complex relationships and interdependencies that exist in a payment, clearing, and settlement system (PCSS), and allow an … remained stable from 2004 to 2008, even through the credit crisis. -- Payment, clearing, and settlement systems ; Financial … PCSS network and describe the daily and intraday network structure of payment activity in the Large Value Transfer System …

relatively large number of asset classes, central clearing increases the mean and variance of net exposures, which may lead to …

clearing mechanism introduced in the seminal contribution of Eisenberg and Noe (2001). We first show the existence of a Nash …

clearing mechanism introduced in the seminal contribution of Eisenberg and Noe (2001). We first show the existence of a Nash …

the data. -- Payment, clearing, and settlement systems ; financial stability …In the Canadian large value payment system an important goal is to understand how liquidity is transferred through the … relationships between participants in the payment system is a crucial step in achieving the goal. The set of nodes in any given …

default impacts the incentives of other agents to escape default. Agents' payoffs are determined by the clearing mechanism …, we show that introducing a central clearing counterparty achieves the efficient equilibrium at no additional cost. …

lattice structure, leading to the existence of a least and a greatest clearing payment matrix. Previous research has shown how … decentralized clearing selects the least clearing payment matrix. We present a centralized approach towards clearing in order to … select the greatest clearing payment matrix. To do so, we formulate the determination of the greatest clearing payment matrix …