I realize that most US dollar transactions take place through the US, I have read that it is something like 95% of such transactions. My point was that it is n

I realize that most US dollar transactions take place through the US, I have read that it is something like 95% of such transactions. My point was that it is not necessary for this to be the case, as in there is no law stating that it has to be done so. Of course, attempting large oil transactions as in the BNP case, while avoiding using the US dollar and clearing houses would be difficult, to say the least. And no, I am not a financier, but am aware of some basic principles of property ownership. Since you appear to know about this topic, could you clarify is US dollar transactions settled through HSBC in HK are (in a legal sense) done in HK, or in the US?