Search Results - subject_exact:"Financial 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-to-all trading and support the development of a standardized term repo market. By mitigating counterparty risk through central clearing, cash lenders may become more willing to...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015611478

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, ebvufind01.dmz1.zbw.eu/10015613762

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 paper explores the role of margins as "canaries in the coal mine:" By inducing defaults of fragile counterparties before contract maturity, margin calls enable CCPs to transfer...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015605599

Central clearing and the pricing of specialness in repo markets

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

Repo markets clear either bilaterally over the counter (OTC) or through central counter-parties (CCPs), which differ in how counterparty risk is priced. In bilateral markets, repo rates reflect borrower-specific risk, while CCP clearing pools counterparties and applies a common pricing rule. We...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/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, ebvufind01.dmz1.zbw.eu/10015643994

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

Leistra, Melissa - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653042

15th T2S harmonisation progress report : harmonisation of European securities settlement

2025

This is the 15th progress report on the harmonisation of European securities settlement published by the Eurosystem's Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo). With the aim of further integrating European financial markets and in line with its mandate,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015323878

Transparency and responsiveness of initial margin in centrally cleared markets - review and policy proposals : final report

2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015188662

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, ebvufind01.dmz1.zbw.eu/10015175424

Systemic risk in markets with multiple central counterparties

Veraart, Luitgard A. M.; Aldasoro, Iñaki - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015359037

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Systemic risk in markets with multiple central counterparties

Veraart, Luitgard A. M.; Aldasoro, Iñaki - 2022

Book / Working Paper

Systemic Risk in Markets with Multiple Central Counterparties

Veraart, Luitgard A. M.; Aldasoro, Iñaki - 2022

Book / Working Paper

Migration to new margin calculation method (JSCC-VaR) in listed financial derivatives : brief overview and impact analysis

Ichiki, Shingo - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015325186

"Harvest now decrypt later" : examining post-quantum cryptography and the data privacy risks for distributed ledger networks

Mascelli, Jillian; Rodden, Megan - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015471572

Project Meridian FX: exploring synchronised settlement in FX

2025

Project Meridian FX is an experiment led by the BIS Innovation Hub's London and Eurosystem Centres together with the Bank of England, Bank of France, Deutsche Bundesbank, Bank of Italy and European Central Bank. It builds on the original Project Meridian by focusing on foreign exchange (FX)...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015405654

Project Rialto: improving instant cross-border payments using central bank money settlement : interim report

2025

The retail cross-border payments market is valued at more than $800 billion of transactions per year, and is growing. Despite this, retail cross-border transactions lag domestic ones in terms of cost, speed, access and transparency because of the complex processes they involve. This complexity...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015405675

A liquidity black hole : what is the impact of a failing participant in a large-value payment system, and does time matter?

Heijmans, Ronald; Woerd, Ellen van der - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015666808

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A liquidity black hole : what is the impact of a failing participant in a large value payment system and does time matter?

Heijmans, Ronald; Woerd, Ellen van der - 2025

Book / Working Paper

Unintended consequences of regulating central clearing

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

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/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, ebvufind01.dmz1.zbw.eu/10015608235

Auction-based liquidity saving mechanisms

Ates, Caner; Bech, Morten L.; Garratt, Rod; Petrič, … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015611979

Project Hertha: identifying financial crime patterns in real-time retail payment systems

2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015551692

Wholesale central bank money in the context of technological innovation

2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015551699

Estimating the costs of electronic retail payment networks : a cross-country meta analysis

Donohoe, Cam; Liu, Youming - 2025

As economies across the world continue to digitize, debates around the design and efficiency of national infrastructures for electronic payments have gained added relevance. Central to these debates is the question of how many electronic funds transfer (EFT) systems can viably coexist within a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015558085

Settlement speed and financial stability

Capponi, Agostino; Chang, Jin Wook - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015605472

On the programmability and uniformity of digital currencies

Chiu, Jonathan; Monnet, Cyril - 2025 - Last updated: June 26, 2025

Central bankers argue that programmable digital currencies may compromise the uniformity of money. We explore this in a stylized model where programmable money arises endogenously, and differently programmed monies have varying liquidity. Programmability provides private value by easing...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015607285

TARGET Services annual report

Europäische Zentralbank - Frankfurt am Main, Germany : European Central Bank - 2024-

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015644722

Net send limits in the Lynx payment system : usage and implications

Pasin, Virgilio B.; Wyllie, Anna - 2025

In this work, we problematize the issue of the statistical visibility of the trans population in the federal government's databases and administrative records. To the extent that it is represented through informational traces or vestiges, this segment encounters problems about population...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015532974

Dynamic margin optimization

Berlinger, Edina; Bihary, Zsolt; Dömötör, Barbara - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015063692

A computational model of bilateral credit limits in payment systems and other financial market infrastructures

Bewaji, Oluwasegun - 2024

This paper provides the first steps towards a theoretical and structural modelling framework through which optimal decision making in financial market infrastructures such as payments clearing and settlement systems can be assessed from a market microstructure perspective. In particular, the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015055036

Tiered access in RTGS systems : a DLT-based approach

Cárdenas, Miguel; Madeira, Carlos; Morales, Raúl; … - 2024

Distributed ledger technologies (DLT) are increasingly considered to enhance payment systems' and market infrastructures' functionalities like their accessibility and interoperability. We explore DLT architecture options to enable a new tiered access in the RTGS system of Chile for new payment...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015055046

Balance-sheet netting in U.S. Treasury markets and central clearing

Bowman, David; Huh, Yesol; Infante, Sebastian - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015056345

The fundamental role of the repo market and central clearing

Di Luigi, Cristina; Perrella, Antonio; Ruggieri, Alessio - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015441869

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The fundamental role of the repo market and central clearing

Di Luigi, Cristina; Perrella, Antonio; Ruggieri, Alessio - 2024

Book / Working Paper

Digital payments in firm networks : theory of adoption and quantum algorithm

Priazhkina, Sofia; Palmer, Samuel; Martín-Ramiro, Pablo; … - 2024 - Last updated: May 15, 2024

We build a network formation game of firms with trade flows to study the adoption and usage of a new digital currency as an alternative to correspondent banking. We document endogenous heterogeneity and inefficiency in adoption outcomes and explain why higher usage may correspond to lower...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014562909

Performance analysis of a blockchain process modeling : Application of distributed ledger technology in trading, clearing and settlement processes

Abdennadher, Sonia; Cheffi, Walid; Muhamad Amin, Anang … - 2024

This study aims to assess the extent to which blockchain technology (BCT) may constitute an alternative to the conventional stock trading system and emphasize the changing roles of the key parties. It is expected that BCT would enhance the performance of the process across the three stages (i.e....

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015072071

Comparison between internal and electronic clearing systems for checks : a case study pertaining to the Iraqi banking industry

Huby, Maysaa saad Jawad; Ibrahim, Lamyaa Ali; Abbas, … - 2024

Payment clearing is important to ensure that the payment is transferred or the cash from one bank account moves to the other bank. The banking system in Iraq follows two sorts of clearance systems which are the IBCS (Inter Bank Clearing System) and C-ACH (Check Automated Clearing House System)....

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015077035

Uniqueness of clearing payment matrices in financial networks

Csóka, Péter; Herings, Peter Jean-Jacques - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014527308

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Uniqueness of clearing payment matrices in financial networks

Csóka, Péter; Herings, Peter Jean-Jacques - 2021

Book / Working Paper

Uniqueness of clearing payment matrices in financial networks

Csóka, Péter; Herings, Peter Jean-Jacques - 2021

Book / Working Paper

Migration to public cloud : risks and regulatory requirements for clearing and settlement facilities

Douglas, Oscar; Kandelas, Elizabeth; Orum, Ed - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014528468

Pay, stay, or delay? : how to settle a run

Matta, Rafael; Perotti, Enrico - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014528739

Changes in repo markets and the necessity for CCPs in Korea

Yoon, Sun-Joong - 2024

In 2022, US financial regulators proposed to mandate a single central clearing mechanism for treasury bonds and repo transactions to stabilize financial markets. The systemic risks inherent in repo markets were first highlighted by the global financial crisis and, as a response, global financial...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014497119

The effects of sanctions on Russian banks in TARGET2 transactions data

Drott, Constantin; Goldbach, Stefan; Nitsch, Volker - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014552879

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The effects of sanctions on Russian banks in TARGET2 transactions data

Drott, Constantin; Goldbach, Stefan; Nitsch, Volker - 2024

Book / Working Paper

The effects of sanctions on Russian banks in TARGET2 transactions data

Drott, Constantin; Goldbach, Stefan; Nitsch, Volker - 2022

Book / Working Paper

The Effects of Sanctions on Russian Banks in TARGET2 Transactions Data

Drott, Constantin; Goldbach, Stefan; Nitsch, Volker - 2022

Book / Working Paper

The characterization of clearing payments in financial networks

Ketelaars, Martijn W.; Borm, Peter; Herings, Peter … - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014518752

The way forward for the clearing and settlement of retail payments in Swedish kronor

2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015123203

On the unification of centralized and decentralized clearing mechanisms in financial networks

Ketelaars, Martijn W.; Borm, Peter - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015125540

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On the unification of centralized and decentralized clearing mechanisms in financial networks

Ketelaars, Martijn; Borm, Peter - 2021

Book / Working Paper

Repo intermediation and central clearing : an analysis of sponsored repo

Copeland, Adam; Kahn, R. Jay - 2024

This paper evaluates the salient forces behind a dealer-intermediary's decision to move a bilateral repo transaction with a customer into central clearing. We provide evidence that dealers turn to sponsored repo on occasions when balance sheet space is scarce, such as when there is a large...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015163715

14th T2S harmonisation progress report : harmonisation of European securities settlement

2024

AMI-SeCo considers the harmonisation of post-trade processes, including collateral management, to be critically important in the pursuit of financial market integration in Europe. In the area of securities settlement harmonisation, T2S has contributed significantly to the integration of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015277278

TARGET annual report

Europäische Zentralbank - Frankfurt, M. : [Verlag nicht ermittelbar] - 2000-2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10003075459

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TARGET annual report

Europäische Zentralbank - Frankfurt, M. : [Verlag nicht ermittelbar] - 2001 - 2002; 2002(2003) - 2005(2006); damit Ersch. eingest.

Journal

TARGET2-securities annual report 2023

2024

This is the 13th edition of the TARGET2-Securities Annual Report, which now covers a sixth full year since the end of the T2S migration period. The first edition was published in 2011, a pivotal year for the finalisation of the legal and technical documentation of T2S and for the CSDs'...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015276668

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TARGET2-securities annual report 2023

2024 - 13th edition

Edition: 13th edition

Book / Working Paper

Programmability in Payment and Settlement

Lavayssière, Xavier - 2024

Programmability in payment and settlement has yet to realize its potential to support policy goals such as efficiency, safety, and innovation. This paper proposes a comprehensive framework for understanding and evaluating programmability. It explores two key dimensions: external programmatic...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015328505

Revenue and clearing models for CBDC

Duncan, Alfred; Mainente, Joao de Camargo - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015453715

Modernizing financial markets with wholesale central bank digital currency

2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015405492

Finding a needle in a haystack : a machine learning framework for anomaly detection in payment systems

Desai, Ajit; Kosse, Anneke; Sharples, Jacob - 2024 - Last updated: May 15, 2024

We propose a flexible machine learning (ML) framework for real-time transaction monitoring in high-value payment systems (HVPS), which are a central piece of a country's financial infrastructure. This framework can be used by system operators and overseers to detect anomalous transactions,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014560400

Financial industry adoption of distributed ledger technologies : implications for central bank money settlement

Neuhaus, Holger; Plooij, Mirjam - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015441857