczały jednostkę.

Nie było ptaków, ponieważ nie było ryb.

Dokładnie 10 lat temu żeglarz z Newcastle Ivan Macfadyen płynął tym samym kursem z Melbourne do Osaki; kiedy między Brisbane i Japonią chciał złowić rybę, wystarczyło, że wrzucił do oceanu zakończoną przynętą linę.

„Nie było dnia, aby na tym odcinku miesięcznej podróży nie udało nam się zjeść posiłku z dużej ryby i miseczki ryżu,” mówi Macfadyen.

Ale tym razem ten długi etap morskiej wyprawy przyniósł całkowity połów w postaci dwóch osobników.

Żadnych ryb. Żadnych ptaków. Nieliczne oznaki życia.

„W minionych latach przywykłem do ptaków i ich odgłosów,” wspomina.

„Podążały za łodzią, czasem przed odlotem odpoczywały na maszcie. W oddali, nad powierzchnią morza, widzieliśmy ich stada polujące na sardele.”

Lecz w marcu i kwietniu tego roku jego łódź Funel Web sunęła po powierzchni upiornego oceanu spowita tylko w ciszę i pustkę.

Na północ od równika, nad Nową Gwineą, żeglarze ujrzeli wielką łódź rybacką przeczesującą koralową rafę.

„Cały dzień trałowała tam i z powrotem. Była to duża jednostka, przypominała statek-bazę,” mówi.

Przez całą noc kontynuowała pracę w oślepiającym świetle reflektorów. Nad ranem Macfadyena obudziło alarmujące wołanie załoganta – w ich stronę zmierzała opuszczona ze statku motorówka.

„Martwiłem się. Byliśmy nieuzbrojeni, a piraci są prawdziwą zmorą tych wód. Pomyślałem, że będziemy mieli poważny problem, jeżeli ludzie ci mają broń.”

Ale nie byli piratami, przynajmniej nie w konwencjonalnym sensie. Motorówka zatrzymała się równolegle do burty, a znajdujący się na jej pokładzie Melanezyjczycy zaoferowali podarunki: owoce, słoiki z dżemem i przetworami.

„Dali nam pięć dużych worków po cukrze po brzegi wypełnionych rybami,” wspomina.

„Były to dobre, duże ryby różnego gatunku. Niektóre świeże, inne najwyraźniej poleżały trochę na słońcu.”

„Powiedzieliśmy im, że nie ma szans, abyśmy wykorzystali je wszystkie. Było nas dwóch, nie mieliśmy miejsca na ich przechowanie. Wzruszyli ramionami i powiedzieli, żeby wyrzucić je za burtę. I tak zamierzali to zrobić.”

„Powiedzieli nam, że była to tylko niewielka część przyłowu jednego dnia. Interesował ich wyłącznie tuńczyk, wszystko inne traktowali jak śmieci. Zabijali i wyrzucali. Dzień i noc orali rafę, pozbawiając ją każdej żywej istoty.”

Serce Macfadyena zamarło. Był to jeden kuter wśród niezliczonej, ukrytej za horyzontem floty, której liczne jednostki robiły dokładnie to samo.

Nic dziwnego, że morze było martwe. Nic dziwnego, że przynęta niczego nie zwabiła. Nie było czego łowić.

Brzmi to przygnębiająco, ale będzie znacznie gorzej.

Kolejnym etapem długiej wyprawy był odcinek z Osaki do San Francisco – znaczył go odstręczający horror i strach.

„Po opuszczeniu Japonii mieliśmy uczucie, jakby ocean umarł,” mówi Macfadyen.

„Sporadycznie spotykaliśmy żywe istoty. Widzieliśmy jednego wieloryba – przetaczał się bezradnie po powierzchni wody, na głowie miał coś, co przypominało wielki guz. Czuliśmy odrazę i przerażenie.”

„Przemierzyłem w swoim życiu wiele mil oceanu i jestem przyzwyczajony do widoku żółwi, delfinów, rekinów i chmar żerujących ptaków. Ale tym razem przez 3000 mil morskich nie zobaczyliśmy niczego, co żyje.”

Miejsce nieobecnego życia zastąpiły zdumiewające ilości śmieci.

„Część z nich była pokłosiem tsunami, które uderzyło w Japonię ponad dwa lata temu. Fala pokryła ziemię, podniosła niewiarygodne mnóstwo rzeczy i zaniosła je wgłąb morza. Gdziekolwiek spojrzysz, wciąż tam dryfują.”

Brat Iwana Glenn – wsiadł na Hawajach, aby przepłynąć do kontynentalnych Stanów Zjednoczonych – podziwiał „tysiące tysięcy” żółtych plastikowych boi. Niewyobrażalne gmatwaniny syntetycznych lin, żyłek i sieci. Kawałki styropianu idące w miliony. I rozległe plamy ropy i benzyny. Wszędzie.

Niezliczone setki drewnianych słupów energetycznych, wyrwane przez zabójczą falę, ciągnęły po środku oceanu swoje przewody.

„W minionych latach, kiedy unieruchomił cię brak wiatru, po prostu włączałeś silnik i ruszałeś dalej,” wspomina Ivan.

„W wielu miejscach nie mogliśmy uruchomić silnika w obawie przed wplątaniem śruby w kawałki lin i kabli. W pełnym morzu to sytuacja nie do pomyślenia.”

„Kiedy już zdecydowaliśmy się na włączenie motoru, nie robiliśmy tego w nocy, tylko za dnia, wypatrując śmieci.”

„Przejrzystość wód powyżej Hawajów pozwalała dojrzeć głębiny. Widziałem, że zanieczyszczenia nie znajdowały się tylko na powierzchni, były wszędzie na całej głębokości. Dowolne rozmiary, od butelek po odpady wielkości dużego samochodu lub ciężarówki.”

„Widzieliśmy wystający z wody komin fabryczny, pod powierzchnią połączony był z czymś na kształt bojlera. Widzieliśmy przewracany przez fale ogromny kontener.”

„Wymijaliśmy te odpady. Przypominało to żeglowanie przez wysypisko śmieci.”

„Pod pokładem stale słyszeliśmy, jak przedmioty obijają kadłub, martwiliśmy się, że zderzymy się z czymś naprawdę dużym. Cały kadłub pokrywają zarysowania i wgniecenia po kawałkach, których nie zdołaliśmy dostrzec.”

Plastik był wszechobecny. Butelki, opakowania, torebki i każda rzecz jednorazowego użytku, jaką tylko można sobie wyobrazić – od połamanych krzeseł po śmietniczki, zabawki i przybory.

I coś jeszcze. Żywa żółć lakieru łodzi – która przez minione lata nigdy nie wyblakła od słońca i morza – weszła z czymś w reakcję w wodach u wybrzeży Japonii, utraciła swój blask w dziwny i niewyjaśniony sposób.

W porcie Newcastle Ivan Macfadyen nadal próbuje otrząsnąć się po szokującym i przerażającym rejsie.

„Ocean jest uszkodzony,” mówi potrząsając z niedowierzaniem głową.

Zdając sobie sprawę ze skali problemu i faktu, że organizacje i rządy nie zdradzają jakiegokolwiek zainteresowania tematem, Macfadyen szuka pomysłów.

Bezzwłocznie zgłosi się do organizatorów wielkich australijskich wyścigów oceanicznych, postara się zwerbować żeglarzy-wolontariuszy do międzynarodowego programu monitorowania odpadów i życia morskiego.

Macfadyen przystąpił do podobnej inicjatywy, kiedy był w Stanach Zjednoczonych – odpowiedział na apel naukowców amerykańskich, który poprosili żeglarzy, aby wypełniali codzienne formularze badań i pobierali próbki do testów na obecność promieniowania – źródła poważnego zagrożenia po tsunami i katastrofie w japońskiej elektrowni atomowej.

„Zapytałem ich, dlaczego nie wywrzemy presji, żeby wysłali flotę i posprzątali ten bałagan,” mówi.

„Odpowiedzieli, że dokonali obliczeń i okazało się, iż środowiskowe szkody wywołane spalaniem paliw kopalnych przy wykonaniu tej pracy byłyby gorsze, niż pozostawienie odpadów.”

Wykryta na Oceanie Spokojnym przez aerofotogrametrię masa sieci rybackich, pojemników z tworzyw sztucznych i innych wyrzuconych przedmiotów dalece przekracza dotychczasowe wyobrażenia. Na północnych obrzeżach Wielkiej Pacyficznej Plamy Śmieci lot rozpoznawczy odkrył bezmiar głównie plastikowych odpadów. Ich zagęszczenie było kilkakrotnie wyższe od spodziewanej kumulacji w samym centrum plamy, gdzie zalega największa ilość zanieczyszczeń. „Zazwyczaj podczas lotniczych obserwacji delfinów i wielorybów zajmujesz się ich lokalizacją i rejestrowaniem,” powiedział Boyan Slat, założyciel fundacji Ocean Cleanup. „Taki był plan w przypadku tego badania. Ale potem otworzyliśmy drzwi i wszędzie zobaczyliśmy śmieci. Zauważaliśmy coś co pół sekundy. Musieliśmy robić zdjęcia – nie byliśmy w stanie utrwalić wszystkiego. Widok takiego mnóstwa śmieci w oceanie, który powinien być nieskazitelny, był niesamowity.” Loty rozpoznawcze odkryły, że szacowana wcześniej liczba dużych przedmiotów, przekraczających wielkość pół metra, została „mocno zaniżona”. Stanowią one zdecydowaną większość dryfujących szczątków i są tykającą bombą, ponieważ ulegną rozkładowi na konsumowany przez morskie organizmy mikro-plastik. Centralna część plamy ma około miliona kilometrów kwadratowych, natomiast obrzeża sięgają 3.5 miliona kilometrów. Rozmiary tego bagna zmieniają się stale w wirze jednego z potężnych prądów oceanicznych. Według Programu Środowiskowego ONZ Wielka Pacyficzna Plama Śmieci rośnie tak szybko, że podobnie jak Wielki Mur Chiński staje się widoczna z kosmosu.

Rozdział II: Czym jest powrót do dzikości?

Miles Olson przez ostatnią dekadę przyswajał i praktykował zanikające tradycyjne umiejętności egzystowania poza systemem industrialnym. Doświadczenia, które zebrał pozwoliły mu obrać unikalne spojrzenie na radykalną samowystarczalność i wpływ cywilizacji na dziką przyrodę. Przedstawił je w książce „Unlearn, Rewild” będącej medytacją, dochodzeniem etycznym, przewodnikiem przetrwania. Na zmianę liryczna, pełna humoru, zaskakująca, iluminująca i stymulująca intelektualnie lektura zmusza do zakwestionowania znaczenia słowa ‚ucywilizowany’.

Czym jest powrót do dzikości?

Wyobraź sobie opuszczony parking w porzuconej części miasta. Po upływie mniej więcej roku każde dostatecznie duże pęknięcie ustąpiło mleczom i młodym pnączom jeżyn. Aktywność ich korzeni, wiatr i deszcz, woda zbierająca się w zakamarkach, mróz i odwilż wolno łamią i kruszą chodnik. Bruzdy, poszerzając się robią miejsce kolejnym roślinom, korzeniom i pęknięciom. Z nadejściem letnich miesięcy sam chodnik wkrótce przestaje być widoczny pod gęstym listowiem dzikiej róży i młodej olchy. Ptaki zaczynają budować gniazda w krzewach, a króliki pod drutem kolczastym ogrodzenia jeżyn.

Po kilku dekadach ziemia zrzuci większą część cementowego płaszcza. Drzewa wyślą swoje korzenie wgłąb gleby i chociaż będzie wciąż nosić świeże rany brutalnie narzuconego kształtu parkingu, nic nie przeszkodzi w jej powrocie do zdrowego, dzikiego stanu.

Teraz wyobraź sobie człowieka…

Powrót do dzikości nie jest pojęciem powszechnie stosowanym w odniesieniu do ludzi. Proces, za pomocą którego gatunek lub ekosystem odzyskuje naturalny, nieoswojony stan nie jest akurat kierunkiem obranym przez większość ludzkości. Powrót do dzikości istnieje w opozycji do udomowienia. Udomowienie oznacza dominację, kontrolę, ucisk i eliminację wszystkiego, co się nie podporządkowuje, powrót do dzikości to wyzwolenie od tych elementów i działanie przeciwko nim, umożliwienie innym (ludziom i nie-ludziom) ucieczki przed uciskiem i godnego życia. W swojej istocie dzikość – siła życia obecna we wszystkim, co udomowione – walczy, aby wyrazić siebie, znaleźć pęknięcie, puścić pędy i rosnąć; znaleźć dziurę w ogrodzeniu i uciec. Obejmuje ludzi.

Oczywiście wiele osób nie zgodziłoby się z tezą, że jesteśmy udomowieni. Nic dziwnego; prawdziwie, w pełni udomowione stworzenie nie miałoby pojęcia, że stan, w którym trwa nie jest normalny i naturalny, że coś jest nie tak.

Wykonywałem raz pracę w ramach wzajemnej wymiany z hodowcą bizonów, który mieszka nieopodal – wycinałem żarnowce na jego pastwiskach w zamian za mięso, tłuszcz i kości. Poza uczuciem zachwytu i grozy, jakie budziły wszystkie te potężne, onieśmielające, piękne rogate zwierzęta stąpające bezceremonialnie wokoło, najbardziej niesamowitą rzeczą, jaką w tym doświadczeniu odkryłem było ogrodzenie, które więziło bizony. W obrębie pól farmera zamykała je cienka, druciana ochrona przed jeleniami. Pewnego dnia farmer z dumą oświadczył: „Jasne, te bizony mogłyby pogalopować przez ogrodzenie, bez problemu. Wiesz, to psychologia, przyzwyczaisz je do czegoś i nawet o tym nie myślą.”

Bizony mogły odejść, rozpocząć niekończącą się migrację, do której przeznaczone jest ich ciało i duch, zamiast tkwić na mizernym, spustoszonym poletku, jednakże zostały uwarunkowanie, aby nigdy tego nie spróbować.

Powrót do dzikości koniecznie oznacza zrozumienie i oduczenie się naszego warunkowania, kulturowego zaprogramowania, które determinuje naszą interakcję ze światem i sposób jego postrzegania. Jeżeli czytasz te słowa, jesteś piśmienny, czyli niewątpliwie zostałeś w pewnym zakresie przyuczony, poddany indoktrynacji i asymilacji przez dominującą kulturę. Wyćwiczono cię, abyś patrzył na świat przez jej filtr. Abyś wierzył, że ludzie nie są zwierzętami; że zwierzęta nie myślą, nie czują i nie mówią. Że ludzie posiadają „inteligencję” i jest ona niepowtarzalnie człowiecza. Że świat „naturalny” jest odseparowany od świata „ludzi” i istnieje jako niewyczerpana pula „zasobów” do ludzkiej konsumpcji. Że musisz pracować, płacić czynsz, kupować żywność. Nie pytasz dlaczego, tak już jest. Że posady są czymś dobrym, posady oznaczają pieniądze, a pieniądze są dobre. Że potrzebujemy pieniędzy, aby żyć. Kawałki papieru lub cyfry w systemie komputerowym – potrzebujemy ich bardziej niż samego życia. Że chcemy, aby „gospodarka” zawsze rosła. Że kiedy gospodarka (miara fizycznej eksploatacji naturalnego świata) przestaje rosnąć, jesteśmy zgubieni. Że potrzebujesz wielu rzeczy (pieniędzy, samochodu, pracy, statusu) i bez nich nie będziesz miał przyjaciół. Nikt nie będzie uprawiać z tobą seksu. Że nasze ciała i umysły są odseparowane. Że nasze ciała są odstręczające, podobnie jak nasze pożądania. Że kobiety znaczą mniej od mężczyzn. Że to ty masz problem, to ty jesteś obłąkany, a nie świat – weź pigułkę.

Jesteśmy trenowani od wczesnego dzieciństwa, aby reagować na bajery i fajerwerki, aby bezwarunkowo przyjmować spreparowaną przez kulturę wersję rzeczywistości za prawdę. Proces odkrycia swojej dzikości to proces oduczenia się tego wszystkiego, stopniowego poznawania rzeczywistości bez mediatora, w oparciu o autentyczną interakcję, empatię i doświadczenie.

Ludzie posiadają niespotykanie skuteczną zdolność adaptacji. Nasze umysły szybko dostrajają się do nowych środowisk i życiowych sytuacji. W zasadzie wciąż jesteśmy stworzeniami z Epoki Kamienia, żyjącymi w industrialnym świecie, nasza biologia uległa niewielkim zmianom w ciągu ostatnich 10.000 lat. Gdyby tak wziąć niemowlaka z XXI wieku i zamienić go z bobasem myśliwych-zbieraczy, obaj nauczyliby się stylu życia swojej kultury, ich rozwój przebiegałby tak samo.

Nasza zdolność przystosowania pozwoliła nam zaludnić Ziemię, pozwoliła kulturom zakwitnąć na pustyni, podbiegunowym kole arktycznym, umiarkowanym lesie deszczowym i tropikalnej dżungli. Pozwoliła nam błyskawicznie wprowadzić nowe technologie i z wdziękiem dostosować się do izolujących warunków nowoczesnego życia, chociaż antydepresanty, internet, alkohol, pornografia i inne używki pomagają wypełnić pustkę, jaką pozostawia niezawodnie przemysłowe życie. Nasza nieustająca adaptacja często sprawia, że zastanawiamy się skąd i kim jesteśmy, jaki jest naturalny dla człowieka sposób bytowania. Czy w ogóle istnieje? Czy mamy wrodzone potrzeby? Czy ma je cokolwiek?

Kiedyś nie cierpiałem powiedzenia, „Człowiek jest stworzeniem społecznym.” Dorastałem jako samotnik, z nastoletnią fascynacją Buddyzmem – ideałem prowadzenia odosobnionej, monastycznej egzystencji w poszukiwaniu oświecenia. Nie rozumiałem, dlaczego ludzie upierają się, że jesteśmy stworzeniami społecznymi; społeczeństwo jest okropne.

Dopiero w wieku mniej więcej 20 lat poskładałem wszystko w całość, przyglądając się jedynym znanym mi przykładom zdrowych ludzi – autochtonom. Ludzie od zawsze żyli w grupach. Bizony od zawsze żyją w stadach, podobnie mewy i kruki, wilki grasują watahami, a ludzie chcąc zachować zdrowie muszą egzystować w grupie, społeczności, plemieniu. Było tak zawsze. Osadzenie w jednoosobowej celi stosowane jest jako forma tortury, często prowadząca ofiarę do patologicznego szaleństwa; głęboka interakcja towarzyska i wspólnota stanowią biologiczną potrzebę .

Społeczeństwo przemysłowe jest okropne , pomyliłem je z ogólnym pojęciem społeczeństwa, ponieważ było ono jedynym widocznym punktem odniesienia. Ludzie nie są stworzeniami przemysłowymi; coś takiego, jak stworzenie przemysłowe nie istnieje (z możliwym wyjątkiem genetycznie zmodyfikowanych tworów Monsanto); jesteśmy stworzeniami absolutnie społecznymi. Tak wyewoluowaliśmy; ludzie zawsze żyli w plemionach lub wielopokoleniowych rodzinach. Fakt, że uświadomiłem to sobie po 20 latach ludzkiego życia mówi wiele o tym, jak bardzo oddaliliśmy się od czegoś zdrowego i nieskażonego.

Ludzie wraz ze wszystkimi innymi stworzeniami zawsze egzystowali w bliskim fizycznym kontakcie ze źródłem swojego istnienia – ziemią. To kolejna wrodzona potrzeba; tak bardzo, jak potrzebujemy zdrowych, głębokich relacji z ludźmi, musimy mieć zdrowe, głębokie relacje z nie-ludźmi. Wyewoluowaliśmy, aby wieść życie pełne znaczenia we wspólnotach z młodymi i starymi, zbierając żywność do zjedzenia i podziału, zabijając rośliny i zwierzęta dla przetrwania, uczestnicząc w śmierci seniorów, wznosząc własne domy, ogrzewając je, ucząc się historii o górach, rzekach i przodkach.

Wiadomo, że nie odnajdziemy tego wszystkiego w przemysłowym życiu; czyni ono naszą egzystencję odosobnioną, odłączoną, płytką i bez znaczenia. Ludzie nie wyewoluowali, aby budować wiecznie rosnącą gospodarkę (nic, co żyje na tej planecie nie może utrzymać tego urojenia), żyć w miastach, organizować się poprzez scentralizowane struktury władzy, spędzać dni bezczynnie za biurkami, przed ekranami monitorów, powtarzać nużące zadania, czy nawet uprawiać ziemię. Nie nadajemy się do tego wszystkiego i w rezultacie mordujemy planetę i kolektywnie pogrążamy się w szaleństwie.

„ Dom płonie, co zamierzasz zrobić?”

„ Podsycę ogień paliwem i będę obserwował, czy z popiołu wyrośnie coś pięknego.”

Cywilizacje to kultury oparte na udomowieniu roślin, zwierząt i ludzi. Rolnictwo, imperializm, społeczna stratyfikacja, stworzenie miasteczek i miast są ich wyróżnikami. Ofiary z ludzi składane przez Azteków, płonące stosy inkwizycji starej Europy i nazistowski holokaust – wszystkie są dziełem cywilizowanych ludzi; ludobójstwo jest nieodłączną częścią trybu ich funkcjonowania. Sprawcy ludobójstwa historycznie określają nawet ten proces mianem „cywilizowania” swoich ofiar. Mimo iż uczeni i pobożni poklepują cywilizację po ramieniu za jej moralną wyższość, żadna inna kultura w najmniejszym nawet stopniu nie dopuściła się okrucieństw na podobną skalę. Na przykład większość kultur Rdzennych Amerykanów w ogóle nie znała gwałtu. Istnieje przekaz o tym, jak współplemieńcy Nuu-chah-nulth znaleźli martwe, nagie, zmasakrowane ciała dwóch młodych dziewczyn, zgwałconych w pobliskim lesie przez hiszpańskich konkwistadorów; byli oszołomieni. Nic podobnego wcześniej nie miało miejsca, nie była to część ich rzeczywistości. Europejskich kolonizatorów zdumiał ten fakt – gwałt jest przecież tak fundamentalną częścią cywilizowanego społeczeństwa.

W odróżnieniu od trwałych kultur cywilizacje mają krótki żywot, wyjaławiają swoją ziemię, upadają lub ruszają dalej. Czy zauważyłeś [Czytelniku], że w sytuacji, kiedy gospodarka nie rośnie, zaczyna upadać? Jeżeli PKB nie odnotowuje bezustannego wzrostu, a system stale się nie poszerza, następuje „depresja”? Cywilizacja bazuje na ekspansji. Albo rośnie, albo umiera; nie ma żadnego stałego, stabilnego stanu. Napędzana gwałtownym wzrostem populacji – który rozpoczął się wraz z rewolucją rolną i jest daleki od zrównoważenia – wieczna ekspansja oznacza wieczny podbój. Aby mogła nieprzerwanie rosnąć, inni muszą zostać wysiedleni; kultury tubylcze, lasy, prerie, mokradła, rzeki, wszystkie potencjalne lokalizacje wydobycia surowców, miast i gospodarstw rolnych. Muszą zostać wyeliminowane, kontrolowane lub zasymilowane, aby postęp trwał dalej.

Za oczywisty powinien uchodzić fakt, że system oparty na wiecznej ekspansji nie może istnieć długo na planecie z ograniczonymi surowcami. Ludzie budują cywilizacje dopiero od 6.000 lat; przez 95.5% naszej ziemskiej egzystencji żyliśmy w lokalnych, zrównoważonych społecznościach. Dopiero niedawno dominująca kultura niemalże w całości wykorzeniła i zasymilowała większość tych unikalnych sposobów bytowania. Większość z nas nie zdaje sobie sprawy, że wieczny wzrost nie jest problemem współczesnym. Nie jest to twór kapitalizmu czy korporacji, mimo że go spotęgowały. Problem wiecznego wzrostu jest tak stary, jak sama cywilizacja. To główny problem cywilizacji, sposób życia nie do utrzymania pod względem funkcjonalnym; może niszczyć w różnym tempie, ale zawsze był i będzie destrukcyjny.

Cywilizacja – nieudany, trwający 6000 lat eksperyment – zgładziła prawie każdą kulturę poza sobą, a teraz pracuje pełną parą nad eliminacją planetarnego życia.

Powrót do dzikości nie ma na celu ratowania cywilizacji. Z perspektywy dzikiego, żywego stworzenia w cywilizacji nie ma absolutnie nic, co warte byłoby ocalenia. Oparta na stłumieniu ludzkiej i nie-ludzkiej dzikości, a także wylesianiu i upustynnieniu, z biologicznego punktu widzenia cywilizacja jest nowotworem trawiącym Ziemię. To idealny przykład ludzi tworzących technologie przy kompletnym braku dojrzałości i zdolności do ich kontrolowania.

W obliczu perspektywy upadku wielu uczestników ruchu na rzecz zrównoważonego rozwoju obawia się, że cywilizacja obróci się w gruzy i utracimy wszystkie postępy, jakimi nas obdarowała (wiedzę naukową, sztukę, szczepionki etc.). „Musimy budować łodzie ratunkowe cywilizacji, zrobić wszystko, co w naszej mocy, aby ją ocalić!” Zalecenie to ukradkiem zakłada, że życie ludzi „nieucywilizowanych” jest gorsze od naszego.

Kultury tubylcze cieszą się lepszym zdrowiem, mają więcej wolnego czasu, bardziej egalitarne struktury społeczne niż ludzie cywilizowani. Na przykład myśliwi-zbieracze z pustyni Kalahari, którzy zamieszkują mało żyzny krajobraz, pracują po trzy godziny dziennie, są wolni od próchnicy i innych zwyrodnieniowych przypadłości, są zdrowsi i mają więcej wolnego czasu od ludzi zindustrializowanych. Kiedy Europejczycy zapoczątkowali swoją inwazję Ameryk w XVI wieku, „Stary Świat” był przeludnionym pustkowiem ludzkiej deprawacji; był na skraju upadku – głód, wojny i epidemie stanowiły normę. Natomiast kultury rdzenne „Nowego Świata” były zdrowsze, miały więcej życiowej przestrzeni i znacznie wyższy standard życia. Idea, że cywilizowana egzystencja jest prostsza, zdrowsza i naturalnie lepsza od każdego innego sposobu życia jest czymś, czego musimy się oduczyć.

Każdy krajobraz, każdy klimat, każdy bioregion tradycyjnie zrodził odmienną kulturę, dopasowaną doń w unikalny sposób; nigdy nie istniał jeden styl życia mający sens w każdym miejscu. Powrót do dzikości jest ruchem w stronę powtórnego złączenia się z miejscem, zapuszczenia korzeni, oddania siebie bioregionowi, powolnego uczenia się, jak w tym miejscu żyć w sposób dopasowany do jego naturalnego rytmu.

Jeżeli usuniesz tamę, rzeka rozleje się i popłynie wolna. Jeżeli z klatek oswobodzisz bydło, zwierzęta rozejdą się, będą się pasły, żyły i umierały wolne. Jeżeli z niewoli wypuścisz człowieka… co zrobi? Poszuka pracy? Stanie się nurkującym w śmietnikach wagabundą? Będzie żył wolny w dziczy? Ludzie są dość nieprzewidywalni, ich reakcja na odzyskaną wolność jest skomplikowana.

Jesteśmy szalenie cerebralni. Podczas gdy niektóre stworzenia są fizycznie przystosowane do swojego środowiska dzięki sierści, szponom, błonom pławnym, płetwom i skrzydłom, ludzie posiadają źle przystosowane ciała, co kompensują nadaktywnością mózgu. Niewątpliwe nasze udomowienie ma po części charakter fizyczny: mizerne ciała i strażnicy naszych właścicieli (policja, wojsko) obezwładniają nas i gwarantują dobre zachowanie; lecz przez wzgląd na to, że jesteśmy stworzeniami tak dalece cerebralnymi jest ono także w ogromnym stopniu psychologiczne. Liczne kajdany czyniące udomowionego człowieka posłusznym wcale nie mają charakteru fizycznego, ale są niewidzialnymi, wykreowanymi kulturowo złudzeniami. Naszym zadaniem jest oduczenie się tych złudzeń, oczyszczenie naszych umysłów.

Każdy ma do uleczenia własne rany, każdy ma na to własne sposoby.

Samotna interakcja z przyrodą stanowi w moim doświadczeniu życia jedno z najbardziej potężnych narzędzi zacierających efekty warunkowania. Większość tradycyjnych kultur wykorzystuje doświadczenie samodzielnej wyprawy wgłąb dzikiej przyrody jako narzędzie do oczyszczenia umysłu, wypłukania ze świadomości skonstruowanego kulturowo świata, przeżycia autentycznej, pozbawionej mediatora interakcji z rzeczywistością więcej niż ludzką. Jest to część procesu osiągnięcia dojrzałości, pełni człowieczeństwa, wyraźnego spojrzenia na życie – inicjacja.

Jako siedemnastolatek – miałem za sobą szkołę i wiele lat rozdzierającej nudy i bzdetów – spędziłem lato żyjąc samotnie w lesie na opuszczonej wysepce. Bez elektryczności, bieżącej wody, towarzystwa ludzi i z mnóstwem wolnego czasu, zasmakowałem jednego z najbardziej intensywnych oduczających doświadczeń w życiu. Na początku bałem się, moim umysłem zawładnęła paranoja. Z lasu dobiegały mnie odgłosy pumy – przyroda chciała mnie dopaść. Musiałem pozostać w stanie pogotowia, albo umrzeć w jej uścisku. Potem poczułem samotność i smutek. Myślałem, że tęsknię za życiem, bo jestem sam w lesie. W końcu zacząłem zwyczajnie egzystować – zbierałem jagody, przynosiłem wodę do małego warzywnika. Obserwowałem, jak mój umysł się wycisza. Przyglądałem się rosnącym roślinom. Patrzyłem nocą na gwiazdy i pod nimi spałem. Suszyłem na słońcu jagody. Zaistniały rzeczy, o których wcześniej nie miałem pojęcia.

Pamiętam, jak po tygodniu lub dwóch milczenia próbowałem sobie przypomnieć własne imię. Krążyłem po chatce przez godzinę poszukując rzeczy z moim imieniem. Umysł wyciszył się, a relacja z życiem stała się ekstatyczna.

Tak wiele oduczyłem się tamtego lata.

Ludzie ze zdrowych kultur od czasu do czasu oddają się tej praktyce. Osamotnienie nie jest gloryfikowanym sposobem na życie, ale metodą oczyszczenia sprawiającą, że powracasz do społeczności silniejszy, bardziej świadomy i mądrzejszy, aby pełniej dzielić się swoimi podarunkami.

Nawet poświęcenie co pewien czas godziny na samotny pobyt pośród dzikiej przyrody, spowolnienie umysłu, słuchanie i obserwowanie, wyjście poza złudzenia, może być głęboko kojące.

Ile ludzi, tyle sposobów na oczyszczenie naszych umysłów, oduczenie się. Każdy, kto pragnie pozostać przy zdrowych zmysłach i służyć swojej wspólnocie koniecznie musi odnaleźć to, co mu służy.

Przywrócenie dzikości naszych umysłów i ciał jest podróżą życia. Stworzenie zdrowych kultur prawdopodobnie wymaga wielu życiorysów. Co nie oznacza, że jesteśmy skazani na czekanie; właściwie musimy pracować nad tym przez cały czas.

Powrócę do przykładu porzuconego parkingu, chodnika, pęknięć, mleczy i pnączy jeżyn; chodnikiem jest kultura, pęknięcia pojawiają się i powiększają, my jesteśmy nasionami mleczy unoszonymi przez wiatr. Wybierz na lądowanie dobrą szczelinę i zacznij kruszyć chodnik swoimi korzeniami.