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The finance industry met a key target to process US securities trades faster on the first day of new one-day settlement rules, although there were some delays to overnight systems.
Four top European banks, which also play key custodian roles in the local sovereign debt trade, have sought the Reserve Bank of Indias (RBI) go-ahead for a third-party transaction model to break the impasse involving their home authorities and domestic policymakers over audit oversight rights.
"There was a meeting last month between the heads of four European banks and top RBI officials. The banks have sought the RBI's approval on the proposed third-party model because there is no established rulebook for this kind of arrangement," a source aware of the developments said.
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
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