Beams: Mon Aug 1, 2016 | 2:05 AM EDT BRIEF-Euronext says trading has been halted in all derivatives products http://mobile.reuters.com/article/idUSFWN1AF1ES
Beams: more at this link >>https://www.euronext.com/en/market-status/view/13892
MDS1965: FROM THE LINK: "All earlier issues impacting the Derivatives Products have been resolved. Euronext is aware of connectivity issues for particular members. This is currently under investigation. Euronext apologises for any inconvenience caused."
Taxmom: DEUTSCHE BANK IS DOWN ANOTHER 30 CENTS TO $13.14. WHEN WILL THEY JUST GIVE UP AND CRY UNCLE!!
MDS1965: THEY ARE UFC FIGHTERS...THEY WAIT UNTIL THE ARM IS ACTUALLY BROKEN...NOT VERY SMART UFC FIGHTERS EITHER I MIGHT ADD...THE SMART ONES TAP OUT BEFORE THE ARM/LEG IS ACTUALLY BROKEN...
LIA: Bloomberg @ 12:04 am (Pacific) Breaking News: EURONNEXT HAS HALTED ALL "DERIVATIVE tRADING" DUE TO WHAT THEY STATED IS A "GLITCH"!!!!! IT'S HALTED UNTIL FURTHER NOTIFICATIONS. I DO BELIEVE WE ARE EXPECTING MARKET REACTIONS LIKE MAY HAVE PREVIOUSLY STATED. THE ITALIAN BANKS HAVE NO LIKELY BAILOUT OPTIONS.
Chief53: Hey LIA, now that is some "FACT" that definately supports what many have been saying. Folks, I do believe we are mighty close to the dominos falling! I do believe the "Writing is on the Wall"!!!
MDS1965: YES CHIEF, BUT CAN THEY READ IT? COMPREHEND IT? AND DO THEY CARE ABOUT IT?....
Chief53: I don't think they care because they know that everything is getting "zero'd out"
MDS1965: YEAH CHIEF...I BELIEVE THEY ARE SETTING FIRE ON THE HOUSE AND DON'T CARE WHO GETS SCORTCHED IN THE PROCESS...
GuitarMan: I think when we all wake up in the morning it should be a done deal for the derivatives....A Brand New Baby... This thing started today with the birth pains and just keep going down and up.. I don't know just might be today a brand new baby...
GuitarMan: We need to be ready when that 800# comes out we might not have that much time to get in and out for exchange... Be ready!!!!!!!!!! I think they are going to need our currency fast to maintain their day to day operations (Pay Bills).
Chief53: When the derivatives crumble it will be an emergency for banks to exchange our currency for their liquidity and to meet Basel III requirements…. People I listen to think this will happen in the middle of our night, then 800#s will appear and their will be a mad rush to get us into their banks
GuitarMan: Chief53 you are correct and it might happen today….. The derivatives have already started..
Chief53: Happening "NOW!" seems to be the concensus of most that are talking
Piper19J: Big any new input today?
UncleBig: What I have is that things have moved on at a quickening pace over the past several days. This week is hopefully the pinnacle of what we are waiting but we have heard that many times before. I stay extremely optimistic and expected the news to continue to be stellar
LIA: OFFERED FOR YOUR ... DISCERNMENTS AND REVIEWS. BE NICE.
FISHER UPDATE ~ JULY 30th, 2016
FISHER: but I think that may be a message that applies to currency holders without ZIM. In addition. Bond guys expect to be liquid with their bonds soon after everything else goes, and have been told by Monday August 1st
FISHER: I feel that there really isn't any more intel that matters at this time, other than the toll free numbers themselves. I personally have enough to digest for now and am optimistically, realistically, and whole heartedly expecting to have redemptions to sometime this weekend. I do have one report that says we won't be redeeming until Monday or Tuesday,
FISHER: When that meeting let's out, we were told it would go.(this was the G3, it let out at 11am EDT) The rates from the last sitrep were again confirmed, accept for the Afghani, which was off by 50 cents. Large holders of ZIM (over a quad) will be redeeming in private VIP locations, where I'm told we'll be treated like royalty, for lack of a better term. I've also been told that these appointments will get first priority for timing and amenities.
FISHER: We were waiting for the Tier 3 redemptions and PAYMASTERS to be liquid-that is done. The New Republic Treasury has been meeting since 9:30 AM to firm up last minute protocols.
NWMontana: Aug 1 Euronext * Is currently experiencing a potential technical issue * Technical issue related to all derivatives products * Due to a technical issue, trading has been halted in all derivatives products until further notice * All orders other than gtc's were removed from derivative products Source text
SammyB: nwmontana.... that was a great post.... looks like things are moving forward... we have been told this would be a sign
Yada: What Im hearing out there in dinar land is somewhere along the way, a group of people have highjacked the original intent of this process,,,Rv the dinar and all other currencies will adjust their values,,anything else has nothing to do with the RV of the dinar,,
Folks,,,there is a lot of junk out there but there are a few who have it correct,,,regarding the timing,,all is done,,no hold ups,,there is a trigger time for the release,,no other issues at hand holding it up,,,,,,expect it any moment now and that is no hype,,
Highly Favored: "CBI gives, government banks until next September, to adapt itself to electronic systems..." This article sounds like it is past tense.
Eli: Sounds like things are moving faster than expected.
ReddStarr: Banks in the Spotlight as Forex Rules Change!
The Central Bank of Iran on Sunday officially allowed banks to start trading in the open hard currency market in line with its declared aim to unify the forex rates. Given the history of similar moves in the past, the move attracted mixed reactions with many commentators reiterating the fact that a single forex rate is central to attracting foreign investment.
Multiple forex rates have always been a challenge for the country. In two similar measures in the past three decades the CBI had unified forex rates but all that proved to be rather short-lived.
However, the CBI this time apparently seems to be treading with more caution in adopting what it calls a "controlled yet floating" foreign exchange regime by laying a strong foundation.
Kamal Seyyed Ali, director of Export Guarantee Fund of Iran, believes that allowing banks to operate in the parallel forex market will pave the way for the unification of foreign exchange rates.
Formerly banks were barred from conducting direct operations at market rates. “Once the decision is implemented, banks would be able to attract forex resources,” FNA quoted him as saying.
Iranian banks offer higher interests on forex deposits compared to other countries, which according to Seyyed Ali is in the interest of lenders and helps in attracting export revenues in foreign currency.
Iranian lenders offer 4-6% interest on forex deposits. For instance, Bank Saderat Iran, Bank Mellat and Bank Melli Iran pay 6% interest on US dollar deposits.
According to the CBI, exporters will also be allowed to sell their hard currency to banks or keep it in their bank accounts.
Besides, foreign exchange deals would mostly take place in the banking system, rather than the black market, he said. “Banks will be the key players in the market following the implementation of the new policy.”
This can and should help promote stability in forex markets, says the former central bank official.
“Banks’ entry into the forex market would not lead to a surge in rates because it will bolster the supply side of the market,” he said. “Iranian businesses are expected to move their forex resources in foreign banks to their accounts in banks inside the country.”
However, he called on the CBI to have an eye on banks’ performance in attracting forex resources as “sufficient forex resources are also crucial for a single rate regime.”
According to available data, the foreign exchange deposits of Iranian banks stood at $57.4 billion as of May.
Davoud Soori, an economist at Sharif University of Technology, believes that the new policy indicates a shift in government and CBI approach to the market rates. “It shows that the government is firm in its decision to unify the exchange rates,” Eximnews.ir quoted him as saying.
“CBI has a closer supervision on the banking system compared with foreign exchange shops,” he said. “As a result, banks are less likely to get entangled in illegal operations in the forex market.”
Following the CBI decision, the US dollar on Sunday was traded at 35,450 rials, up by 0.17% from Thursday’s close. The markets were closed on Friday and Saturday.
A currency trader in downtown Tehran said that the decision might initially have a shocking effect on the market “though in the long-term “the greenback should take comfort in 33,000-34,000 rials.”
“I think the government is determined to unify exchange rates,” he told the Financial Tribune.
Another currency trader said that the decision should enable banks to conduct transactions at lower fees. “For sure, it would have a negative effect on the business of the bureau de exchanges, but it would help the economy in general.”