Payment clearing and settlement systems

• Credit in a Tiered Payments System

  Staff Working Paper 2006-36 Alexandra Lai, Nikil Chande, Sean O'Connor

  Payments systems are typically characterized by some degree of tiering, with upstream firms (clearing agents) providing settlement accounts to downstream institutions that wish to clear and settle payments indirectly in these systems (indirect clearers).

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial services, Market structure and pricing, Payment clearing and settlement systems JEL Code(s): G, G2, G21, L, L1, L12, L13, L2, L22

• Examining the Trade-Off between Settlement Delay and Intraday Liquidity in Canada's LVTS: A Simulation Approach

  Staff Working Paper 2006-20 Neville Arjani

  The author explores a fundamental trade-off that occurs between settlement delay and intraday liquidity in the daily operation of large-value payment systems (LVPS), with specific application to Canada's Large Value Transfer System (LVTS).

  Content Type(s): Staff research, Staff working papers Topic(s): Payment clearing and settlement systems JEL Code(s): E, E4, E47, G, G2, G21

• Risk-Cost Frontier and Collateral Valuation in Securities Settlement Systems for Extreme Market Events

  Staff Working Paper 2006-17 Alejandro García, Ramazan Gençay

  The authors examine how the use of extreme value theory yields collateral requirements that are robust to extreme fluctuations in the market price of the asset used as collateral.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Financial stability, Payment clearing and settlement systems JEL Code(s): C, C1, G, G0, G1

• LVTS, the Overnight Market, and Monetary Policy

  Staff Working Paper 2006-15 Nadja Kamhi

  Operational events in the Large Value Transfer System (LVTS) almost always result in a disturbance of the regular flow of payments.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy implementation, Payment clearing and settlement systems JEL Code(s): E, E5
• March 1, 2006

  A Primer on Canada’s Large Value Transfer System

  Darcey McVanel, Neville Arjani

  This paper provides a comprehensive overview of Canada’s Large Value Transfer System (LVTS).

  Content Type(s): Background materials Topic(s): Payment clearing and settlement systems