The authors consider the liquidity efficiency of Tranche 2 of the Large Value Transfer System (LVTS T2) by examining, through an empirical analysis, some plausible strategic reactions of individual participants to a systemwide shock to available liquidity in the system. The network structure of...

The authors examine the effect of a trade-off between shared credit risk and liquidity efficiency, among participants in Tranche 2 of the Large Value Transfer System (LVTS T2), on their decisions to leave open, or close, their bilateral credit limits (BCLs) to a participant at risk of imminent...

Patent exhaustion enjoys a reputation as a well-established doctrine of “over 160 years” with a further “impeccable historic pedigree” reaching back to Lord Coke’s seventeenth century property writings. The doctrine allows purchasers of patented goods to use those items according to...