Goodbye LIBOR, Hello SOFR!

LIBOR has been an endangered species for some time now. LIBOR, the rate that banks charge each other to borrow money, is slated to go by the wayside in 2021 and taking its place for USD will be something called the Secured overnight financing rate, or SOFR. Almost every part of the financial world is touched by LIBOR; it is plausibly the world's most important number.

Game Theory in Climate Negotiations

The 2015 Paris agreement established a global target for lowering greenhouse-gas emissions — aimed at keeping the atmosphere from warming by 2 degrees Celsius. One hundred and ninety-four countries have signed the treaty, which means that they have agreed to continue the process of the treaty on climate change mitigation. Nearly all the world’s countries agreed to create a system to measure their progress, and to continually strengthen their efforts.

Digitalization of Banking

Just like the opening lines of Hamlet's famous soliloquy in Shakespeare's play of the same name, "To be or not to be, that is the question," another question is being asked in that familiar way about the terms digitize vs. digitalize. ‘Digitization’ and ‘digitalization’ are two conceptual terms that are closely associated and often used…

Right to disconnect

Digital technology puts a world of information at our fingertips, but it also allows bosses to reach into their workers' personal time with unprecedented ease. It has become the norm for many employees to respond to work emails after business hours. While that may seem like an increase in productivity, in reality, it is reportedly having…

Moving towards a cashless society

I was reading an article on Bloomberg which stated that by the end of this month, Scandinavia's last mint will have closed. Following in the footsteps of Sweden and Norway, Denmark has decided to outsource the production of its coins to Finland. The Danish central bank has already stopped printing banknotes. They've become so unfashionable that…

Hackers program ATMs to spew cash

As ATMs have become ubiquitous, so too have attacks that turn these automated tellers into robotic thieves. In July 2016, a group of masked cyber-criminals cashed out 34 ATMs operated by the First Commercial Bank, one of Taiwan’s largest banks. Criminals had collected more than 83.27 million New Taiwan dollars (US$2.6 million) in cash —…

ATM pe dhava bol

Mom and I have come to my material uncle’s house in Allahabad on the occasion of Kali Puja and Diwali. We were scheduled to return home after Bhaiphonta or Bhai Dooj. But, my grandfather (Dadu) and uncle (Mama) had to be hospitalised on the eve of Kali Puja. Both were suffering for sometime and they became very…

Consolidation of Indian Banks

Services at around 80,000 bank branches in India were hit today as employees of public sector banks went on a one-day strike to protest against consolidation of public sector banks through mergers, and other issues. Consolidation is a recurring theme. There was a discussion in 1990s on consolidation large banks and small banks. New Bank…