Karlsruhe, the former residence of the Dukes of Baden, is not only beautifully located between the Rhine and the Black Forest, it is also situated right in the middle of Europe. And Europe is at the heart of the topic that I will discuss in my speech today.
Banks use two of these systems -- Fedwire, operated by the Federal Reserve, and CHIPS, operated by the New York Clearing House -- currently to transfer $ trillion and $ trillion a day, respectively. CHIPS settles its members’ net positions on Fedwire.