Conclusion and Outlook

Abstract

The importance of the money-dealing function increased during the 1960s and 1970s and by June 1978 the Euro-market had grown to an estimated size in excess of $700 billion. Of this figure, about 78 per cent of all business is estimated to be transacted in US dollars. Consequently, one of the continuing problems for banks and institutions operating in the market is how to ensure a smooth and efficient transfer of funds in New York, which is where much of the final settlement occurs. Problems have arisen in the past caused by the high volume of payments and it is conceivable that much greater use will be made in the future of local US dollar clearings and direct computer dialogue to help solve the problem.