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We like to think that when we deposit a dollar at the bank, it goes into a big vault and we can pull out that same dollar at any time. But that¿s not how the U.S. banking system works. Banks take that money and invest it to make money themselves, so cash gets spread around. This, naturally, leads to a big risk: What happens if those investments go sour? Well, you¿d be out of luck. You can¿t get your dollar back.
The Federal Reserve doesn¿t like that scenario, so it prohibits banks from putting all the cash it has on deposit on the line. In fact, the Fed forces banks to keep a portion of their assets at the Federal Reserve itself, to make sure that some of your assets won¿t get squandered if the bank¿s bets go south. These are called ¿reserves,¿ (hence, Federal Reserve. Got it? Good), and usually amount to 10% of the total cash kept in checking accounts.
These reserves are never exactly 10%, and banks like to keep a little extra in reserve ¿ not, as you might think, to make you more comfortable that they¿re in good financial shape, but rather so they can take that excess and lend it to other banks and make money off it. (They¿re banks, they can¿t help themselves.) The rate at which they make these loans is called the Federal Funds rate, which is set by the Federal Reserve¿s Federal Open Market Committee.
When you hear people chattering about how the Fed cut or hiked interest rates, this is what they¿re talking about: the interest rate banks can charge for lending money from their reserves. This begs the question: If these are essentially loans between banks, why is the Fed Funds rate so important for the rest of the economy?
Well, simply put, because loans make the financial world go round. Bank A lends Bank B $10,000 at a Fed Funds rate of 5%. Bank B then lends out $10,000 to a small business at 7%. The small business then takes that money and expands the business and hires new workers. Now someone is employed, Bank B has made interest off the loan, and Bank A is the richer for making it all happen. It¿s perhaps overly simplistic, but you get the idea. When you want the economy to thrive, you make lending cheaper.
Of course, sometimes you don¿t want the economy to thrive. In fact, you might want it to cool down, mostly to avoid money flooding the system and causing inflation. In that case, the Fed raises interest rates, making it difficult to lend or borrow.
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Thursday, July 03, 2008
CryptoLogic's New Internet Poker Features Deliver At-Home, Customizable Experience to Players
Comtex
DUBLIN, IRELAND, Jul 3, 2008 (Marketwire via COMTEX) ----CryptoLogic Limited. (TSX:CRY)(TSX:CXY)(NASDAQ:CRYP)(LSE:CRP), a leading software developer to the global Internet gaming market, today introduced two unique features to its Internet poker software line-up: the ability for players to host their own tournaments, and a new advanced sorting and filtering tool that allows players to customize their own settings for cash games and tournaments. Starting today, the new features will enhance the gaming experience of poker players all over the world.
"For CryptoLogic, everything starts with the customer experience - and today we introduce a tool that will let players take their poker game to a whole new level," said Brian Hadfield, CryptoLogic's President and CEO. "It's all about making the poker player's experience with CryptoLogic software more flexible and more entertaining than ever before."
Private tournaments
Players can now host their own private games with the new 'Create your own tournament' feature, which simulates the experience of hosting a poker game at home. This community-building feature allows players to choose the games they want to play, at the stakes they want to play for, and at the time that is most convenient for them. Players also have the unique option to invite whomever they wish to play at their own private tables, delivering a flexible, online gaming experience.
Creating a tournament is easy. A simple click of a button in the poker lobby takes players to a private tournament set-up window. There, players can choose from a range of options, including game type, currency, buy-in amount, prize payout and date. When a private game is created, an email invitation is sent to the selected players. Only those who receive the invitation can participate in the game.
New sorting and filtering tool
CryptoLogic's new and improved 'sorting and filtering tool' means players will spend less time trying to find the game they want, and more time where they want to be - at the tables.
This easy-to-use feature allows players to customize the poker lobby by creating their own settings for cash games and tournaments. They can also change these settings any time they wish. Players can choose to display only the games they like to play, from the game type and speed, to choice of stakes and currency, to the maximum number of players at their table and preferred start time for tournaments.
"CryptoLogic's newest Internet poker innovations ensure the customer is equipped to play their poker game how they want, where they want and when they want," added Justin Thouin, CryptoLogic's Vice President, Product Management and Business Development. "It's about putting poker in the hands of players, and letting great entertainment happen - faster."
Today, CryptoLogic provides more than 8,000 concurrent players some of the industry's most popular poker events, including the Caribbean Poker Classic, an annual high-stakes live poker tournament, and the Head Hunter Challenge, a tournament format in which players win cash for every participant they eliminate.
About CryptoLogic(R) (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a world-leading, blue-chip public developer and supplier of Internet gaming software. Its leadership in regulatory compliance makes it one of the very few companies with gaming software that is certified to strict standards similar to land-based gaming. WagerLogic(R) Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to blue-chip customers who offer their games around the world to non-U.S. based players. For information on WagerLogic, visit www.wagerlogic.com.
CryptoLogic's common shares trade on the Toronto Stock Exchange (CRY, CXY), the NASDAQ Global Select Market (CRYP) and the Main Market of the London Stock Exchange (CRP).
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
Statements in this press release, which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the Company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements.
SOURCE: CryptoLogic Limited
CryptoLogic Stephen Taylor Chief Financial Officer 35316641682 Argyle Communications Karen Passmore (North American and gaming industry media) (416) 968-7311 ext 228 kpassmore@argylecommunications.com Argyle Communications Kyla Thoms (North American and gaming industry media) (416) 968-7311 ext 237 kthoms@argylecommunications.com Corfin Communications Neil Thapar (UK media only) +44 207 977 0020 Corfin Communications William Cullum (UK media only) +44 207 977 0020 Corfin Communications Harry Chathli (UK media only) +44 207 977 0020
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