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 …

In this paper, we construct a decentralized clearing mechanism which endogenously and automatically provides a claims … resolution procedure. This mechanism can be used to clear a network of obligations through blockchain. In particular, we … investigate default contagion in a network of smart contracts cleared through blockchain. In so doing, we provide an algorithm …

Digital innovations in finance, loosely known as fintech, have garnered a great deal of attention across the financial …, clearing, and settlement (PCS) processes, including how funds are transferred and how securities, commodities, and derivatives …

The aim of this paper is to prove that the Blockchain technology could be used to streamline transaction lifecycle …, especially the clearing phase. The hypothesis made is that the potential changes induced by this disruptive technology are huge … established firms, whether they are already in the clearing industry or in other parts of the financial markets. To that end …