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This paper studies manipulation in cash-settled derivative contract markets. When traders hedge factor risk using cash-settled derivatives, which are settled based on the price of a spot good, traders can manipulate settlement prices by trading the spot good. In equilibrium, manipulation can make all agents worse off. I define two measures of manipulation-induced welfare losses, which can be estimated using commonly observed market data. Using these measures, I estimate how large manipulation-induced distortions would be if COMEX gold futures were cash-settled using the London Bullion Market Association gold price benchmark.

We analyze how market design choices about counterparty information and costs related to the “plumbing” (i.e., clearing, settlement, and custody) of securities markets affect market quality and welfare. Our model compares two post-trade fee structures for allocating these costs. One charges a uniform fee for all trades and the other, marginal cost–based structure a reduced fee for internalized trades (which, both traders being from the same broker, is less costly to process). Both market design and fee structure affect quote aggressiveness and trading volume and its composition. With marginal cost–based fees and counterparty information being available, traders decide which counterparties to target through quote aggressiveness, trading off execution probability against fee. A social planner can maximize welfare by requiring marginal cost–based fees and providing traders the choice to disclose counterparty information. This paper was accepted by Gustavo Manso, finance.

We test the ability of the Decoy Effect to enhance debt collection efforts and find that by disclosing the Annual Percentage Rate (APR) in settlement offers, participants are less influenced by the decoy and more apt to select the repayment option that is in their best interest. At the same time, by reporting the APR, borrowers are more willing to make repayments on the modified loan, resulting in a net gain to debt collection efforts. Because disclosing the APR is Consumer Financial Protection Bureau (CFPB) compliant, this simple disclosure has the ability to increase debt collection returns while helping borrowers make better decisions when selecting debt modification repayment plans. Our results suggest an applicability to all types of defaulted debt including mortgages, sub-prime auto loans, credit cards, student loans, and payday loans.

We analyze the universe of payments settled through the Fedwire Funds Service--the primary U.S. real-time gross settlement service operated by the Federal Reserve--for the period January 2004 to December 2020. We report on trends in payments volume, payments value, balances, and overdrafts, in addition to documenting changes in the behavior of financial institutions transacting via the Fedwire Funds Service.

Technological advancements are often adopted to financial markets to improve their operations and safety. Blockchain technology has been recognized as one of the potential technologies to be utilized in capital markets. The goal of this article is to evaluate the applicability of using the blockchain technology in securities settlement process. First, the theoretical background of blockchain technology is reviewed and the current financial market infrastructure is examined. Then Central Securities Depositories Regulation and the current securities settlement processes are examined. Blockchain applicability framework designed by Gourisetti, Mylrea and Patangia is applied to assess the blockchain technology’s applicability to securities settlement. The results suggest that blockchain technology can be applied to securities settlement, and the used blockchain type should be a private blockchain with Proof-of-Authority consensus mechanism. A blockchain architecture model, based on a model provided by Zhuang, Chen, Shae and Shyu, and potential node structure for securities settlement are developed, taking into account the existing literature on blockchain technology, financial markets, and Central Securities Depositories Regulation. The proposed blockchain architecture model and node structure are then evaluated against scholar expected benefits and drawbacks of using blockchain for securities settlement and cross-border settlement efficiency. The evaluation reveals that the proposed blockchain technology model can potentially improve some of the current securities settlement issues, such as costly reconciliation and difficult cross-border securities settlement. At the same time, using blockchain technology in securities settlement would be challenging because the practical implementation time would be long and would require market-wide commitment. The main artefacts of this article are the proposed blockchain architecture model and node structure that would allow securities settlement processes to be executed using blockchain technology.

Pandemic times are difficult and full of adjustments, where every sector of daily life activity changes. Changes that seem so significant can be seen from the limitation of social activities in the community, conventional activities with face-to-face and virtual face-to-face. Virtual communication is also implemented in holding the General Meeting of Shareholders (GMS) via video conference in order to reduce the spread of the Covid-19 virus. This article uses a normative juridical research method, namely research on the principles of positive law written in legislation by collecting data from secondary data. The results of this research from this article include: First, the holding of the GMS during this pandemic was carried out using video conferencing in two ways, namely through the Depository and Settlement Institution with an Open Company which has a private system in accordance with the latest Regulation issued by OJK No. 16/POJK.04/2020. Second, the legal certainty of this GMS has been tested, the output of the GMS is in the form of an electronic document or written in an Authentic Deed and can be used as a means of proof in court, so that the Limited Liability Company can choose one of them.

The power system reforms worldwide have commoditized electric energy and thus the electricity market has been developed. With this, trading of electric energy takes place in various time-domain like the day ahead, real-time, etc. These transactions take place through over the counter (OTC) or Power Exchange (Px) which provide to the market participants the required platform and payment security. The transactions on OTC and Px requires a third-party platform and guarantee for contract & settlement, there incurs overhead cost. Since electric energy is a fungible commodity, it can be transacted very well with the old system like barter. Energy Banking is one such mechanism wherein one utility supplies the energy to another utility that need it more and in leisure, the energy can then be provided back. The requisite security of the transactions can be provided by blockchain technology. Energy banking is presently being done only on MW quantum basis with no price tag despite the cost being dependent on the demand-supply ratio. To ensure energy banking transactions in real-time and free from the perils of financial settlements, this article suggests the use of the Peer-to-Peer (P2P) model of blockchain technology for executing Smart Contracts mutually agreed upon by both parties and avoiding third parties overhead costs. Doi: 10.28991/HIJ-2021-02-03-03 Full Text: PDF

With the upward trend of the active participation of distributed energy resources (DERs) and grid-edge assets in grid and market operations, there is increased interest in transactive energy (TE) systems that support both peer-to-market and peer-to-peer energy exchanges. Peer-to-market transactions generally involve the market-based provision of grid services by prosumers (owners and operators of grid-edge assets, or their agents). Peer-to-peer transactions include bilateral exchanges of energy and energy derivatives among prosumers. Associated with this trend, there is growing interest in the potential use of blockchain technology to facilitate and enhance the security of transactive exchanges and streamline the associated settlement processes. This article presents a blockchain-based transactive energy BCTE (BCTE) platform design that supports peer-to-peer and peer-to-market transactive exchanges from grid-edge assets. An energy-blockchain-as-a-service (EBaaS) platform implementation is discussed, along with an illustrative use case.

The article is devoted to the study of a new financial instrument — the digital currency of the Central Bank of the Russian Federation. The article examines the reason for the emergence of the Central Bank and its difference from cryptocurrency, analyzes the practice of central banks of foreign states in the development and implementation of digital currencies in the financial system, analyzes the potential risks and benefits associated with their emission, as well as its consequences for the banking sector and monetary politicians.The logic of the article is based on the format of the discussion of the report of the Central Bank of the Russian Federation “Digital Ruble. Public Consultation Report”. In the context of the Central Bank of the Russian Federation report, the article analyzes:two possible options for the emission of the Central Bank in the form of digital tokens and accounts on the settlement accounts of the Central Bank;several possible models of central bank digital currency and technologies for their imple-mentation;competitive advantages or disadvantages of the payment system of the Central Bank of Securities in comparison with traditional banking systems.The article substantiates the position that the payment system of the Central Bank of Securities in comparison with traditional banking systems has no competitive advantages. There-fore, the digital currency of the central bank is not very attractive for economic entities, which limits or even prevents its implementation into practice.The way out of the current situation is to use the Central Securities Market in the field of government payments, thereby increasing the transparency of payments.The practical implementation of the digital currency of the central bank can start with state financing of investment projects in digital rubles, and then on a broader scale with budget financing, when all or a limited list of budget recipients will receive budget money in digital rubles. As a result, other economic actors will gradually be drawn into the payment system of the digital currency of the central bank.

Purpose This paper aims to propose an Islamic compliant approach that deals with the prepayment rebate on debts resulting from cost-plus sales and their accompanied sale-based financing contracts. The proposed approach uses the time value of money concept without charging excessive fees from the debtor in the early settlement of debts. Design/methodology/approach The paper uses a qualitative analysis via analyzing and reviewing relevant literature. A quantitative analysis is subsequently used with a proposed computation that addresses prepayment rebate accompanied by debts resulting from cost-plus sales. Findings The proposed approach results in a rebate amount for the debtor greater than those rebate amounts resulting from either conventional finance techniques or current Islamic finance practices. Research limitations/implications The application of the descending rebate proposed computation in this paper is restricted to cost-plus sale and their accompanied sale-based financing contracts only. The computation does not address any agreement or deal that may involve a rebate without a selling transaction. Originality/value The paper criticizes the prevailing practices for computing rebates in the case of debt prepayment, whether those nominated by conventional finance or others currently employed by most Islamic financial institutions. The paper also introduces a new rebate computation aimed to comply with Islamic finance's real context.

We construct the network, centrality measures, and attributions of trading profits for a sample of CLS Bank settlement data that spans diverse currency pairs, participants, and execution platforms. We define an average centrality differential as the return to the more-central counterparty in the trade. Estimates imply that the more-central counterparty receives a higher return, and that this differential increases as the counterparties’ centralities diverge. These two results are consistent with a pervasive centrality premium. This premium may reflect bargaining power, but we also find evidence that the premium is partially offset by losses that central agents incur in supplying liquidity.

I examine blockchain congestion episodes caused by more than 4,400 triggers for ransomware attacks over a two-year period. When demand for settlement exceeds blockchain capacity, blockchain users engage in fee competition to prioritize their transaction settlement. A typical surge in ransomware activity causes transaction fees to increase by 2.1% and up to 28% in extreme cases. Consistent with theory literature, some users forgo blockchain settlement when transaction fees increase. An event study around an extreme spike in ransomware activity supports the findings of the main analysis.

An electronic payment system is a system of settlements between different organizations and Internet users when buying or selling goods or services over the Internet. The relevance of the research topic is that electronic payment systems are used widely at the present stage of the development of society. This area has not escaped criminal activity. Penalties for digital payment systems and cryptocurrencies should be commensurate with the level of damage caused. The article analyzes the international legal establishing liability for this type of crime. At the instant, it remains an open question for further study of the legal status of cryptocurrency in different countries and the settlement of penalties for violations in the field of digital payment systems and cryptocurrency. Research methods: comparison, observation, analysis, synthesis, analogy, the system method, generalization method, and formal-legal method. According to the results of the study, the international comparative aspect of the types of liability for offenses in the field of digital payment systems was analyzed; the issue of criminal liability for offenses in the field of digital payment systems and cryptocurrencies, as a key punishment for these actions; identified means of protection of payment systems; the issue of legal regulation of cryptocurrency in different countries.

The presentation of Islamic Financial Statements has been regulated in PSAK 101 and every bank needs to refer to it. As we know, PT Bank Syariah Mandiri is the number 1 largest Islamic bank in Indonesia and other information obtained by researchers, PT Bank Syariah Mandiri will merge with 2 other Islamic state-owned banks, namely PT Bank BNI Syariah and PT Bank BRI Syariah. Therefore, researchers are interested in examining whether the financial statements of PT Bank Syariah Mandiri are appropriate in applying the application of Financial Accounting Standards 101. The types of data used are qualitative and quantitative data, the data used are general company information and company financial statement information in 2019. Sources the data used is secondary data. The data collection method is literature study. In the financial statements of PT Bank Syariah Mandiri, the bank has reported all components of the financial statements in PSAK 101. In the Statement of Financial Position PT Bank Syariah Mandiri does not include the Istishna Assets in Settlement and Salam Receivable accounts in the Statement of Financial Position, but in PSAK 101 Paragraph 61 explains Statement of Financial Accounting Standards 101 does not regulate the composition or format of presentation of statement of financial position items. PT Bank Syariah Mandiri continues to present relevant information on the Statement of Financial Position. However, in PSAK 101 Paragraph 61 explaining the Statement of Financial Accounting Standards 101 does not regulate the composition or format of the presentation of the statement of financial position. PT Bank Syariah Mandiri continues to present relevant information on the Statement of Financial Position. However, in PSAK 101 Paragraph 61 explaining the Statement of Financial Accounting Standards 101 does not regulate the composition or format of the presentation of the statement of financial position. PT Bank Syariah Mandiri continues to present relevant information on the Statement of Financial Position.

This paper examines whether the development of the financial technology (fintech) industry affects cost efficiency and the technology adopted for China’s banking industry over the period 2003–2017. Fintech industry development indices are constructed using fintech enterprise-level data, and these indices measure the development extent of entire fintech industry and four sub-industries including (1) credit, deposit and capital–raising services, ​(2) payment, clearing and settlement services, (3) ​investment management services ​and ​(4) market support services. The relevant efficiency scores for Chinese banks under different ownership structures are measured by applying the stochastic metafrontier approach. The results show that state-owned commercial banks have the lowest cost efficiency and operate under inferior technology. When considering the influence of fintech development, fintech innovations not only improve the cost efficiency of banks, but also enhance the technology used by banks. This double beneficial effect is more significant in the case of market support service innovations.

Among the trends of business development on the border territory between Russia and China, according to the authors, electronic commerce is attractive. Practical examples have identified the development of cross–border e–commerce between our countries, taking into account the variety, pricing, promotion and settlement of the delivered goods. Sales are projected to grow steadily over the next four years, considering the need to adopt the latest technologies and cyber security requirements.

The article explores the problematic aspects of joint stock company liquidation. The essence and types of liquidation of joint stock companies have been analysed. The distinctive features of voluntary, compulsory and enforced liquidation of joint stock companies, as well as the liquidation of a bankrupt joint stock company and the liquidation on the basis of the law have been determined. The elements of the legal composition constituting the basis for the termination of joint stock companies by voluntary liquidation have been investigated. The complexity of the procedure of voluntary liquidation has been established. The expediency of introducing a simplified mechanism of voluntary liquidation has been substantiated. The main factors that hinder the liquidation of joint stock companies in Ukraine in the current context have been identified. The main problems of terminating joint stock companies through forced liquidation and the reasons for their emergence have been revealed. The main obstacles to compulsory liquidation of joint stock companies by judicial and administrative procedure have been elucidated. It has been ascertained that the current Ukrainian legislation on liquidation is still in its formative stage, characterized by inconsistencies, internal contradictions and fails to solve the main problem – a civilized exit of business entities, including joint stock companies, from the sphere of economic relations. Special emphasis is placed on researching the prospects for the development of legal regulation of relations connected with the liquidation of joint stock companies in the context of solving the revealed issues. It has been proposed as a priority step to address the problems of liquidation of joint stock companies by ensuring an adequate level of legal and regulatory regulation of the relations to terminate such organisations through liquidation. It has been reasoned that further research should be conducted into specific recommendations for solving the problems of JSC liquidation in order to consider them in the preparation of Draft No. 2493 for the second reading in the Supreme Council of Ukraine, as well as the systematisation of general rules on voluntary and compulsory liquidation in the Civil Code of Ukraine.

SIPERUMKIM is the digitization process of public service licensing recommendations for housing implementation. The utilization of information technology governance is used to facilitate monitoring and evaluating the performance of SIPERUMKIM information technology which has been implemented in Housing and Settlement Area in Salatiga city. Information technology governance is a process that can manage investment decisions related to information technology within the company to achieve goals and meet company needs. The use of COBIT 2019 analysis in information technology governance aims to help organizations achieve risk optimization, governance, and information technology management. The results of this study are in the design form of corporate information technology governance and knowing the important process recommendations for the Department of Housing and Settlement of the City of Salatiga. These three important process recommendations are APO12, DSS02, and DSS03. &nbsp, SIPERUMKIM adalah proses digitalisasi pelayanan publik rekomendasi perizinan penyelenggaraan perumahan. Pemanfaatan tata kelola teknologi informasi digunakan mempermudah dalam monitoring dan mengevaluasi kinerja teknologi informasi SIPERUMKIM yang sudah diterapkan dalam Dinas Perumahan dan Kawasan Permukiman Kota Salatiga. Tata kelola teknologi informasi merupakan proses yang dapat mengelola investasi keputusan yang berhubungan dengan teknologi informasi di dalam perusahaan untuk mencapai tujuan dan memenui kebutuhan perusahaan. Penggunaan analisis COBIT 2019 dalam tata kelola teknologi informasi yang bertujuan membantu organisasi mencapai optimalisasi resiko, tata kelola dan manajemen teknologi informasi. Hasil dari penelitian ini berupa desain tata kelola teknologi informasi perusahaan dan mengetahui rekomendasi proses yang penting bagi Dinas Perumahan dan Kawasan Permukiman Kota Salatiga. Rekomendasi 5 proses penting tersebut diantaranya adalah APO12, DSS02, dan DSS03.

The existence of an uncovered liability has historically benefited foreign banks and lead currencies. Using the case of China’s efforts to fund its foreign exchange needs by exploiting loopholes in...

The research empirically examines effect of Mergers and Acquisitions on Corporate Financial success of Quoted Insurance Companies in Nigeria. It has become expedient in the face of the drastic increase in Mergers and Acquisitions activity in recent decades and the fact that there has been very little empirical evidence of positive wealth effects and particularly the success of M&A in the insurance sector. This has arisen because most studies in Nigeria have rather focused on the banking sector. Data was obtained from Quoted Insurance Companies from 2003 to 2016 and the Regression Techniques were employed in the study. The result indicated that there exists a positive effect of M&A on Corporate Financial Performance of Insurance Companies. It revealed that a unit increase in merger led to about 4% increase in the Corporate Financial Performance of the merged firms. In effect, a unit increase in Earnings after Merger actually led to about 8% increase in the Corporate Financial Performance of the same firms. The study hereby recommend that Insurance Companies should look at issues of Claims settlement, Product Development and Branding while the National Insurance Commission (NAICOM) should look into the education of insurable clients as well as appropriate polices that would drive Insurance penetration in Nigeria.

The authors of the article have studied the problem of managing non-performing loans within loan portfolios. It has been substantiated that Ukraine as a developing country is in such socio-economic conditions of development that increase credit risks for banks. Numerous studies of the determinants for the formation of loans portfolios in countries with different levels of economic development demonstrate that developing countries are prone to negative consequences that lead to insolvency of debtors in case of a drop in the GDP, inflation, legal uncertainty, political crises, etc. The lack of long-term experience of banks in solving problems of increasing the share of non-performing loans in banks’ portfolios demonstrates that minimization of such assets requires regulation at the level of the banking system, but not a separate bank. Based on statistical data, it has been demonstrated that the minimization of problem loans of banks gained significant positive dynamics only after the National Bank of Ukraine regulated the process of managing distressed assets by adopting a regulatory act. Detailing the process of legal regulation of managing distressed assets allowed banks to structure and organize the work of their divisions in accordance with the normatively defined life cycle of distressed asset in such a way that all measures taken by them affect the efficiency of their work. Using permits, prohibitions and obligations as legal means of regulating relations between banks and their debtors, those relations have become predictable, allowing banks to control the process of managing non-performing loans and make timely decisions on the use of tools to minimize the share of distressed assets of the bank. The wide choice and consistency of applying financial and legal instruments in the process of managing non-performing loans allows banks to maximize the contractual settlement of debt and address to the competent authorities for the application of state coercion to debtors. Direct prohibitions, which are provided in the procedure of writing-off impaired assets, prevent corruption manifestations in this process. However, the authors have argued that the practice of 2008—2019 in terms of managing non-performing loans of banks demonstrated that the effectiveness of this process directly depends on government regulation. If the economic preconditions for the formation of problem loans depend on various factors of objective and subjective nature, then the management of non-performing loans directly depends on the existing legal models in the state for solving this problem. The autonomy of banks and their right to independently determine their strategies for managing distressed assets does not provide the desired efficiency without the imperative intervention of the central bank. Thus, the state regulation of the life cycle of distressed assets has demonstrated its effectiveness, and thus confirmed the need for regulatory influence on the processes of minimizing non-performing loans in Ukrainian banks. Keywords: non-performing loans, distressed assets, agreement-based regulation, state influence, state coercion, legal regulation. GEL Classification G18, G21, G34, K12, K42 Formulas: 0; fig.: 2; tabl.: 0; bibl.: 12.

Murābaḥah is one of the most popular financing for Sharia Financial Institutions. Likewise, at the BPRS Dana Amanah Surakarta, murābaḥah financing is what customers are most interested in, therefore, among other financing products the risk is also higher. In addition, many customers choose deferred payments. This deferred payment creates several risks, one of which is financing problems. Many customers who are deemed capable are still procrastinating in terms of payment of installment obligations, this is what causes losses for the BPRS, where the more customers delay payment, the higher the level of Non Performing Financing (NPF) in a bank, causing the bank's condition to not healthy. Then the problem that will be raised in this study is how to solve the problematic murābaḥah financing in the BPRS Dana Amanah Surakarta and how the view of the fatwa DSN MUI towards the practice of solving the problematic murābaḥah financing in the BPRS Dana Amanah Surakarta. This study uses field research methods, with a descriptive qualitative approach. The data sources used are primary data and secondary data, with data collection methods through interviews with informants and documentation and then analyzed with qualitative descriptive methods. From the results of this study, it can be concluded that: (1) The steps for solving problematic murābaḥah financing at BPRS Dana Amanah Surakarta include billing, rescheduling, restructuring, customers selling their own goods, execution of collateral, AYDA and judicial channels. (2) The mechanism for the settlement of murābaḥah financing at BPRS Dana Amanah Surakarta is in accordance with the MUI DSN Fatwa and POJK No. 29/POJK.03/2019, except for the Fatwa DSN MUI No. 47 / DSN-MUI / II / 2005 on the provisions of point 5 regarding exemption for customers who are truly unable to pay off their financing payments, because in its implementation the BPRS Dana Amanah Surakarta implementing the final solution of problematic murābaḥah financing by way of settlement through the judiciary, if the BPRS performs debt relief, only the write-off records are written off, not the write-offs. Even though it has been written off, there is still a billing.

We study three generic clearing arrangements in the presence of two‐sided limited commitment: simple bilateral clearing, segregated collateral clearing through a third party, and—most sophisticated—central counterparty (CCP) clearing. Clearing secures the settlement of obligations from over‐the‐counter forward contracts that smooth the income of risk‐averse traders. Clearing requires collateral to guarantee settlement; this is costly, as it reduces income from investment. More sophisticated clearing arrangements require more collateral. As a result, the welfare gains of CCP clearing may be mostly due to segregation, while mutualization of losses could contribute little to welfare.

The research objectives are: to determine the factors that affect debtor compliance in credit settlement at PT. Mandala Mtufinancial, Tbk Cab. Tilamuta. This type of research used in this research is a type of qualitative research with a descriptive approach. Researcher's descriptive approach wants to describe or describe the facts or circumstances or symptoms that appear in PT. Mandala Multifinance, Tbk Cab.Tilamuta. The results of this study are that natural factors that hinder debt repayment are crop failure for farmers and business instability by Civil Servants (PNS) because at this time they are still in the process of monitoring the Covid-19 pandemic. The consumer character that appears because the attitude and service of the company are not in accordance with the initial promise that the creditor has conveyed to the debtor. At maturity, the creditor provides a grace period of 3 days even up to 1 week when due, although the creditor has been given a grace period, unlike providing relief because the intervals of one day at maturity have been contacted directly by the company. The settlement taken by the company or the debtor in the process of handling credit is in the form ofRescheduling, Reconditioning and Restructuring.

According to the Classical Islamic Literatures, down payment is clearly known as Urban in Arabic, or in Bahasa accepted by Panjar, which means an initial agreed contract into a transaction. Islamic Scholars arguably have different opinions in implementing down payment as a method in the transaction. There are some scholars who do not agree to put down payment as a particular way in the transaction, but others do. However, by exercising the quality of specific reasoning that is applied, and also the fact of the acceptance of the system of transaction, therefore this method of payment is generally accepted. The first objective of this study is to determine the down payment mechanism and implementation of KPR financing with a murabahah contract at BNI Syariah KCP JABABEKA Cikarang Bekasi which is contained in the Griya iB Hasanah product. Second, to find out the settlement steps in case of problematic or bad financing. The three views of Islamic law in the perspective of muamalah fiqh towards down payments in a murabahah contract on a KPR at BNI Syariah KCP JABABEKA Cikarang Bekasi. This type of research is qualitative research. The data used are primary and secondary data. Primary and secondary data were obtained from observations, interviews, documentation, field studies, and from existing literature. The results of this study are advances in murabahah contracts on KPR in BNI Syariah which refer to the DSN-MUI Fatwa Number 13 of 2000 concerning advances in murabahah. It seems that the fatwa is influenced by the thoughts / opinions of Imam Ahmad and his followers who allow buying and selling transactions using advances, then referring to the existing regulations of the OJK, the regulator of BI, that every financing, both conventional and sharia, must have an advance.

Legal protection for customers is reviewed in terms of banking laws and regulations, such as Law Number 21 of 2008 concerning Islamic banking. Both Islamic banks and conventional banks with regulatory control must comply with general banking regulations. Act Number 7 of 1992 concerning Banking. The Banking Law which regulates amendments to Law Number 10 of 1998 concerning Amendments to Law Number 7 of 1999. there is an obligation for banks to become members of the Deposit Insurance Corporation (LPS) so as to provide protection for depositors customers against their deposits and the existence of customer rights conduct customer complaints, and use banking mediation forums for simple, cheap, and fast dispute resolution. Legal protection for customers in terms of the Consumer Protection Act lies in the obligation for banks to heed the procedure for making standard clauses.Settings via The Consumer Protection Law which is closely related to legal protection for customers as banking consumers is the provision regarding standard clauses. Meanwhile, from the laws and regulations in the banking sector, the provisions that provide legal protection for bank customers as consumers include the introduction of the Deposit Insurance Corporation (LPS) in Law Number 10 of 1998. At the technical level the legal umbrella protecting customers includes the existence of arrangements regarding the settlement of customer complaints and banking mediation in a Bank Indonesia Regulation (PBI).

Based on the extended study of online payment and settlement, we investigated interesting research on the use of online payment by students. This study mainly investigates the use of mobile payment consumers in a university in Haining, Zhejiang Province in 2020. The research object of this time is a university in Haining, Zhejiang Province. Mobile payment is very popular among young people. In this study, a college student was taken as the object of investigation, with 436 samples N, and the effective questionnaires reached 96%. The correlation was investigated through factor analysis. In recent years, mobile payment system has been more and more popular and used by consumers. Mobile payment is mainly applied to online and offline payment such as two-dimensional barcode shopping (purchased from vending machines and supermarkets), payment by public transportation (bus and subway), and game of grabbing red envelopes. In this study, Likert five-point scale was used to conduct factor analysis, and reliability and validity analysis of this action payment on consumer satisfaction was conducted. Convenience, security, credibility and consumer satisfaction brought by mobile payment system are the main research directions of this study. In the process of research design, we designed three hypothesis models, hoping to verify whether the hypothesis has causal correlation through this model.

This research analyses the non-linear and complex effects of drivers of system imbalance prices in the GB electricity market. Unlike day-ahead prices, the balancing settlement prices are comparatively under-researched, yet their importance is growing with greater market risks. The fundamental drivers of these prices are analysed over 2016-2019. The result of a non-linear modelling approach reveals that system imbalance price exhibits a regime-switching behaviour, driven by weather and demand forecast errors, as well as other system effects. Surprisingly, balancing prices are predictable out of sample and a regime switching specification is more accurate than a linear model for prediction.

Today for the System of Electronic Payments of the National Bank of Ukraine is actual modernization and updating according to the real needs of payment system participants in the current economic situation in Ukraine. For improvement forms of interbank payments important is a restructuring of the national payment system in accordance with international and EU standards. The article analyzes the functioning of the payment system TARGET2, discloses its advantages and principles of organization. The authors conducted a comparative analysis of payment systems TARGET2 and The System of Electronic Payments of the National Bank of Ukraine, as well as provided recommendations for improving the domestic payment system based on the experience of the European Union The NBU’s Electronic Payment System is quite modern and efficient, but the existence of a certain time in the payment process, insufficient level of regulatory and information support of the electronic payment system participants and its control lead to the possibility of opaque financial transactions in the system itself. The lack of organizational and financial mechanisms today is also a serious drawback in his work. In Ukraine, the technological level of the NBU system of calculations does not quite allow to use qualitatively most of the means of supporting intraday liquidity. This is a significant disadvantage of EPS compared to its foreign counterpart TARGET2. An analysis of the functioning of TARGET2 and SEP enabled us to examine in more detail the positives and negatives of both payment systems. A significant advantage of TARGET2 is its liquidity management system, which, under certain conditions, is an effective tool in the planning of settlement operations. This allows system members to prevent problems during the calculations and to solve them effectively. Optimization of liquidity management in the SEP is negligible. The National Bank of Ukraine, unlike the European Central Bank, does not provide full information on EPS, which indicates the closedness of the payment system and the NBU’s unwillingness to provide the most transparent settlement mechanism. Today, the TARGET2 settlement system is more modern and open compared to the NBU’s Electronic Payment System.

Law No.37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations Article 2 paragraph (1) has determined that a debtor who has two or more Creditors and does not pay in full at least one debt that has matured and is collectible, is declared bankrupt by verdict Court, either at the request of one or more creditors. With this provision, it can be understood that bankruptcy is a reasonable choice. However, several opinions of bankruptcy law have not provided sufficient protection to debtors with good intentions. This article intends to find out more about the implementation of the reorganization of debtor companies whether it can be used as an alternative so that the debtor company does not go bankrupt. The method used is normative legal research. Data sources consist of primary legal materials, secondary legal materials, and tertiary legal materials. Based on the results of the research, it is known that the regulations regarding company reorganization have not been clearly and firmly regulated in Law Number 37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations, Reorganization is part of the restructuring, bankruptcy can be avoided through a business reorganization in the form of mergers, consolidations. , business acquisitions, and other forms. This bankruptcy law also does not provide sufficient protection to debtors with good intentions, because there has been a tendency to interpret bankruptcy as liquidation. However, it must be understood that bankruptcy should also be a means of reorganizing the company. The legal consequence of company reorganization on the settlement of the company's debt and accounts receivable is that there is an opportunity for creditors and debtors to settle their debts without going through a bankruptcy process which can result in the debtor being declared bankrupt.

The article examines the approaches to updating the general provisions on contractual obligations based on the analysis of the Concept of recodification of the Civil Code of Ukraine. It is stated that the current permanent reform of contractual legislation, which has led to the creation of a large, and sometimes unsystematic, array of legal norms does not contribute to the proper settlement of private law relations in the context of European integration processes in Ukraine. Accordingly, the study of the latest changes in the mechanism of contractual regulation is an important prerequisite for starting the process of updating the Civil Code of Ukraine. It is concluded that the process of updating contractual legislation should affect not so much the form in which certain legal ideas are expressed, as the shift of emphasis from the legislative regulation of legal relations between their participants in the direction of their contractual definition. The problems of contractual regulation of private legal relations common with the EU member states are singled out, as well as the basic provisions on which such updating of the civil legislation in the field of contractual obligations should take place. It is proposed to classify obligations into separate types (alternative, optional, in-kind) within the framework of Section I “General Provisions on Obligations” and to determine the peculiarities of the legal regulation of these separate types of obligations. In addition, it is proposed: 1) to establish a single criterion for determining the liability of counterparties for «breach of obligation », which will include both its non-performance and improper performance; 2) to reflect the features of the implementation of optional obligations; 3) to reflect the peculiarities of enrollment performed at the expense of several homogeneous obligations; 4) to differentiate between the legal penalty established by the imperative and dispositive norms of the law; 5) to fix the inexpediency of simultaneous accrual of both interest and penalties for non-performance or improper performance of a monetary obligation; 6) to separate the legal consequences of the payment of the guarantee and termination of the main obligation; 7) to fix along with standard conditions of the contract also approximate conditions of the contract.

In the era of paper-based contract, a lot of time, human labor and expenses are required to handle the process of contract drafting, contract signing, contract execution, and payment settlement. The emerging of electronic contract enhances the tedious signing process of paper-based contract and improves the efficiency of contract management. However, due to the centralized system architecture and the database-based storage schema, the stored contract data is at high risk of information leaking, data tampering and hacker attacks. In this study, we introduce Blockchain technology to the contract management, and develop a process-oriented contract management system (BEcontractor) for a Hangzhou-located power grid enterprise X, aiming to solve a series of security issues existing in the traditional electronic contract system. By deploying BEcontractor, procurement activities could be resumed online among X and its nation-widely commodity suppliers during COVID-19 epidemic. Up to September 2020, 6336 electronic contracts have been signed, with an accumulated amount of $\yen ~6.5$ billion. It is showed that the cost for accomplishing the contract signing process was significantly reduced, and the payment period was shortened from three months to around one month.

Universal digital equivalent currency is the equivalents of all negotiable instruments, including paper or electronic money, securities, bills, etc. This paper discusses the basic requirements of universal digital equivalent currency, that is, universality and advance; discusses the technical issues that must be solved for equivalent currency, such as the proof of authenticity of the identifier claimed by the subject, the proof of the attribution of currency and the prevention of duplication, the unification of payment currency and settlement currency, The design goal of equivalent currency is to overcome the defects of the previous negotiable instruments, integrate all advantages into one, which can be used in online and offline, universal in payment and settlement, convenient. This paper takes Hubee as an example to illustrate the whole operation process of digital equivalent currency. Only in this mode, an account can define a serial-no for preventing replication; can define the payee’s account to prove the flow of funds; which makes currency not to be afraid of lost and make account book not to be afraid of theft.

The evolution of the banking system is especially noticeable during the period of global digital transformation. In the article, the authors present a look at the internal changes in the Russian banking sector at the time of radical changes both in the economy and in the industry. The Industrial Revolution 4.0 and the sixth technological mode bring changes in the settlement and payment technologies, and therefore in the technological management of the banking organization.

I study how promotion incentives within the public sector affect financial regulation. I assemble individual data for all SEC enforcement attorneys between 2002 and 2017, including enforcement cases, salaries, and ranks. Consistent with tournament model, attorneys with stronger promotion incentives are involved in more enforcement, especially against severe misconduct, and in tougher settlement terms. For identification, I rely on cross-sectional tests within offices and ranks and on exogenous variation in salaries resulting from a conversion to a new pay system. The findings highlight a novel link between incentives and regulation and show that the regulator’s organizational design affects securities markets.

Internet banking is changing the banking business, having the significant impacts on banking connections. Banking is currently not, at this point restricted to the branches where one needs to move toward the branch face to face, to pull back money or store a check or solicitation an announcement of records. In obvious. Internet banking, any request or exchange is prepared online with no reference to the branch (anyplace banking) whenever. The net banking, in this way, presently is to a greater extent a standard instead of an exemption in many created nations because of the way that it is the least expensive method of giving banking administrations. This examination paper will acquaint you with e-banking, giving the significance, capacities, types, focal points, and impediments of e-banking. It will likewise show the effect of e-banking on conventional administrations lastly the outcome documentation. Digitalization diminishes human mistake and hence assembles client reliability. clock admittance to banks because of web based banking. Clients need not store money any longer and can make exchanges at any spot and time. A few business banks began moving towards advanced client administrations to stay serious and important in the race. Banks have profited in a few chime more current innovations. E-banking has brought about lessening costs radically and has produced income through different channels. Business Banks in India have moved towards innovation by method of Bank Mechanization and n to MICR based check preparing, Electronic Funds move, Interconnectivity among bank Branches and usage of ATM (Automated Teller Machine) Channel have brought about the comfort of Anytime banking. Solid activities have been taken by t Reserve Bank of India in fortifying the Payment and Settlement frameworks in banks. Indian government, banks, fintech organizations have been advancing and changing the way India goes through its cash. Simultaneously computerized transformation additionally raises new test the steadiness and the honesty of the budgetary framework and the security of purchasers.

In this study, I examine the determinants of a successful futures contract and explore whether an exhaustive checklist of criteria such as the one proposed by the Securities and Exchange Board of India (SEBI) guarantees the success of a commodity contract. Using panel random-effects method on 30 agriculture futures contracts trading in India from 2003–2016, I find that volatility in spot prices is the most crucial determinant, followed by hedging effectiveness and open interest of a futures contract, whereas the size of the underlying spot market, compulsory settlement, and government-imposed ban on futures trading negatively impacts the success of futures contracts. This study has important implications for contract design and new product launches.

Purpose To introduce the Securities Law of the People's Republic of China (the “Securities Law 2019”) revised on 28 December 2019, and provide a detailed analysis on its key implications to the securities regulatory regime and market activities, especially securities issuance and trading activities in China. Design/methodology/approach This article starts from a historical overview of the Securities Law and its several revisions and amendments, highlights the notable core revisions in the Securities Law 2019, analyzes the key legal and regulatory impacts to the securities-related activities and market players, and finally, provides an outlook to the future developments of securities regulatory regime in conformity with the Securities Law 2019. Findings This article concludes that the revisions made to the Securities Law 2019 cover a broad range of issues including the issuance and trading of securities, acquisition of a listed company, information disclosure, securities registration and settlement, etc. Such revisions to the Securities Law will lead to far-reaching and profound implications on the securities regulatory system and industry practice in China. Practical implications The Securities Law 2019 attracts broad attention from securities market players as well as relevant professionals of the industry, including securities lawyers. As this is a novel and hot topic within the industry, it is important for securities lawyers to keep on track. Originality/value High-level guidance from experienced lawyers in the Capital Markets and Financial Regulation practices.

The article examines the types of professional activities in the modern securities market, assesses their relevance. A description is given of the types of activities in the securities market that are not professional, but are very similar in their tasks and functions to professional activities; proposals are made to change the composition of modern activities in the securities market in order to increase the efficiency of its functioning. It is concluded that there is a need to divide professional activities in the financial market into two types: professional intermediaries and professional participants providing settlement and accounting services in the financial market.

The purpose of this study was to find out how the role of supervision and credit rescue in minimizing the possibility of default on the completion of working capital loans at PT BPR Eka Bumi Artha Metro. The method in this studyis descriptive qualitative. Data collection techniques used are observation, interview, documentation. Theanalytical tool used is descriptive method. The results of this study indicate that the credit control section hasperformed its role to the maximum extent possible, but the risk of external factors cannot be avoided.Whereas the credit rescue department has carried out its role to the maximum extent possible in returning nonperforming loans by way of negotiating settlement or by selling voluntary collateral assets, thereby reducing therate of increase in NPLs so that credit quality is maintained. This can be seen from the good credit quality in 2013and 2014, namely the NPL is 1% below the maximum limit of 5% in accordance with Bank Indonesia regulations.Furthermore in 2015NPL increased by 5% from the previous year, which is 9% which means that it is above 4%of the maximum credit limit. And in 2016 and 2017 NPL decreased by 1% from the previous year, which is to 8%,which means above 3% the maximum credit limit. The credit supervision and rescue team has sought to reduce therate of increase in NPLs so that credit quality is maintained. This has been provenbecause in 2016 and 2017the quality of NPLs decreased 1% from the previous year which experienced a 5% increase in NPLs.

Attension is paid to the need / importance of an effective system of commercial banks’ financial security and the negatives of its absence. It is noted that the formation of this system should be given daily attention of scientists and practitioners, government agencies, market regulators of banking services, self-regulatory organizations and commercial banks. The relationship and interdependence of liquidity of commercial banks and their financial security are determined. The importance of commercial banks’ liquidity in ensuring the financial security of banking institutions is emphasized. Based on a critical analysis of existing approaches in the economic literature, the author’s vision of the essence of financial security of commercial banks, as well as quantitative and qualitative characteristics of its components. The nature of risks of loss / insufficient (negative) / excess / unbalanced liquidity is considered in detail and the negative consequences of their manifestation for the functioning of commercial banks and the banking sector of the national economy in general are revealed. The relationship and interdependence of risks of loss / imbalance / insufficiency / excess liquidity of commercial banks and other risks associated with banking activities are illustrated. The place and role of liquidity of commercial banks in ensuring their financial security and the importance of their liquidity for various stakeholders are determined. The author’s vision of indicators of liquidity contribution to financial security of commercial banks is offered. It is concluded that the liquidity of commercial banks directly affects such components / varieties of their FB as resource, deposit, credit, currency, investment and debtsecurity, security of settlement operations and security of income and expenses, as well as thelevel of financial security of commercial banks in general.Keywords: financial security, system of commercial banks, financial security, liquidity,risks of loss unbalanced / insufficient / excess / liquidity, commercial bank.JEL Classification G21Formulas: 0; fig.: 3; tabl.: 0; bibl.: 36.

Introduction. Cryptocurrency and related activities in Ukraine are not regulated by specialized law. Transactions with currency «crupto» are increasingly used in the accounting practice of domestic enterprises. The correctness of an accounting of such transactions is influence on actuality of the financial statements, the completeness of the taxes payment and the amount of income and profits of enterprises. The main aim is to analyze the peculiarities of the formation and movement of cryptocurrency, its recognition as an object of accounting, justification for further accounting evaluation and impact on performance. Methods. Methods observation, comparison, analogy, grouping and classification, abstraction and specification, analysis and synthesis, tabular and structural-logical methods are used. The information base of the research is the scientific achievements of domestic and foreign scientists and specialists, own experience and observations. Results. The definition of cryptocurrency as an object of accounting and a source of economic benefits is considered. The possibilities and advantages of cryptocurrency using in different spheres of economy are determined and systematized. The role and significance of cryptocurrency with the functions of money are compared. The possibility of classifying cryptocurrency as a certain type of enterprise assets in accordance with IAS and UAS (P(S)BO) is analyzed. The peculiarities of valuation and accounting of cryptocurrency as an intangible asset are substantiated. The problems of taxation of cryptocurrency transactions are identified and certain solutions are proposed until the regulatory settlement of this issue.

Banks as credit providers should trust their customers within the agreed period of repayment of all credit that has been submitted. In practice, many customers do not fulfill the promised time to repay their loans. For various reasons, Default is caused the debtor's lack of awareness of his binding obligations. This study aims to determine the factors that lead to default in returning credit at the Desa Adat Kapal credit institution, and to determine the settlement of default in returning credit at the Desa Adat Kapal credit institution. The type of research used is the type of empirical research, where this research is carried out in accordance with the real situation of a community group or the surrounding environment in order to find facts or existing legal problems. The results of this study indicate that the factors causing non-performing loans in general are that all loans carry a high risk. Non-performing loans are loans that contain weaknesses or do not meet the quality standards set by the bank. Then, the settlement of defaults according to custom at the Ship Traditional Village Credit Institution is based on Article 8 of the Traditional Ship Village Credit Institution agreement.

This research aims to determine the cause of problematic credit in UPK Pidie district and problematic credit settlement procedures in UPK Pidie District as well as the settlement of problematic credit on UPK in Pidie district according to Sharia. Results of the study showed that the main factor of the cause of problematic credit in the UPK of Pidie District is because of business and business results that do not match the expectations plus more household needs that are increasingly increasing the day, earnings that do not meet the needs. Also and credit given is not fully used for capital, there are groups using loans for household needs. The problematic credit settlement procedure for UPK Pidie District is by conducting a field review, conducting coaching many times by continuing to spur the group to pay by the next set time with restructuring efforts. The settlement of problematic credit in the UPK Pidie District is appropriate because the UPK does not attract the angling but always takes a family path with the affected group members.

In this article, aimed at the future “let go” electricity market, smart contracts for grid enterprises doing electricity transactions and charge settlements based on blockchain technology, as well as the trading model using the smart contracts, are proposed. Then the key technological difficulties are analyzed, and the solutions are given. The main goal of our research is to help developing the infrastructure for electricity market members, and match their bilateral trading. By running a smart contract instance in a peer‐to‐peer network composed by 4000 nodes, experiments show that the success rate is 99.38% and the average time consumption for each transaction is 16 seconds. If our method is applied, we can reduce the trust cost of the electric electricity market, and improve the efficiency of the electricity transaction and charge settlement.

Financial Technology (Fintech) is a combination of technology and financial services. There are several types of fintech, including Peer to Peer Lending, Risk and Investment Management, Market Aggregator, Payment, Clearing and Settlement, which changes an old innovation with digital technology. One widely used fintech is Payment Gateways such as OVO and Go-Pay, which encourage cashless society. One indicator that is implemented to measure Payment Gateway's financial performance is sales revenue. This study aims to examine the effect of Payment Gateway on the Financial Performance of Small Medium Enterprises (SMEs) in Palembang Indah Mall. Data were collected through questionnaires involving 53 respondents by using normality test, validity test, reliability test, coefficient of determination, and t-test. The result of the t-test and the coefficient of the determination indicates that the Payment Gateway variable significantly influences the financial performance of SMEs measured by sales revenue.

This article examines the effectiveness of out-of-court procedures, in particular in theform of online dispute resolution (ODR) mechanisms, in the settlement of business-toconsumer (B2C) disputes. It offers a comparative perspective of two public ODRinitiatives: Consumidor.gov.br, a Brazilian ODR platform, and the EU-provided ODRplatform. Focusing on the institutional and procedural design of these two platforms, wehighlight the factors and incentives that might contribute to increasing consumers’ trustand traders’ engagement in ODR procedures. The article relies on a large dataset fromConsumidor.gov.br, consisting of a sample of more than 800,000 consumer complaints.While the EU ODR platform is not yet very well known among EU consumers, theBrazilian platform is becoming widely popular among Brazilian consumers. It is putforward that this popularity could be the result of the procedural design of the Brazilianplatform, which serves as a direct communication channel between the trader and theconsumer. Furthermore, we argue that the EU ODR platform could be more effective ifthe incentives for both parties, traders and consumers, to use ODR were reinforced. Thearticle provides further policy recommendations on how the potential of ODR can bebetter exploited in light of the two ODR platforms examined.

The cheque based banking transactions are widely used all over the world. The reason is that it is a hustle free and trusted way of money transaction. The existing cheque settlement process involves manual processing of submitted cheques, and large amounts of time for clearance. This paper proposes a framework to automate the cheque settlement process. This framework proposes cheque generation, cheque processing and cheque settlement process through online and physical modes. The proposed framework is based on blockchain technology, where the blockchain network brings all different banks on a common platform i.e. the e-cheque issued from one bank can be submitted to any other bank in any mode of operation either physical or online. The proposed framework comprises a novel trust based consensus mechanism for block mining. The proposed consensus approach outperforms the existing proof-of-work based approach by reducing consensus time by 25%. The proposed framework can partially transform the current banking system over the blockchain. Security threats and vulnerability of the proposed framework is also discussed in this paper.

In this Development Era, the rapid development of electronic-based trading. Of course the need for the internet as a medium that connects important online shopping pages. This is what is called E-Commerce, which is a form of electronic-based trading. One company engaged in electronic commerce uses PT. Orindo Alam Ayu. Therefore, the authors are interested in discussing various problems that often occur in this company by pouring in the form of a thesis entitled Legal Protection Against Consumers who are disadvantaged in electronic transactions at PT. Orindo Alam Ayu, with the formulation of the problem 1) How is the legal protection for consumers who are disadvantaged in electronic transactions at PT. Orindo Alam Ayu? 2) How to resolve disputes against consumers who are disadvantaged through electronic transactions at PT. Orindo Alam Ayu? The research method used is empirical research.A loss that is often experienced by consumers who make electronic transactions at PT. Orindo Alam Ayu can do the transfer. Shipping and delivery of goods from PT. Orindo Alam Ayu to the consumer. Consumers take advantage of time, because they have to make complaints to the business, to the channeling of funds, namely banks. Therefore, PT. Orindo Alam Party business assistance here As well as resolving disputes over consumers by fixing money disputes related to each consumer. So the final settlement does not reach the end of the path, licensing can be completed properly.

Untuk meningkatkan kesejahteraan masyarakat, salah satu lembaga non perbankan yaitu koperasi memfasilitasi pinjaman kredit untuk kebutuhan hidup masyarakat. Tujuannya yakni guna memberi sarana penyalur pinjaman atau kredit diperuntukan masyarakat diperioritaskan serta orang-orang pada umumnya. Tetapi nyatanya, makin mudah diberikan jasa kredit pada masyarakat, cenderung jadi permasalahan didalam pembayaran kredit terkait. Misalnya wanprestasi yang dilakukan oleh masyarakat karena tidak melaksanakan perjanjian yang telah disepakati. Oleh karena itu penulis tertarik untuk melakukan penelitian dengan rumusan masalah 1). Apa penyebab terjadinya wanprestasi oleh pihak debitur di dalam pelaksanaan perjanjian kredit pada Koperasi Dana Rahayu ? 2). Bagaimanakah cara penyelesaian wanprestasi oleh pihak debitur pada Koperasi Dana Rahayu? Metode penelitian yang digunakan adalah metode penelitian empiris. Debitur bisa disebut bertindak wanprestasi jika debitur tak melaksanakan yang disanggupi akan dilakukannya, melaksanakan tapi tidak sebagaimana dijanjikan, melakukan apa yang dijanjikan tetapi terlambat, melaksanakan sesuatu menurut perjanjian tak boleh dilakukan. Penyebab terjadinya wanprestasi di Koperasi Dana Rahayu dikarenakan debitur tidak membayar tunggakan selama satu tahun sembilan bulan seperti yang sudah diperjanjikan dalam perjanjian kredit. Dalam Keputusan Pengurus Koperasi Dana Rahayu wanprestasi debitur pada perjanjian kredit diselesaikan dengan cara sedapat mungkin dilakukan pendekatan kekeluargaan kepada anggota peminjam, Jika masih memungkinkan dilakukan penjadwalan kembali menyangkut jadwal pembayaran atau jangka waktunya, Jika semua hal-hal yang sifatnya kekeluargaan sudah tidak mampu dan tidak mungkin untuk dilakukan penyelesaian maka jalan terakhir adalah melakukan penyitaan jaminan.