English, Article, Journal or magazine article edition: Legal and regulatory reform in electronic payments: an evaluation of finality of payment rules David L. Mengle

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Bookmark: http://trove.nla.gov.au/version/75086
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Legal and regulatory reform in electronic payments: an evaluation of finality of payment rules
Author
  • David L. Mengle
Physical Description
  • preprint
Notes
  • Each day approximately $1.3 trillion changes hands by means of wholesale wire transfers. Of this total, about $638 billion is exchanged on Fedwire, the Federal Reserve wire transfer network, while just under $622 billion moves over the privately-owned Clearing House Interbank Payment System (CHIPS). On Fedwire, the average transfer is $2.9 million, while transfers on CHIPS average $4.6 million. With such substantial amounts involved in virtually instantaneous transactions, it is not surprising that concern has risen over risks that a large network network participant will fail to settle its obligation to the network.
  • Payment systems
  • RePEc:fip:fedrwp:88-02
Language
  • English
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