This online copy is presented for educational purposes only. For all official purposes, the formal publication in PDF format prevails.
1. Pegisai Global Holdings, “Chartered Banks in 14 Countries Use the Alkaimi Ecosystem for Wholesale Settlement,” release, 30 September 2026.
2. Pegisai Global Holdings, “Pegisai Details Granular Value Engineering Behind the Alkaimi Financial Ecosystem's Currency-Neutral Wholesale Settlement,” release, 1 October 2026.
3. Pegisai Global Holdings, The Alkaimi Financial Ecosystem in Function: Granular Value on a Neutral Rail, published 5 September 2026. pegisai.com
4. Pegisai Global, pegisai.com: Home; About; The Model; Licensing; Platform and The platform in depth; Ecosystem, The legal position of the DTA, Underwriting on the platform and Underwriting on the platform, in depth; Why the Alkaimi Model Is Better, Parts 1 to 4. Read 3 October 2026.
5. Pegisai Global Holdings, The Alkaimi Currency Value Index and the Alkaimi Government Solvency Index, explained, September 2026; The Alkaimi Currency Value Index at 1 September 2026, published 17 September 2026. pegisai.com
6. Alkaimi Ecosystem, alkaimi.com: About; Why the Ecosystem; Claims versus value; From claims to whole settlement; Current Operations; Future Operations. Read 3 October 2026.
7. ISDA, “Key Trends in the Size and Composition of OTC Derivatives Markets in the Second Half of 2025,” research note, July 2026, on BIS OTC derivatives statistics.
8. Conway, Drehmann, Lovell, McGuire and Shirakami, “Uncovering FX settlement risk: new measures from the 2025 BIS Triennial Survey,” BIS Quarterly Review, June 2026.
9. CPMI, “New correspondent banking data: the decline continues at a slower pace,” 2020.
10. United States Government Accountability Office, Status of Government Assistance Provided to AIG, GAO-09-975, September 2009.
11. Congressional Research Service, Government Assistance for AIG: Summary and Cost, R42953.
12. Basel Committee on Banking Supervision, “Capital treatment for bilateral counterparty credit risk finalized by the Basel Committee,” press release, 1 June 2011.
13. Basel Framework MAR50, Credit valuation adjustment framework; eligible CVA hedges as carried in the Saudi Central Bank (SAMA) Rulebook, paragraphs 11.17 and 11.18.
14. Saudi Central Bank (SAMA) Rulebook, Level 1 Assets (Basel liquidity standard, paragraph 49); 4.1.10 Other Assets (gold bullion).
15. Norton Rose Fulbright, The Basel Framework and regulatory status of gold, 2025.
16. Federal Reserve Financial Services, Fedwire Funds Service.
17. Basel Committee on Banking Supervision, Basel Framework SCO60, Cryptoasset exposures, in force 1 January 2026; LEV20 and LEV30, Leverage ratio; Basel III: Finalising post-crisis reforms, December 2017.
18. Basel Committee on Banking Supervision, “Basel Committee consults on disclosure requirement to address leverage ratio window-dressing,” 13 December 2018; “Basel Committee finalises revisions to leverage ratio treatment of client cleared derivatives and disclosure requirements to address window-dressing,” 26 June 2019.
19. Central Bank of Kuwait, Exchange Rate Policy. cbk.gov.kw
20. GENIUS Act of 2025, section 2(22).
21. Pegisai Global Holdings, The legal position of the platform. pegisai.com. Read 4 October 2026.
22. Alkaimi Ecosystem, alkaimi.com: Regulatory position; Sanctions. Last updated 24 September 2026.
23. Regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, Chapter III and Articles 76 and 77.
24. Regulation (EU) 2016/679 (General Data Protection Regulation), Articles 22, 25 and 48.
25. Right to Financial Privacy Act of 1978, 12 U.S.C. 3401 and following, section 3402.
26. FATF, Update to Recommendation 16 on payment transparency, June 2025; FATF, Partnering in the Fight Against Financial Crime: Data Protection, Technology and Private Sector Information Sharing, July 2022.
27. McLeay, M, A Radia and R Thomas, “Money in the modern economy: an introduction” and “Money creation in the modern economy”, Bank of England Quarterly Bulletin, 2014 Q1, 14 March 2014.
28. Triffin, R, Gold and the Dollar Crisis: The Future of Convertibility, Yale University Press, 1960; International Monetary Fund, Money Matters: An IMF Exhibit, “The Dollar Glut”.
29. Bini Smaghi, L, “The Triffin dilemma revisited”, BIS Review, 2011.
30. Bank for International Settlements, Global liquidity indicators at end-March 2026, 31 July 2026.
31. Borio, C, R McCauley and P McGuire, “Dollar debt in FX swaps and forwards: huge, missing and growing”, BIS Quarterly Review, December 2022.
32. Congressional Research Service, COVID-19: Federal Reserve Support for Foreign Central Banks, IF11498, 7 April 2020; Yale Program on Financial Stability, United States: Central Bank Swaps to 14 Countries, 2007–2009 and 2020.
33. Federal Reserve Board, Reserve Requirements; Regulation D, Federal Register, Volume 85, Number 57, 24 March 2020 (FR Doc. 2020-05806).
34. Basel Committee on Banking Supervision, Basel Framework, RBC20, Calculation of minimum risk-based capital requirements; liquidity coverage ratio.
35. Federal Deposit Insurance Corporation, Quarterly Banking Profile, second quarter 2026, 25 August 2026; Designated Reserve Ratio for 2026, board memorandum.
36. Federal Reserve Banks, Combined Quarterly Financial Report, 30 June 2026, published 28 August 2026.
37. European Central Bank, Financial statements of the ECB for 2025, press release, 26 February 2026.
38. Bank for International Settlements, OTC derivatives statistics, credit default swaps by sector of reference entity, end-December 2025 (dataflow WS_OTC_DERIV2).
39. Federal Reserve Act, section 2A (12 U.S.C. 225a); Treaty on the Functioning of the European Union, Article 127; Bank of England Act 1998, section 2A.
40. Basel Committee on Banking Supervision, “Basel Committee reports further progress on Basel III implementation”, press release, 3 October 2025.
41. Risk.net, “Basel III adoption gap widens as Turkey and India stall”, October 2025.
42. Board of Governors of the Federal Reserve System, memorandum on the Basel III, GSIB surcharge and standardized approach proposals, 19 March 2026; Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation, notice of proposed rulemaking, July 2023.
43. Prudential Regulation Authority, Policy Statement PS1/26, 20 January 2026.
44. European Commission, “Commission proposes to postpone by one additional year the market risk prudential requirements under Basel III”, 12 June 2025.
45. Pegisai Global Holdings, The Alkaimi Currency Value Index at 1 September 2026, Table 2b, published 17 September 2026.
46. Basel Committee on Banking Supervision, Basel Framework, LCR30, High-quality liquid assets, paragraphs 30.3 to 30.18, 30.40 and 30.41.
47. 12 C.F.R. 249.21, High-quality liquid asset amount (Board of Governors of the Federal Reserve System); 12 C.F.R. 329.21 (Federal Deposit Insurance Corporation).
48. IFRS 13, Fair Value Measurement, paragraphs 9 and 24; FASB Accounting Standards Codification, Topic 820, Fair Value Measurement.
49. Pegisai Global Holdings, About, the Alkaimi Transmutation Standard. pegisai.com. Read 4 October 2026.
50. Merriam-Webster.com Dictionary, “digital”. merriam-webster.com/dictionary/digital. Read 4 October 2026.
51. Uniform Law Commission, Revised Uniform Fiduciary Access to Digital Assets Act (2015), section 2(10), as enacted by the states. uniformlaws.org
52. Infrastructure Investment and Jobs Act, Pub. L. 117-58, section 80603 (2021); 26 U.S.C. 6045(g)(3)(D) and 6050I.
53. Internal Revenue Service, Frequently asked questions on digital asset transactions. irs.gov. Read 4 October 2026.
54. European Central Bank Crypto-Assets Task Force, “Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures”, Occasional Paper Series No. 223, May 2019. ecb.europa.eu
55. UNIDROIT, Principles on Digital Assets and Private Law, 2023. unidroit.org
56. IFRS Foundation, Conceptual Framework for Financial Reporting, March 2018, paragraphs 4.3, 4.4 and 4.26. ifrs.org
57. FATF, International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation: the FATF Recommendations, Recommendation 15 and the Glossary, “virtual asset” and “virtual asset service provider”, as amended October 2018. fatf-gafi.org
58. Regulation (EU) 2023/1114 of the European Parliament and of the Council on markets in crypto-assets, Article 3(1)(5).
59. Directive 2009/138/EC of the European Parliament and of the Council (Solvency II), Annex I, non-life classes 14 (credit) and 15 (suretyship).
60. Convention on the Recognition and Enforcement of Foreign Arbitral Awards, New York, 1958; Foreign Sovereign Immunities Act, 28 U.S.C. 1605(a)(2); State Immunity Act 1978, section 3.
61. Directive 2014/59/EU of the European Parliament and of the Council (Bank Recovery and Resolution Directive), Article 44(2)(c); European Banking Authority, Single Rulebook Q&A 2016_3022.
62. Seward & Kissel LLP, “Bank Failure: Background and Issues to Consider”, 2023; White & Case LLP, “Top depositor questions: Silicon Valley Bank receivership”, 2023.
63. Office of the Comptroller of the Currency, Quarterly Report on Bank Trading and Derivatives Activities, First Quarter 2026 and Second Quarter 2026. occ.gov
64. Regulation (EU) 2024/1623 of the European Parliament and of the Council (CRR3), amending Regulation (EU) No 575/2013, output floor.
65. Board of Governors of the Federal Reserve System, Implementation Note and primary credit rate, 16 September 2026; Federal Reserve Statistical Release H.15, primary credit rate. federalreserve.gov
66. Benes, Jaromir, and Michael Kumhof, “The Chicago Plan Revisited”, IMF Working Paper WP/12/202, International Monetary Fund, August 2012. imf.org
67. Dodd-Frank Wall Street Reform and Consumer Protection Act, Title VIII, section 804, designation of systemic importance; 12 U.S.C. 5463.
68. Basel Committee on Banking Supervision, Basel Framework, CRE22, Standardised approach: credit risk mitigation. bis.org
69. American Law Institute, Restatement (Third) of Suretyship and Guaranty, 1996.
70. Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency, Interagency Guidance on Third-Party Relationships: Risk Management, 6 June 2023, 88 FR 37920.
71. Regulation (EU) 2022/2554 of the European Parliament and of the Council on digital operational resilience for the financial sector (DORA).
72. Basel Committee on Banking Supervision, Principles for Operational Resilience, March 2021. bis.org
73. Bagehot, Walter, Lombard Street: A Description of the Money Market, 1873.
74. Board of Governors of the Federal Reserve System, Regulation A, Extensions of Credit by Federal Reserve Banks, 12 C.F.R. Part 201; Guideline (EU) 2015/510 of the European Central Bank on the implementation of the Eurosystem monetary policy framework.
75. Bills of Exchange Act 1882, section 31; Electronic Trade Documents Act 2023, section 3; Arbitration Act 1996. legislation.gov.uk
76. Mishkin, Frederic S., “Symposium on the Monetary Transmission Mechanism”, Journal of Economic Perspectives 9(4), 1995; Bernanke, Ben S., and Mark Gertler, “Inside the Black Box: The Credit Channel of Monetary Policy Transmission”, Journal of Economic Perspectives 9(4), 1995.
77. 12 U.S.C. 1813(l), definition of deposit; Directive 2014/49/EU of the European Parliament and of the Council on deposit guarantee schemes, Article 2(1)(3).
78. International Emergency Economic Powers Act, 50 U.S.C. 1701 to 1708; Sanctions and Anti-Money Laundering Act 2018; FATF Recommendations 6 and 7.
79. Taylor, John B., “Discretion versus Policy Rules in Practice”, Carnegie-Rochester Conference Series on Public Policy 39, 1993.
80. Cúrdia, Vasco, and Michael Woodford, “Credit Spreads and Monetary Policy”, Journal of Money, Credit and Banking 42, supplement 1, 2010; Federal Reserve Bank of New York Staff Report 385. The paper discusses Taylor’s 2008 proposal to adjust the rule for the Libor-OIS spread.
81. Del Negro, Marco, Domenico Giannone, Marc P. Giannoni and Andrea Tambalotti, “Safety, Liquidity, and the Natural Rate of Interest”, Brookings Papers on Economic Activity, Spring 2017.
82. Board of Governors of the Federal Reserve System, Monetary Policy Report, February 2018, “Monetary Policy Rules and Their Role in the Federal Reserve’s Policy Process”. federalreserve.gov
83. Kumhof, Michael, “The Chicago Plan Revisited”, presentation, Ludovika University of Public Service, Budapest, 13 May 2026.
84. Taylor, John B., and John C. Williams, “A Black Swan in the Money Market”, American Economic Journal: Macroeconomics 1(1), 2009.
85. Federal Reserve Bank of St. Louis, Monetary Trends, November 2008, “The LIBOR-OIS Spread as a Summary Indicator”. stlouisfed.org
86. Uniform Commercial Code, section 1-201(b)(16), definition of “document of title”, and section 7-502, rights acquired by due negotiation.
87. Uniform Commercial Code, section 7-102(a)(1), definition of “bailee”, and section 7-102(a)(5), definition of “delivery order”.
88. FATF, Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers, October 2021. fatf-gafi.org