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GLOBESET, WORLD'S FIRST ROUND-THE-CLOCK, MULTI-CURRENCY PAYMENT SYSTEM, BEGINS OPERATION

 NEW YORK, Nov. 23 ~PRNewswire~ -- The Global Settlement Fund, Inc. (GlobeSet(SM)), the world's first 24-hours-a-day, multi-currency payment system, has begun operation as a new form of margin collateral for futures trades. A mutual fund as well as a payment system, GlobeSet seeks to earn income for its shareholders.
 Unlike traditional management and payment systems, GlobeSet is the world's first system to offer the following features:
 -- Payments using GlobeSet shares are instantaneous and final.
 -- Payments using GlobeSet shares can be made 24 hours a day, every business day, 7 a.m. Monday, Tokyo time, through 8 p.m. Friday, New York time.
 -- GlobeSet is designed to accept payments in multiple currencies -- initially United States Dollars, Japanese Yen and British Pound Sterling.
 Among the initial shareholders in GlobeSet are expected to be institutional investors, as well as futures clearing houses and their members, led by the Chicago Mercantile Exchange, which signed on in early October 1992.
 Eileen Bedell, managing director of Global Settlement Services for Banker Trust, which is the transfer agent, investment advisor and custodian for GlobeSet, said, "GlobeSet provides a more efficient and secure collateral management system for futures and options participants. For the first time, they can settle performance bond margin payments around-the-clock, around-the-world, immediately. Today, with the advent of Chicago's GLOBEX(SM) and the New York Merc's ACCESS(SM) systems, 24-hour trading has become a reality. GlobeSet takes the concept to the next level by introducing 24-hour payments and contract settlement to meet the growing demands of the trading cycle."
 John Y. Keffer, president of GlobeSet and founder of mutual fund distributor Forum Financial Services, Inc., added, "The mutual fund structure allows GlobeSet to benefit shareholders in a number of traditional ways while providing this very unique payment capability. Ultimately, GlobeSet shares can be used as currency equivalents to make safe, final payments for many types of commercial transactions."
 GlobeSet operates as a book-entry payment system which has the capacity to handle payments in several currencies by transferring the ownership of shares. A share of a particular GlobeSet Portfolio represents a specified unit of that Portfolio's currency. For example, one share of the U.S. Dollar Portfolio represents one U.S. dollar.
 Using a personal computer, a GlobeSet shareholder makes "deposits" by purchasing GlobeSet shares and "payments" by transferring shares to another GlobeSet shareholder's account. This electronic capability permits shareholders to effect share transfers instantaneously.
 Share transfers can also be used as an alternative to traditional foreign exchange through GlobeSet's matched transfer feature. This capability permits simultaneous, offsetting transfers of shares representing different currencies, eliminating counterparty and daylight credit risks.
 Unlike demand deposit accounts, GlobeSet is a mutual fund which seeks to earn income continually. (GlobeSet shares are not bank deposits and are not insured by the FDIC.) Each GlobeSet Portfolio endeavors to maintain a constant net asset value and is invested in short-term, high quality instruments denominated in the Portfolio's local currency. Shareholders are paid a net dividend daily in the form of shares.
 GlobeSet charges no fees for routine transactions. Rather, participants are charged an assets-under-management fee, paid through a reduction in dividend income. This pricing structure may allow participants to alter their payments procedures to achieve a potentially significant cost savings.
 Forum Financial Services is GlobeSet's distributor and administrator. Bankers Trust is GlobeSet's investment adviser, transfer agent and custodian. As a registered investment company, GlobeSet is subject to regulations of the Securities and Exchange Commission.
 -0- 11~23~92
 ~CONTACT: Doff Meyer of Bankers Trust, 212-222-3436~
 (BT)


CO: Bankers Trust Company ST: New York IN: FIN SU: PDT

LD-TM -- NY002 -- 0286 11~23~92 09:13 PST
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Publication:PR Newswire
Date:Nov 23, 1992
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