"Improving our clients' ability to enable and track cross-border payments continues to be a key focus of FIS' corporate treasury offerings
," said Martin Boyd, head of Capital Markets at FIS.
As the need for more efficient payments solutions has expanded, Citizens has worked to further enhance its treasury offerings
. Incorporating the cloud-based Transactis platform will enable Citizens' thousands of commercial clients, which range from small businesses to Fortune 500 companies, to rapidly and securely send electronic bills and documents, and accept payments via web sites, phones and mobile devices.
Speranza Systems will be integrated within the Wallstreet Suite and Wallstreet Treasury offerings
of Wall Street Systems.
Oversubscriptions-the principal indicia of underpricing--were a persistent characteristic of Treasury offerings throughout the 1920s (Chart 5).
In response to bank oversubscriptions for, and prompt sales of, new Treasury offerings, nonbank investors began to abstain from subscribing for new issues, electing instead to acquire the securities in post-offering secondary market transactions.
With regard to the Treasury's quarterly financings, the Manager had followed the practice over the past several years of exchanging the bulk of the maturing securities held in the System account into the shortest issue offered by the Treasury, while placing relatively small amounts in the longer-term Treasury offerings
. This approach had replaced the earlier practice of rolling over maturing System holdings into the refinancing issues in roughly proportionate amounts to the size of those issues being offered to the public.
Following the Treasury-Federal Reserve Accord of March 1951 and the restoration of Federal Reserve control of monetary policy, Federal Reserve officials adopted a policy of maintaining a fixed monetary policy during Treasury offerings. (a) Concentrating the Treasury's longer term financings in four quarterly windows minimized the amount of time that the Treasury was in the market and thus maximized the amount of time during which monetary policy could be changed.
The emergence of regular and predictable sales of Treasury notes and bonds reduced the element of surprise in Treasury offerings and allowed investors to plan future commitments of funds with greater confidence.
More generally, the result is consistent with the proposition that regular and predictable issuance reduced the element of surprise in Treasury offering announcements and therefore facilitated investor planning.