Kraenzlin, Sébastien; Nellen, Thomas - Schweizerische Nationalbank (SNB) - 2010
the introduction of the foreign exchange settlement system CLS the value of intraday liquidity has increased during the … hours of the CLS settlement cycle. Third, the turnover as well as the liquidity in SIC influence the intraday rate …-versus-payment substitute credit risk with liquidity risk which in turn increases the value of intraday liquidity. The analysis is central bank …