Читать книгу Financial Cold War. A View of Sino-US Relations from the Financial Markets онлайн

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Meanwhile, to deal with the continuing paper jam in the US market, the New York Stock Exchange (NYSE), the American Stock Exchange and the National Association of Securities Dealers (NASD) cooperated to set up The Depository Trust Company (DTC) in 1973. John M. Meyer Jr., who served as chairman of Morgan Guaranty from 1969 to 1971, was again an instrumental influence behind this development.

In a contemporaneous and not-entirely-unrelated development, 239 banks from 15 countries began cooperating to establish the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in 1973. SWIFT is a not-for-profit cooperative that was founded to standardise payment instructions between financial institutions. Up until SWIFT's launch in 1977, payment instructions between banks had been communicated via telex. Often, it would require up to 10 messages back and forward in order to effect a single transaction. The problem was that message formats differed between institutions, making the system costly and prone to error. The Brussels-headquartered Society is not a bank or a settlement institution and does not hold or operate accounts on behalf of customers; it is simply involved in the organisation and distribution of data, providing a secure and trusted telecommunications network for the transmission of sensitive financial information. Within a year of SWIFT's launch, 10 million messages had been sent. By 2020, the system was facilitating cash and securities transfers for over 11,000 users located in more than 200 countries around the world.ssss1