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Settlement risk in large-value payments systems

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  • Pu Shen
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    Abstract

    The phenomenal growth of financial market and trading activities worldwide has led to tremendous growth in large-value payments systems. Large-value payments systems are the electronic banks used to transfer large payments among themselves. Payment orders processed in such systems in the United States, for example, are typically well above $1 million. ; The tremendous growth of payments system use throughout the world has increased both the possibility of settlement failures and the potential impact of such failures. In 1996, the average turnover in a single day exceeded the combined capital of the top 100 U.S. banks. Regulators are especially concerned that payments systems might turn a local financial crisis into a global systemic crisis. Shen examines settlement risk in large-value payments systems and discusses some of the measures available to manage such risk.

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    File URL: http://www.kansascityfed.org/publicat/econrev/pdf/2q97shen.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Kansas City in its journal Economic Review.

    Volume (Year): (1997)
    Issue (Month): Q II ()
    Pages: 45-62

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    Handle: RePEc:fip:fedker:y:1997:i:qii:p:45-62:n:v.82no.2

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    Related research

    Keywords: Risk ; Payment systems ; Electronic funds transfers;

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    Cited by:
    1. Maurice Obstfeld, 1999. "EMU: Ready, or Not?," NBER Working Papers 6682, National Bureau of Economic Research, Inc.
    2. William R. Emmons, 1997. "Recent developments in wholesale payments systems," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 23-43.
    3. Selgin, George, 2004. "Wholesale payments: questioning the market-failure hypothesis," International Review of Law and Economics, Elsevier, vol. 24(3), pages 333-350, September.

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