Consequently, new financial services will become available, such as overseas remittance services in yen by customers, same-day foreign exchange transactions – or T+0 transactions – between banks, and the usage of JGBs as collateral to raise foreign currencies and post as eligible collateral to overseas CCPs to meet margin requirements.
Retail banking in general has so far stayed a largely national domain on account of the prevailing tax, legal and “cultural” differences remaining in the EU countries. In other words, the changes due to the advent of the single market and of the euro are rather making themselves felt gradually in retail banking.