L’evoluzione del sistema RTGS italiano e l’impatto sulla domanda di riserve bancarie

Aim of the paper is assessing, from 2001 to 2005, the impact of some changes affecting the Italian payment system on reserves demand and revenues of those banks directly participating in the new BI-REL, the Italian RTGS system. The results of the analysis carried out on 105 banks directly participating in the system show that after the start of Express II, the new security settlement system, the banks held more liquidity reserves for settling securities transactions. The banking system reacted to those changes in a few months' time by raising the liquidity management's efficiency, also thanks to the start of the RTGS system's payment optimisation mechanism. The adjustment process would not only allow the banks to completely offset the effect brought about by Express II but even to improve, although slightly, the liquidity management's efficiency compared to prior to the changes.