Search Results - subject:"Clearing"

Will central clearing change the market structure of U.S. Treasury repo to become more standardized and trade on an all-to-all basis?

Patel, Ketan - 2026

This paper examines whether the SEC's mandate for central clearing of U.S. Treasury repo transactions could enable all … clearing, cash lenders may become more willing to transact directly with a broader set of borrowers, reducing reliance on … dealer intermediation. Clearing may also encourage greater participation in term repos beyond overnight tenors if …

Persistent link: https://www.econbiz.de/10015611478

Margins as canaries in the coal mine

Kubitza, Christian; Oehmke, Martin - 2026

Central clearing counterparties (CCPs) manage counterparty risk by requiring clearing members to post margins. This … clearing members, the CCP optimally complements loss sharing with margins. It is optimal to use margins as canaries when the …

Persistent link: https://www.econbiz.de/10015605599

Liquidity optimization in gross settlement systems with quantum reordering : application to TARGET2

Astuti, Valerio; Baldeschi, Adriano; Bastianelli, Luca; … - 2026

Persistent link: https://www.econbiz.de/10015613762

Central clearing and the pricing of specialness in repo markets

Danisewicz, Piotr; Dieler, Tobias; Mancini, Loriano; … - 2026

how counterparty risk is priced. In bilateral markets, repo rates reflect borrower-specific risk, while CCP clearing pools … central clearing dampens specialness in normal times but stabilizes repo pricing during stress. …

Persistent link: https://www.econbiz.de/10015626941

The hierarchy of critical participants : a clustering approach utilising network-based indicators for payment systems

Glowka, Marc; Müller, Alexander; Weber, Anne - 2026

Identifying critical participants is important for central banks as operators and overseers of payment systems. The binary decision about criticality is not evident, as there are no common criteria that define it. This paper introduces a novel approach using the example of TARGET2 for tackling...

Persistent link: https://www.econbiz.de/10015643994

Contrasting ledgers : considerations for U.S. dollar interbank payment systems

Leistra, Melissa - 2026

Persistent link: https://www.econbiz.de/10015653042

Central clearing in repo markets : do the benefits extend to non-dealers?

Auger, Danny; Walton, Adrian - 2026 - Last updated: June 29, 2026

This note examines whether central clearing of repurchase agreements (repos) provides benefits not only to bank … emphasized the dealer perspective-showing that central clearing can reduce funding and balance-sheet costs-less is known about …-income markets, understanding these broader effects is essential for evaluating the potential contribution of central clearing to …

Persistent link: https://www.econbiz.de/10015668286

Privacy-enhancing technologies for CBDC solutions

Arora, Rakesh; Du, Han; Kazmi, Raza Ali; Le Duc-Phong - 2025

With the rapid digitization of financial transactions, central banks have given considerable focus in recent years to the research and development of central bank digital currencies (CBDCs). While CBDCs could offer several advantages, there are concerns about end-user privacy. Traditional...

Persistent link: https://www.econbiz.de/10015175424

Unintended consequences of regulating central clearing

D'Erasmo, Pablo N.; Erol, Selman; Ordoñez, Guillermo - 2025

Persistent link: https://www.econbiz.de/10015445548

AI agents for cash management in payment systems

Aldasoro, Iñaki; Desai, Ajit - 2025 - Last updated: November 26, 2025

Using prompt-based experiments with ChatGPT's reasoning model, we evaluate whether a generative artificial intelligence (AI) agent can perform high-level intraday liquidity management in a wholesale payment system. We simulate payment scenarios with liquidity shocks and competing priorities to...

Persistent link: https://www.econbiz.de/10015608235