181–190 of 230 posts
I looked a bit into the company SWIFT and found this: https://www.swift.com/swift-resource/250836/download (warning: downloads the file) Page 3 is interesting (ignore the rest, they're mostly buzzwords). It shows you the numbers behind the financial infrastructure of the world for international transactions. >FIN availability: 99.996% >Institutions connected: 11k >FIN messages: 9.5b That's about ~300 messages/sec, al…
> although I imagine it's mostly bursty and peaks during US/EU common business hours Because people in places like Japan, China, Australia, New Zealand, India, Singapore, Hong Kong, UAE, South Korea, and many others are hibernating.
Wait, does that mean no more 4AM phone calls when the batch is failing?
I've just had to install several different VPNs until I've found one that offers a Russian endpoint, in order to get account statements from Russian banks. Which I need to comply with IRS regulation to disclose my foreign accounts as a part of U.S. yearly tax report. Not all banks are affected, only the most popular ones, it seems (e.g. VTB, Open). All of them, including the "unavailable" ones, still have USD and EUR…
Unfortunately (for me), "USD and EUR transfer options open to use" does not equal "you can send or receive USD or EUR to your account in a Russian bank". In the past week I myself and many people I know were not able to receive a USD wire from US to their accounts in different Russian banks, none of which are even in the list of sanctioned entities (Tinkoff and Avangard banks are the most common example). In all thes…
Cefi is great. It's fast, it's secure, you are protected from loss up to a certain degree, it's often cheaper than blockchain transaction fees, etc. But it's just a tool with tradeoffs, much like Defi.
Earlier quoted context omitted.
Unfortunately (for me), "USD and EUR transfer options open to use" does not equal "you can send or receive USD or EUR to your account in a Russian bank". In the past week I myself and many people I know were not able to receive a USD wire from US to their accounts in different Russian banks, none of which are even in the list of sanctioned entities (Tinkoff and Avangard banks are the most common example). In all thes…
Can you use a stablecoin like USDC?
Also, got bless crypto currencies! It would be not that easy to shut down P2P withdrawals until the internet is working at all. I have to admit, I was a big crypto sceptic right until the moment it became the only way to get paid. Now I'm a believer!
I looked a bit into the company SWIFT and found this: https://www.swift.com/swift-resource/250836/download (warning: downloads the file) Page 3 is interesting (ignore the rest, they're mostly buzzwords). It shows you the numbers behind the financial infrastructure of the world for international transactions. >FIN availability: 99.996% >Institutions connected: 11k >FIN messages: 9.5b That's about ~300 messages/sec, al…
It was designed for High Frequency Trading, after iMatix has a contract with JP Morgan Chase in New York.
I was in the team to maximize the number of messages of OpenAMQ, the broker was the bottleneck, then iMatix bought a slovakian company to maximize the speed between A and B (without a broker in the middle).
See more here:
http://wiki.zeromq.org/whitepapers:measuring-performance http://wiki.zeromq.org/results:multicore-tests
Earlier quoted context omitted.
> although I imagine it's mostly bursty and peaks during US/EU common business hours Because people in places like Japan, China, Australia, New Zealand, India, Singapore, Hong Kong, UAE, South Korea, and many others are hibernating.
> peaks during US/EU common business hours Wait, does that mean no more 4AM phone calls when the batch is failing?
It was designed for High Frequency Trading, after iMatix has a contract with JP Morgan Chase in New York.
I was in the team to maximize the number of messages of OpenAMQ, the broker was the bottleneck, then iMatix bought a slovakian company to maximize the speed between A and B (without a broker in the middle).
See more here:
http://wiki.zeromq.org/whitepapers:measuring-performance http://wiki.zeromq.org/results:multicore-tests
Assuming the amount of a given currency does not decrease or leave its country, does this mean that when you “send money internationally” it is just switching owners in the same country? So the money does not leave, new owners come into the country and control its flow?
Most reserves (which are needed for interbank settlement) are accounting entries at a central bank these days, and only domestically/regionally licensed banks are usually allowed to hold central bank accounts.
One big exception are foreign-controlled subsidiaries of large foreign banks, but even these are subject to local laws and regulations, in particular sanctions enforcement.
When you hold a foreign currency account at your regional bank, this amounts to a claim in the amount of your balance against them, which is only indirectly backed by your bank‘s claim against its correspondent in the country where your currency‘s central bank is located.
Assuming the amount of a given currency does not decrease or leave its country, does this mean that when you “send money internationally” it is just switching owners in the same country? So the money does not leave, new owners come into the country and control its flow?