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Navigable Slide Index

1. Introduction
2. Large value payment systems and regulation
3. Overview
4. Payment systems
5. Payments in historical context
6. Payments in a modern monetary economy
7. Hierarchy of settlement relationships
8. Efficiency and dependence
9. A Network of specialist payment systems
10. Payments and monetary and financial stability
11. Sources of systemic risk
12. Credit risk in deferred net settlement systems
13. Final settlement: a worked example
14. Initial balance sheets
15. Balance sheets after customer payment
16. Sheets after settlement in central bank reserves
17. Efficiency of netting arrangements
18. Netting efficiency
19. Transition to RTGS
20. Real time gross settlement
21. Liquidity needs in RTGS
22. Liquidity cost and settlement delay
23. Related research
24. Liquidity demands and choices
25. Payment systems policy
26. System design
27. Examples of alternative system designs
28. Use of liquidity saving features in RITS system
29. Operational risk
30. Tendency to concentration
31. Participant level outages
32. Policy and mitigants
33. Business risk
34. Market failures in payment systems
35. Public intervention
36. Public ownership
37. Public operation of infrastructure
38. Oversight
39. Alternative central bank roles
40. Concluding remarks
41. Acknowledgements and disclaimers

Topics Covered

• Historical origins of payment systems and link to central bank objectives and policy interest
• Sources of risk in large-value payment systems and how system design has evolved to mitigate these risks
• The case for public intervention in payment systems
• Different forms of public intervention

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Series:

• Effective Oversight of Payment and Settlement Systems

Categories:

• Finance, Accounting & Economics

Talk Citation

Publication History

• Published on April 6, 2010