tier using simulation analysis. Some evidence is found to support the hypothesis that the liquidity-saving mechanisms in … liquidity cost of direct participation. This may have contributed to the low level of tiering in RITS relative to RTGS systems …

Real-time gross settlement (RTGS) systems often incorporate features designed to economise on liquidity. Such 'hybrid …'s operational disruption, even if there is less liquidity committed to the RTGS system. The hybrid features of the Australian RTGS …