Following cross-posted from Extropians:
To: gnu.ai.mit.edu!Extropians
Date: 02 Dec 92 11:31:59 EST
From: Duncan Frissell
Subject: If I only had $100K
Bankers Trust has started a Global Settlement Fund to allow securities traders
to make free funds transfers 24 hours a day. The Chicago Mercantile Exchange
now accepts GSF shares in addition to cash and T-bills for settlement purposes.
GSF shares will pay interest and there are no transactions charges for
transfers. For now, the account minimum is $100,000 and participating
institutions must have a link to Bankers Trust's New York operations center.
The company plans to open similar funds denominated in Yen and Pounds Sterling.
It also plans a BBS system which will allow traders to arrange forex exchanges
with the holders of other currency shares 24 hours a day.
Bankers Trust has targeted the Fed Wire that does 60 million transactions worth
$200 billion a year but is slow and expensive.
Now once such a system reaches the *retail* level we'll really have something.
Duncan Frissell
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