From: edgar@spectrx.Saigon.COM (Edgar W. Swank)
Date: Sat, 5 Dec 92 14:51:16 PST
To: Cypherpunks          <cypherpunks@toad.com>
Subject: First digital money?
Message-ID: <5Ps0uB3w165w@spectrx.saigon.com>
MIME-Version: 1.0
Content-Type: text/plain


Following cross-posted from Extropians:
 
To: gnu.ai.mit.edu!Extropians
Date: 02 Dec 92 11:31:59 EST
From: Duncan Frissell <szebra!CompuServe.COM!76630.3577>
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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edgar@spectrx.saigon.com (Edgar W. Swank)
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