July 22, 2018, 6:43 am
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1 Philippine Peso = 0.0687 UAE Dirham
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1 Philippine Peso = 0.01606 Euro
1 Philippine Peso = 0.03917 Fiji Dollar
1 Philippine Peso = 0.01429 Falkland Islands Pound
1 Philippine Peso = 0.01431 British Pound
1 Philippine Peso = 0.08962 Ghanaian Cedi
1 Philippine Peso = 0.88982 Gambian Dalasi
1 Philippine Peso = 168.66816 Guinea Franc
1 Philippine Peso = 0.14005 Guatemala Quetzal
1 Philippine Peso = 3.88103 Guyana Dollar
1 Philippine Peso = 0.1468 Hong Kong Dollar
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1 Philippine Peso = 22.25963 Iraqi Dinar
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1 Philippine Peso = 0.31076 Moldovan Leu
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1 Philippine Peso = 1 Philippine Peso
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1 Philippine Peso = 106.97905 Paraguayan Guarani
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1 Philippine Peso = 0.02554 Singapore Dollar
1 Philippine Peso = 0.0143 St Helena Pound
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1 Philippine Peso = 153.38571 Sierra Leone Leone
1 Philippine Peso = 10.68088 Somali Shilling
1 Philippine Peso = 393.68313 Sao Tome Dobra
1 Philippine Peso = 0.16367 El Salvador Colon
1 Philippine Peso = 9.633 Syrian Pound
1 Philippine Peso = 0.24845 Swaziland Lilageni
1 Philippine Peso = 0.62252 Thai Baht
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1 Philippine Peso = 0.08966 Turkish Lira
1 Philippine Peso = 0.12587 Trinidad Tobago Dollar
1 Philippine Peso = 0.57159 Taiwan Dollar
1 Philippine Peso = 42.49906 Tanzanian Shilling
1 Philippine Peso = 0.49158 Ukraine Hryvnia
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1 Philippine Peso = 0.01871 United States Dollar
1 Philippine Peso = 0.58277 Uruguayan New Peso
1 Philippine Peso = 145.09914 Uzbekistan Sum
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1 Philippine Peso = 431.12608 Vietnam Dong
1 Philippine Peso = 2.04265 Vanuatu Vatu
1 Philippine Peso = 0.04883 Samoa Tala
1 Philippine Peso = 10.52881 CFA Franc (BEAC)
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1 Philippine Peso = 10.52881 CFA Franc (BCEAO)
1 Philippine Peso = 1.90591 Pacific Franc
1 Philippine Peso = 4.67265 Yemen Riyal
1 Philippine Peso = 0.24818 South African Rand
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Volcker ‘fix’ may cause new headaches

By Pete Schroeder and Michelle Price

WASHINGTON- A proposal to simplify a rule banning banks from proprietary trading, rather than making life easier for Wall Street, could ensnare billions of dollars’ worth of assets not currently caught by the regulation.

This little-noticed wrinkle, if it were to make it into the final rule, could prompt Wall Street firms to overhaul their treasury, trading and merchant banking operations and change their accounting practices, lawyers and executives told Reuters.

On May 30, US regulators unveiled a plan to modify the so-called Volcker Rule introduced following the 2007-2009 financial crisis, aiming to make compliance easier for many firms and relieving small banks altogether.

Wall Street has long complained about the complexity and subjectivity of the rule, which bans banks that accept US taxpayer-insured deposits - such as Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley from engaging in short-term speculative trading.

Republicans, the business lobby and analysts initially welcomed the proposal as a long overdue move to streamline and clarify the rule, while consumer advocates and progressive Democrats criticized it as a risky Wall Street giveaway.

But after digesting the 494-page consultation, financial industry executives and lawyers said it could actually create new headaches for big banks by banning a swath of trades and long-term investments not currently covered by the rule.

“It’s going to capture trades that wouldn’t be captured by the current regulation and that’s the bogeyman people would want to avoid in this proposal,” said Jacques Schillaci, a banking lawyer at Linklaters LLP who has studied the proposal.

The draft is subject to a 60-day consultation period during which industry participants will lobby for changes, with a final version, which is likely to be substantially revised, expected around January.

One of the most-hated aspects of the Volcker Rule presumes purchases and sales of instruments within 60 days count as proprietary unless the bank can prove they qualify for an exemption, such as market making or hedging.

This part of the rule aims to identify short-term trades that are intended to be speculative in nature, but banks say it is too subjective because it would require second-guessing traders’ intentions.

Regulators have proposed replacing it with a more objective test, based on the accounting treatment of the instruments traded.

Under the new test, trading activity by desks that daily book net realized or unrealized gains and losses that exceed $25 million at any point over a 90-day period, is only allowed if the bank shows that trading qualifies for the rule’s exemptions.

Since the crisis, however, banks have applied this mark-to-market or “fair value” accounting treatment to a range of longer-term investments to better manage their risk. – Reuters 
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