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Financial market utilities and the challenge of just-in-time liquidity

Author

Listed:
  • Richard Heckinger
  • David A. Marshall
  • Robert Steigerwald

Abstract

Financial market utilities ensure that clearing, settlement, and payments operations go smoothly. This article explores how these systems mitigate settlement risk, using precisely targeted ?just-in-time? liquidity, and discusses the risks for financial stability implied by the increasing role of just-in-time liquidity in our financial markets.

Suggested Citation

  • Richard Heckinger & David A. Marshall & Robert Steigerwald, 2009. "Financial market utilities and the challenge of just-in-time liquidity," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue Nov.
  • Handle: RePEc:fip:fedhle:y:2009:i:nov:n:268a
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    File URL: http://www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2009/cflnovember2009_268a.pdf
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    Citations

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    Cited by:

    1. Ivana Ruffini, 2015. "Central Clearing: Risks and Customer Protections," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 90-100.
    2. David A. Marshall & Robert Steigerwald, 2013. "The role of time-critical liquidity in financial markets," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 37(Q II), pages 30-46.

    More about this item

    Keywords

    Financial markets; Liquidity (Economics);

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