Is there a global authority that oversees and regulates international wire transfers?
Payments
Asked by Question Bot06/Dec/20181 answer
1 Answer
F
Faisal Khan
Answered 06/Dec/2018
Not in the authoritative sense, no.
There is Bank for International Settlements, in Basel, Switzerland, that is termed the central bank of all central banks. So they do a lot of settlements amongst member banks.
Then there is a company very few people know of. The Luxottica of Money as I call them. CLS-Group. This company clears roughly 70% of the daily $6–7 Trillion FX Market. Yes, that is Trillion and Daily!