This article investigates the factors influencing the timingand funding of payments in the CHAPS Sterling system,drawing where appropriate on comparisons with paymentactivity in Fedwire...

While systemic risk—the risk of wholesale failure of banksand other financial institutions—is generally consideredto be the primary reason for supervision and regulation of thebanking industry, almost all regulatory rules treat such risk inisolation. In particular, they do not account for...