Payment Systems in the Financial Markets

1. Front Matter

   Pages i-xviii

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2. Introduction

   1. Introduction

      • Marco Rossi

      Pages 1-13

3. The Analytics of Real-Time Gross-Settlement Systems

   1. Front Matter

      Pages 15-15

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   2. The Analytics of Real-Time Gross-Settlement Systems

      • Marco Rossi

      Pages 17-38

   3. Extensions to the Basic Framework

      • Marco Rossi

      Pages 39-53

4. The Provision of Intraday Liquidity in Real-Time Gross-Settlement Systems

   1. Front Matter

      Pages 55-55

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   2. Priced Unsecured Intraday Overdraft Facilities

      • Marco Rossi

      Pages 57-76

   3. The Cost of Secured Intraday Overdraft Facilities

      • Marco Rossi

      Pages 77-104

5. Monetary Policy Implications of Real-Time Gross-Settlement Systems

   1. Front Matter

      Pages 105-105

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   2. An Intraday Liquidity Market

      • Marco Rossi

      Pages 107-124

   3. Summary and Final Considerations

      • Marco Rossi

      Pages 125-137

6. Back Matter

   Pages 139-152

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The payment system is one of the mechanisms essential to the working of an exchange economy. Over the last decade, central banks have been determined to improve their payment systems to harmonise and reduce risk, and in Europe to anticipate their future interconnection in the TARGET system. This book provides the analytic framework for an informed policy debate on the implications for monetary policy.

• central bank
• economy
• financial market
• financial markets
• liquidity
• monetary policy
• banking

'Elegantly analyses the key questions of cost, efficiency and risk. Mandatory reading for anyone with responsibilities in an RTGS system.' - Alfred Steinherr

• International Monetary Fund, USA

  Marco Rossi

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