Search Results - subject_exact:"Interbank payment system"

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://ebvufind01.dmz1.zbw.eu/10015611478

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

Astuti, Valerio; Bastianelli, Luca; Russo, Riccardo; … - 2026 - Last updated: September 18 2026

In McMahon et al. (2024) the authors demonstrated the effectiveness of a hybrid quantum solver in improving the liquidity efficiency of Canada’s high-value payments system (HVPS), altering the payment queue in order to minimize liquidity requirements. In this work, we apply a similar technique...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016089276

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

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

Book / Working Paper

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://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://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://ebvufind01.dmz1.zbw.eu/10015643994

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

Leistra, Melissa - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/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-owned dealers but also to non-dealer market participants in Canadian fixed-income markets. While prior research has largely emphasized the dealer perspective-showing that central...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668286

An optimization-based approach to central counterparty collateral determination

Takino, Kazuhiro - 2026

In financial markets, central counterparties (CCP) play a crucial role by managing counterparty risk through collateral requirements. This study proposes a framework for modeling a CCP's optimization problem to describe observed collateral requirements. Two models are developed: the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016082733

Settlement liquidity in the Colombian large-value payment system : the role of reserve requirements

Cepeda L., Freddy; Gamboa-Estrada, Fredy; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016083774

Financial Market Infrastructures Evolution in a Tokenized Economy : Exploring blockchain implementation options for issuance, central clearing, settlement, and reporting

Cabedo, Yaiza - 2026

This paper examines how tokenization and distributed ledger technology may transform Financial Market Infrastructures (FMIs) by enabling smart contracts to perform a growing share of functions traditionally undertaken by central securities depositories, central counterparties, and trade...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016087586

Central Clearing for Government Securities Repos : A CCP-Centric Perspective

Boudiaf, Ismael - 2026

Government securities-backed repo markets constitute a key funding source for market participants in many jurisdictions. A number of recent stress episodes, e.g., in US and UK repo markets, has led to renewed efforts to strengthen the resilience of repo markets. This notably includes a push to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016087638

When higher stakes weaken security

Azar, Pablo D.; Farboodi, Maryam - 2026

A central design goal of settlement systems is that security should not degrade when transaction values are high. Using Ethereum's Proof-of-Work era, we show that Proof-of-Work can fail this test: higher transaction fees - the reward for a successful attack - cause miners to deviate from honest...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016090355

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://ebvufind01.dmz1.zbw.eu/10015323878

The 1930s clearing agreements : another barter fable in monetary history

Bruchanski, Marcelo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015651327

Systemic risk under different clearing methods for multiple derivatives

Tang, Miao; Fan, Hong - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015633583

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

2025

Persistent link: https://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://ebvufind01.dmz1.zbw.eu/10015175424

Responsible use of artificial intelligence in financial market infrastructures

Cruz Lopez, Jorge - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015666840

The case for a stablecoin clearing system : enabling ubiquity through market structure evolution

McLaughlin, Tony; Salmony, Michael - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061010

Systemic risk in markets with multiple central counterparties

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

Persistent link: https://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

Binnenmarkt und Zahlungsbilanz : makroökonomische Fehlmeinungen : mit einem neuen Anhang: richtige und falsche Berechnungen des BIP

Weise, Peter - 2026 - 3., um einen Anhang erweiterte Auflage

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015590154

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

Ichiki, Shingo - 2025

Persistent link: https://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://ebvufind01.dmz1.zbw.eu/10015471572

Legal foundations of payment and settlement systems

Keller, Anat - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015634305

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://ebvufind01.dmz1.zbw.eu/10015405654

Binnenmarkt und Zahlungsbilanz : Makroökonomische Fehlmeinungen

Weise, Peter - 2026 - 4., erweiterte Auflage

Der Titel dieses Buches, Binnenmarkt und Zahlungsbilanz, beschreibt den Gegenstand der folgenden Abhandlung: Es wird die Funktionsweise des europäischen Binnenmarkts beschrieben, und es werden die Auswirkungen des Handels von Waren und Wertpapieren auf die Uahlungsbilanzen der beteiligten...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016081534

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Binnenmarkt und Zahlungsbilanz : makroökonomische Fehlmeinungen

Weise, Peter - 2025 - 2., um ein Nachwort erweiterte Auflage 2025

Edition: 2., um ein Nachwort erweiterte Auflage 2025

Book / Working Paper

Binnenmarkt und Zahlungsbilanz : makroökonomische Fehlmeinungen

Weise, Peter - 2024

Book / Working Paper

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://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://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://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://ebvufind01.dmz1.zbw.eu/10015608235

Auction-based liquidity saving mechanisms

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

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015611979

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

2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015551692

Wholesale central bank money in the context of technological innovation

2025

Persistent link: https://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://ebvufind01.dmz1.zbw.eu/10015558085

Settlement speed and financial stability

Capponi, Agostino; Chang, Jin Wook - 2025

Persistent link: https://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://ebvufind01.dmz1.zbw.eu/10015607285

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://ebvufind01.dmz1.zbw.eu/10015532974

TARGET Services annual report

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

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015644722

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

2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612430

Dynamic margin optimization

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

Persistent link: https://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://ebvufind01.dmz1.zbw.eu/10015055036

Stress testing OTC derivatives : clearing reforms and market frictions

Casu, Barbara; Kalotychou, Elena; Katsoulis, Petros - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015323993

Determinants of net transactions in TARGET2 of European banks based on micro-data

Drott, Constantin; Goldbach, Stefan; Jochem, Axel - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015331251

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://ebvufind01.dmz1.zbw.eu/10015055046

Intraday liquidity risk : based on microprudential and macroprudential regulatory perspective

Yan, Yutong; Tong, Mu; He, Yi; Miao, Yuying - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015331665

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

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

Persistent link: https://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://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

The Euro-Area Crisis and the monetary policy response of the ECB : a critical investigation and some reform proposals

Rochon, Louis-Philippe; Rossi, Sergio - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015332916

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://ebvufind01.dmz1.zbw.eu/10014562909

Optimal dynamic clearing for interbank payments

Chen, Shuzhen; Baron, Opher; Chen, Ningyuan - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015413703