turn to a network analysis of payment flows between Dutch banks. This analysis provides us with a better understanding of … the network structure in this type of market. We specifically look at the effect of the recent turmoil on the payment …

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 …

-the-counter derivatives, including clearing, trade competition, and minimum collateral requirements. My conclusion is that the arguments that … have been made for such an exemption are not sufficient. I focus mainly on the question of clearing, which figures …

present a convenient representation of bankruptcy rules. A clearing payment matrix is a payment matrix consistent with the … prevailing bankruptcy rules that satisfies limited liability and priority of creditors. Both clearing payment matrices and the … decentralized clearing processes and show the convergence of any such process in finitely many steps to the least clearing payment …

The aim of this paper is to provide a uniform representation of functional concepts used in the field of payment and … of representing basic notions of payment and securities settlement systems …