Royal Bank of Scotland's biggest trading customers face negative rates

Section:

RBS' Biggest Trading Customers Face Negative Rates

By Tim Wallace
The Telegraph, London
Friday, August 19, 2016

Royal Bank of Scotland will impose negative interest rates on some of its biggest customers from Monday, as central banks’ sub-zero policies start to bite.

The 70 largest companies that are heavily involved in financial trading, including other banks and pension funds, will face the charge when trading options and futures.

Traders have to post collateral with clearing houses -- funds that cover the cost of transactions if the trader is unable to pay the bills. If the institutions put cash on deposit as collateral, they will now face a negative charge. ...

... For the remainder of the report:

http://www.telegraph.co.uk/business/2016/08/19/rbs-biggest-customers-fac...



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Vanity Signs Option Agreement With Iamgold
to Purchase the Porcupine East Block

Company Announcement
August 19, 2016

VANCOUVER, British Columbia, Canada -- Vanity Capital Inc. (TSX VENTURE: VYC) has entered an option agreement with Iamgold Corp. providing for an option to acquire a 100-percent interest in Iamgold's Porcupine Property in the Duparquet Township area of Quebec.

The option is exercisable by Vanity spending a minimum of $1.5 million on expenditures for exploration, which isto include the completion of a minimum 5,000 metres of diamond drilling on the property, within 24 months of the option. The option is also subject to Vanity's entering into an agreement to acquire an interest in an adjacent property. Upon Vanity's vesting its interest, Iamgold would retain a 2 percent net smelter royalty.

The option also provides Vanity with the right to renegotiate a pre-existing net smelter royalty of 3 percent held by certain third parties. ...

... For the remainder of the announcement:

http://www.marketwired.com/press-release/vanity-signs-option-agreement-w...



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