Legal and Regulatory Reform in Electronic Payments: An Evaluation of Payment Finality Rules

  • David L. Mengle
Chapter

Abstract

Each day, approximately $1.3 trillion changes hands by means of wholesale wire transfers.1 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.

Keywords

Credit Risk Federal Reserve Regulatory Reform Finality Rule Settlement Finality 
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Copyright information

© Kluwer Academic Publishers 1990

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  • David L. Mengle

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