The global financial crisis that began in mid-2007 has renewedconcerns about financial instability and focused attention onthe fundamental role of central banks in preventing andmanaging systemic crises. In response to the turmoil, centralbanks have made extensive use of both new and existing...

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...