scholarly journals The Payment System and Liquidity Provision during the US National Banking Era

2013 ◽  
Vol 55 (3) ◽  
pp. 459-477 ◽  
Author(s):  
Laurent Le Maux
Keyword(s):  
Payment System ◽  
Liquidity Provision ◽  
The Us ◽  
National Banking Era

Even gradual quantitative tightening raises GDP risks

2019 ◽  
Keyword(s):  
Euro Area ◽  
Commercial Banks ◽  
Large Scale ◽  
Sales Tax ◽  
Quantitative Easing ◽  
Content Type ◽  
Balance Sheets ◽  
Liquidity Provision ◽  
The Us ◽  
Repurchase Agreements

Subject Quantitative easing and GDP. Significance The US Federal Reserve (Fed), Bank of Japan (BoJ) and ECB have all conducted quantitative easing (QE) programmes since 2008, purchasing assets from commercial banks on a large scale and without predefined repurchase agreements. These purchases have swollen the balance sheets of the three largest central banks and provided commercial banks with large liquidity buffers. Impacts The pace of the Fed withdrawing liquidity may slow; if US-China conflict worsens or another shock occurs, the Fed may consider reversing. In the euro-area, there are no new liquidity provisions, at a time when German GDP is weakening and Brexit threatens EU growth. New liquidity-provision plans may be hard for the euro-area to agree; if this is off the table, so are liquidity-withdrawing measures. The BoJ may stop scaling back its bond and ETF holdings if markets suffer; the upcoming sales tax rise will also hit spending.

Intraday Liquidity Flows within the Financial Market Infrastructures in Mexico

2016 ◽  
pp. 191-207
Author(s):  
Biliana Alexandrova-Kabadjova ◽  
Liliana Garcia-Ochoa ◽  
Ronald Heijmans ◽  
Antoaneta Serguieva
Keyword(s):  
Central Bank ◽  
Financial Market ◽  
Payment System ◽  
Payment Systems ◽  
Transaction Data ◽  
Liquidity Provision ◽  
Flow Of Funds ◽  
External Funds ◽  
Intraday Liquidity ◽  
The Impact

In this chapter, the authors present a methodology to study the flow of funds in large-value payment systems (LVPSs). The algorithm presented differentiates the flow of payments into two categories: 1) external funds, i.e. funds transferred from other financial market infrastructures (FMIs) or provided by the central bank, and 2) the reuse of incoming payments within the same FMI. Using individual transaction data, the algorithm evaluates to what extent incoming payments are used to cover obligations. The method also studies the flow of intraday liquidity under the framework of its provision within Mexican FMIs. The aim is to evaluate the impact of intraday liquidity provision, and understand how liquidity is transmitted to participants in the Mexican Large Value Payment System, or SPEI®.

CLS Bank

2011 ◽  
pp. 190-212
Keyword(s):  
Risk Management ◽  
Foreign Exchange ◽  
Payment System ◽  
Private Bank ◽  
The Us ◽  
Time Zones ◽  
Management Schemes ◽  
The Impact ◽  
Market Infrastructure ◽  
Fx Market

This chapter focuses on the CLS Bank. CLS Bank International (hereinafter referred to as “CLS Bank”) was established in 1999 to eliminate settlement risk associated with settling foreign exchange (FX) transactions in different time zones. It provides the unique multi-currency Payment versus Payment (“PVP”) settlement service for the major players in the FX market. Although CLS Bank was established as a private bank in the US, the main purpose of the Bank is neither to accept deposits nor to make loans. Its function is dedicated to providing a multi-currency settlement service. Thus it is more appropriate to regard CLS Bank as a kind of payment system, or market infrastructure than just a private bank. This chapter elaborates on the mechanism of CLS Bank, which includes the organization, the shareholders, the eligible currencies, and the accounts used for CLS settlement. The funding and settlement procedures and risk management schemes of CLS Bank are discussed in greater detail. In addition, the impact of CLS Bank to FX settlements and the FX market is also analyzed.

Money Markets

2016 ◽  
pp. 216-239
Author(s):  
Stefano Battilossi
Keyword(s):  
New York ◽  
Financial Stability ◽  
Lender Of Last Resort ◽  
Policy Makers ◽  
Money Markets ◽  
The Us ◽  
The Usa ◽  
Market Stabilization ◽  
National Banking Era ◽  
Central Bankers

The notion that money markets were essential for smooth working of the economy but exposed to liquidity shocks was a key lesson banking theorists and central bankers learnt from panics of the nineteenth century. This chapter deals with the historical experience of money market stabilization in Britain and the USA. Since the 1860s, the London market, based on specialized intermediaries (discount houses) trading mainly in banker acceptances and with regular access to the Bank of England as a lender of last resort, achieved an admired record of financial stability. In contrast, the New York market, operating essentially as an inter-bank reserve system with no central bank until 1913, was the epicenter of several disruptive crises during the National Banking era. In the interwar period, the attempt by US policy makers to transplant British institutions into the US financial system had only partial success in preventing new episodes of financial instability.

scholarly journals Development of Episode-Based Cost Measures for the US Medicare Merit-based Incentive Payment System

2021 ◽  
Vol 2 (5) ◽  
pp. e210451
Author(s):  
Reena Duseja ◽  
Joel Andress ◽  
Alexander T. Sandhu ◽  
Jay Bhattacharya ◽  
Joyce Lam ◽  
...  
Keyword(s):  
Payment System ◽  
Incentive Payment ◽  
The Us

A Challenge for Equity Markets on Both Sides of the Atlantic: Can Liquidity be Augmented, Volatility Better Controlled, and Price Discovery Sharpened?

2016 ◽  
Vol 28 (6) ◽  
Author(s):  
Robert A. Schwartz
Keyword(s):  
Market Structure ◽  
Price Discovery ◽  
Equity Markets ◽  
Critical Determinant ◽  
The Public ◽  
Market Makers ◽  
Liquidity Provision ◽  
The Us ◽  
Call Auction ◽  
Intraday Volatility

AbstractAfter suggesting that optimizing equity market structure remains a work in progress (as it has for the past five decades), the paper focuses on liquidity provision – a critical determinant of market quality – and its associations with intraday volatility and price discovery. Controlling intraday volatility and sharpening price discovery is of critical importance, it is not a simple matter, and it depends on market structure. After considering each term separately, we call attention to the public goods property of price discovery, set forth the traditional suppliers of liquidity (market makers, high frequency traders, and limit order placers), and contrast continuous and call auction trading. As liquidity is widely thought to be insufficient in equity markets in the US and Europe, we stress that listed companies should provide supplemental liquidity for their own shares and, to this end, we address a proposal that formalizes a corporate involvement.

Decentralization of the Monetary System As a Way to Move away from the Reserve Currency of the US Dollar

Auditor ◽  
2021 ◽  
pp. 43-48
Author(s):  
A. Soltakhanov ◽  
D. Sizova ◽  
T. Sizova
Keyword(s):  
Comparative Analysis ◽  
Payment System ◽  
Reserve Currency ◽  
Advantages And Disadvantages ◽  
Monetary System ◽  
Russian Economy ◽  
The Us ◽  
Us Dollar ◽  
Further Development

The article presents the main directions of the plan for the de-dollarization of the Russian economy, identifies strategic partners in its implementation. A comparative analysis of the centralized and decentralized payment system is carried out. The advantages and disadvantages of the decentralization of the monetary system are emphasized, the trends of its development in Russia are determined. The perspectives of decentralization of the monetary system as a way of abandoning the reserve currency - the US dollar - are analyzed. Proposals are formulated for the further development of the decentralization of the monetary system in Russia.

Payment Systems in US

2011 ◽  
pp. 96-129
Keyword(s):  
Private Sector ◽  
Federal Reserve ◽  
Payment System ◽  
Transfer Mechanism ◽  
Payment Systems ◽  
Clearing House ◽  
File Transfer ◽  
Electronic File ◽  
The Us ◽  
Retail Credit

As for the Retail payment system, the “Automated Clearing House” (ACH) handles small value payments in the US. The ACH is a nationwide electronic file transfer mechanism that processes the retail credit and debit transfers between the customer accounts. The Federal Reserve is the largest ACH operator in the US. Meanwhile, the TCH Payments Co. is a private-sector operator of ACH. As for the ACH payments, the settlements are made between the sending banks and receiving banks only on the next day of the processing on a net-basis. That means that the ACH is a Designated-Time Net Settlement (DTNS) system. The function of the “FedGlobal ACH” and “Financial EDI” capability on the ACH network is also discussed.

The Eleventh Circuit Holds that Agreements in which Pharmaceutical Companies Pay Generic Companies Not to Compete May be Valid

2004 ◽  
Vol 32 (1) ◽  
pp. 181-184
Author(s):  
Amy Garrigues
Keyword(s):  
Pharmaceutical Companies ◽  
Court Decisions ◽  
Patent Holder ◽  
Trial Court ◽  
Court Of Appeals ◽  
The Us ◽  
Antitrust Laws ◽  
Per Se ◽  
Appeals Court ◽  
Two Sides

On September 15, 2003, the US. Court of Appeals for the Eleventh Circuit held that agreements between pharmaceutical and generic companies not to compete are not per se unlawful if these agreements do not expand the existing exclusionary right of a patent. The Valley DrugCo.v.Geneva Pharmaceuticals decision emphasizes that the nature of a patent gives the patent holder exclusive rights, and if an agreement merely confirms that exclusivity, then it is not per se unlawful. With this holding, the appeals court reversed the decision of the trial court, which held that agreements under which competitors are paid to stay out of the market are per se violations of the antitrust laws. An examination of the Valley Drugtrial and appeals court decisions sheds light on the two sides of an emerging legal debate concerning the validity of pay-not-to-compete agreements, and more broadly, on the appropriate balance between the seemingly competing interests of patent and antitrust laws.

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