Canara Bank said it will soon open a branch in New York as it has got regulatory approvals from the US authorities.
Canara Bank Executive Director A. K. Gupta said ---
We have got regulatory permission from the Board of Governors of the Federal Reserve System and we will be opening a branch in New York very soon,
With the opening of this branch, the bank would be foraying into the United States market.
Canara bank is looking at Dubai, Tokyo, Frankfurt in Germany and Qatar for opening New Barnches.
Market regulator SEBI(Security Exchange Board Of India) has granted qualified central counter party status to National Securities Clearing Corporation, Indian Clearing Corporation and MCX-SX Clearing Corporation.
The QCCP(qualified central counter party) status will make the three clearing corporations comply with the Principles for Financial Market Infrastructure (PFMI), an international standard to handle counterparty risk on derivatives, SEBI said in a statement issued on Friday.
These clearing corporations are also subjected, on an on-going basis, to rules and regulations that are consistent with the PFMI issued by the Committee on Payment and Settlement Systems (CPSS) and International Organisation of Securities Commissions (IOSCO)
The international standards were issued in April 2012 and all G-20 nations were to required to adhere to these strict standards to check derivative-related risks in the financial system.
These rules were issued to enhance safety and efficiency in payment, clearing, settlement, and recording arrangements, and more broadly, to limit systemic risk and foster transparency and financial stability.
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