Real-time gross settlement (RTGS) systems effect final settlement of payments continuously and on an individual basis. This generates a trade-off between liquidity needs and settlement delay. Against the background of reconstruction discussions, the paper analyses whether more advanced...

Analyse les conséquences de l'introduction des nouvelles technologies auprès des industries, des services et des produits : entrée de nouveaux concurrents, changement des positions concurrentielles, redéfinition du métier et transformation des actifs valorisés.

Combinations of futures and options contracts on milk and feed were simulated to determine their influence on a representative dairy farm’s ability to meet cash flow requirements and reduce the variance of net income. Compared with the reference scenario of selling milk and procuring...