Managing Intraday Liquidity

Author(s):  
Biliana Alexandrova-Kabadjova ◽  
Francisco Solís-Robleda

The present chapter calculates the liquidity usage of the Mexican Real Time Settlement Payment System, SPEI, during a one month period. In particular, the authors’ interest is to give insight about how payment systems participants manage the settlement of low and large value payment transactions in real-time. To that end, they create an artificial environment, in which they use historical data from April 7 to May 7, 2010, and reproduce the operational conditions of SPEI. All payment instructions that arrived from 9:00 a.m. to 17:00 p.m. each working day are included. For each of these days, the authors arrange the transactions in four sets, delimited according to their value: all payments; payment orders with value higher than 100,000 MXN; transactions with value higher than 1,000,000 MXN; and payments with value higher than 10,000,000 MXN. The authors use a simulation environment to reproduce SPEI’s operational conditions in order to measure the liquidity usage in different settings of settlement speed requirements.

Author(s):  
Biliana Alexandrova-Kabadjova ◽  
Liliana Garcia-Ochoa ◽  
Ronald Heijmans ◽  
Antoaneta Serguieva

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®.


2016 ◽  
Vol 7 (4) ◽  
pp. 23-45
Author(s):  
Masashi Nakajima

Payment systems are one of the key Financial Market Infrastructures (FMIs) and have showed remarkable progress over the past two decades. The first half of this paper focuses on the evolutionary process of payment systems, starting with the Deferred Net Settlement (DNS) system and progressing to the Real-Time Gross Settlement (RTGS) system. Subsequently, much more sophisticated payment systems have been put in place, which include the “Hybrid System,” and the “RTGS system with Liquidity Saving Mechanism (LSM).” In the latter half of this paper, experience from the “Next-Generation Real-Time Gross Settlement” (RTGS-XG) project of BOJ-NET is discussed. BOJ-NET is the large-value payment system operated by Bank of Japan (BOJ). BOJ-NET, a pure RTGS system, added an LSM in 2008 and became an RTGS system with LSM. The impact of the LSM's introduction is analyzed, which includes the participants' settlement liquidity, the liquidity-saving effect, the average settlement time, the average waiting time in the queue, the turnover ratio, and the volume of idle liquidity. These analyses would be useful for any nations considering the introduction of the same kind of enhanced payment system.


Author(s):  
ELIZAVETA SALINA ◽  

1 Lomonosov Moscow State University, Moscow, Russia The presented research reveals an approach to the construction of a legal mechanism for the functioning of payment systems. The proposed approach is based on the application of the principles of legal regulation. The purpose of a work is to determine the existing legal mechanism for the functioning of payment systems, identify its drawbacks and propose a new approach to legal regulation to ensure the proper functioning of payment systems. The proposed approach to legal regulation takes into account the specifics of the functioning of payment systems, which consists in the presence of three elements in its activities: institutional, procedural and organizational. These elements reflect the subject structure of the payment system, the process of providing money transfer services by them, and the ways in which payment system entities interact during providing payment services. Each of the elements must be defined within the legal framework of the payment system to ensure its proper functioning. The proposed principles of legal regulation take into account the features of these elements, in particular, the principles are classified into three groups, depending on the element they affect. The paper describes ways to implement the principles in the legal mechanism: the possibility of their direct application, depending on the type of significance of the payment system, is analyzed. It is also concluded that the implementation of the principles in the legal mechanism will reduce the regulatory burden on payment systems by using an approach depending on the level of significance of the payment system. The paper defines the role of the principles, which is that the principles allow to eliminate the legal gaps in the legislation on the national payment system, and prevent the emergence of new gaps.


2020 ◽  
Vol 2 (6) ◽  
pp. 147-158
Author(s):  
L. N. KRASAVINA ◽  
◽  
L. I. KHOMYAKOVA ◽  

The article discusses the features of the functioning of national payment systems of the countries of the Shanghai Cooperation Organization (SCO). The specifics of the payment systems of the SCO countries are revealed, the emphasis is placed on their regional features. The role of central banks in ensuring the stable and safe functioning of national payment systems is highlighted. The importance of the supervisory function of central banks in order to control the payment system operators of the SCO countries is emphasized. Forecasts of the development of remote and digital technologies in the payment sector are given taking into account the influence of a new external factor (pandemic).


Robotics ◽  
2021 ◽  
Vol 10 (1) ◽  
pp. 12
Author(s):  
Yixiang Lim ◽  
Nichakorn Pongsarkornsathien ◽  
Alessandro Gardi ◽  
Roberto Sabatini ◽  
Trevor Kistan ◽  
...  

Advances in unmanned aircraft systems (UAS) have paved the way for progressively higher levels of intelligence and autonomy, supporting new modes of operation, such as the one-to-many (OTM) concept, where a single human operator is responsible for monitoring and coordinating the tasks of multiple unmanned aerial vehicles (UAVs). This paper presents the development and evaluation of cognitive human-machine interfaces and interactions (CHMI2) supporting adaptive automation in OTM applications. A CHMI2 system comprises a network of neurophysiological sensors and machine-learning based models for inferring user cognitive states, as well as the adaptation engine containing a set of transition logics for control/display functions and discrete autonomy levels. Models of the user’s cognitive states are trained on past performance and neurophysiological data during an offline calibration phase, and subsequently used in the online adaptation phase for real-time inference of these cognitive states. To investigate adaptive automation in OTM applications, a scenario involving bushfire detection was developed where a single human operator is responsible for tasking multiple UAV platforms to search for and localize bushfires over a wide area. We present the architecture and design of the UAS simulation environment that was developed, together with various human-machine interface (HMI) formats and functions, to evaluate the CHMI2 system’s feasibility through human-in-the-loop (HITL) experiments. The CHMI2 module was subsequently integrated into the simulation environment, providing the sensing, inference, and adaptation capabilities needed to realise adaptive automation. HITL experiments were performed to verify the CHMI2 module’s functionalities in the offline calibration and online adaptation phases. In particular, results from the online adaptation phase showed that the system was able to support real-time inference and human-machine interface and interaction (HMI2) adaptation. However, the accuracy of the inferred workload was variable across the different participants (with a root mean squared error (RMSE) ranging from 0.2 to 0.6), partly due to the reduced number of neurophysiological features available as real-time inputs and also due to limited training stages in the offline calibration phase. To improve the performance of the system, future work will investigate the use of alternative machine learning techniques, additional neurophysiological input features, and a more extensive training stage.


2020 ◽  
Vol 10 (11) ◽  
pp. 3788 ◽  
Author(s):  
Qi Ouyang ◽  
Yongbo Lv ◽  
Jihui Ma ◽  
Jing Li

With the development of big data and deep learning, bus passenger flow prediction considering real-time data becomes possible. Real-time traffic flow prediction helps to grasp real-time passenger flow dynamics, provide early warning for a sudden passenger flow and data support for real-time bus plan changes, and improve the stability of urban transportation systems. To solve the problem of passenger flow prediction considering real-time data, this paper proposes a novel passenger flow prediction network model based on long short-term memory (LSTM) networks. The model includes four parts: feature extraction based on Xgboost model, information coding based on historical data, information coding based on real-time data, and decoding based on a multi-layer neural network. In the feature extraction part, the data dimension is increased by fusing bus data and points of interest to improve the number of parameters and model accuracy. In the historical information coding part, we use the date as the index in the LSTM structure to encode historical data and provide relevant information for prediction; in the real-time data coding part, the daily half-hour time interval is used as the index to encode real-time data and provide real-time prediction information; in the decoding part, the passenger flow data for the next two 30 min interval outputs by decoding all the information. To our best knowledge, it is the first time to real-time information has been taken into consideration in passenger flow prediction based on LSTM. The proposed model can achieve better accuracy compared to the LSTM and other baseline methods.


2017 ◽  
Vol 2017 ◽  
pp. 1-8 ◽  
Author(s):  
Sen Zhang ◽  
Qiang Fu ◽  
Wendong Xiao

Accurate click-through rate (CTR) prediction can not only improve the advertisement company’s reputation and revenue, but also help the advertisers to optimize the advertising performance. There are two main unsolved problems of the CTR prediction: low prediction accuracy due to the imbalanced distribution of the advertising data and the lack of the real-time advertisement bidding implementation. In this paper, we will develop a novel online CTR prediction approach by incorporating the real-time bidding (RTB) advertising by the following strategies: user profile system is constructed from the historical data of the RTB advertising to describe the user features, the historical CTR features, the ID features, and the other numerical features. A novel CTR prediction approach is presented to address the imbalanced learning sample distribution by integrating the Weighted-ELM (WELM) and the Adaboost algorithm. Compared to the commonly used algorithms, the proposed approach can improve the CTR significantly.


2004 ◽  
Vol 61 (3) ◽  
Author(s):  
S. Nardini ◽  
R. Cagnin ◽  
G. Invernizzi ◽  
A. Ruprecht ◽  
R. Boffi ◽  
...  

Aim of the study: There are International and National standards that requires hospitals and health premises to be smoke-free. According to recent data from Italy and other European Countries, smoking is a widespread habit in hospitals. To get smoke-free hospitals in an Italian region, we have adopted the European Code for smoke-free hospitals, which sets standards and provides instruments for its implementation. According to the Code, whenever possible, each step towards a smoke-free hospital, should be shared by all staff. As a mean for achieving this goal, in our region the certification of single units as smoke-free units has been chosen. For getting the certification, besides implementing the Code, we planned to use ETS (Environmental Tobacco Smoke) monitoring, as ETS should not be present in hospitals. As a marker of ETS we have chosen Particulate Matter (PM), as it can easily be measured in real-time with a portable instrument and, when other - even outdoor - sources of combustion can be ruled out, it is an accurate detector of cigarette smoke. Here the first experience of measuring PM in hospitals for monitoring ETS and certificating smoke-free health premises, is described. Materials and methods: PM measurements were carried out without any previous notification in different areas of two Network hospitals of the Veneto Region, during a single working day. A real time laser-operated aerosol mass analyser was used. Several classes of PM (PM1, PM2.5, PM7, PM10, TSP Total Suspended Particles) were measured. Results: Outdoor PM levels were found to be repeatedly lower than the annual official limits of 65 mcg/m3 and around the 24 hour official limits of 15 mcg/m3 [15 to 20 mcg/m3, with an overall mean (±SD) of 17.8 (1.9)] throughout the whole day. Very good indoor air quality was found in the operating theaters and isolation department, where PM2.5 concentrations were much lower than outdoor levels [1.6 (0.9) and 5.9 (0.6) mcg/m3, respectively]. No increase in PM pollution was found in the surveyed medical offices, halls and waiting rooms where smoking was positively forbidden [PM2.5 concentrations of 14.8 (2.2) and 12.9 (1.1) mcg/m3] except in a medical office and in two coffee rooms for staff only where high PM levels were recorded [PM2.5 58.7 (29.1), 27.0 (10.6) and 107.1 (47.8) mcg/m3] and an offence of smoking restrictions could be proved. Conclusions: The measurement of PM in hospital for monitoring ETS proved to be both feasible and sensible. PM measurements with a portable instrument can be used both for controlling the compliance with rules or chosen standards and for educating staff about smoking related hazards, thus gaining consensus for the implementation of the tobacco control policy. In our experience, PM measurement can be used as an aid inside all actions designed by the European Code for smoke-free hospitals.


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