Browsing by Subject "clearing/settlement"

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Now showing items 21-40 of 110
  • Suomen Pankki (2006)
    EURO & TALOUS. RAHOITUSJÄRJESTELMÄN VAKAUS. ERIKOISNUMERO
  • (2009)
    EURO & TALOUS. RAHOITUSJÄRJESTELMÄN VAKAUS. ERIKOISNUMERO Erikoisnumero
    Esipuhe 1 Yhteenveto 2 Toimintaympäristö 4 Pankki- ja vakuutussektori 14 Rahoitusmarkkinoiden infrastruktuuri 27 Rahoitusjärjestelmäpolitiikka 33 Liite: Suomen rahoitusmarkkinoiden kannalta merkittävä infrastruktuuri 50
  • (2008)
    EURO & TALOUS. RAHOITUSJÄRJESTELMÄN VAKAUS. ERIKOISNUMERO Erikoisnumero
    Esipuhe 1 Yhteenveto 2 Toimintaympäristö 4 Pankki- ja vakuutussektori 16 Rahoitusmarkkinoiden infrastruktuuri 29 Rahoitusjärjestelmäpolitiikka 39 Liite Suomen rahoitusmarkkinoiden kannalta merkittävä infrastruktuuri 52
  • Suomen Pankki (2004)
    EURO & TALOUS. RAHOITUSJÄRJESTELMÄN VAKAUS. ERIKOISNUMERO
  • (2002)
    Euroopan keskuspankki. Kuukausikatsaus huhtikuu
    Eurojärjestelmän perustehtäviin kuuluu maksujärjestelmien moitteettoman toiminnan edistäminen.Useimpien keskuspankkien tavoin myös eurojärjestelmä määrittää maksujärjestelmäpolitiikkaa, toimii maksujärjestelmien yleisvalvojana, edistää niiden tehostamista tukevia muutoksia ja tarjoaa maksujärjestelmäpalveluita, Maksujärjestelmät ja arvopoperikaupan selvitys- ja toimitusjärjestelmät liittyvät läheisesti toisiinsa Tämä tarkoittaa että vaikka varsinkin eurojärjestelmän osallisuus arvopoperikaupan selvitys- ja toimitusjärjestelmiin on suuri, yleensä myös keskuspankkien merkitys näiden järjestelmien kannalta on huomattava, vaikka niiden virallinen toimivalta on aiemmin ollut tällä alalla eurojärjestelmää rajoitetumpi.Tämän artikkelin johdannossa selvitetään, miksi keskuspankit ovat yleensä tärkeässä asemassa, kun on kyse maksujärjestelmistä ja arvopaperikaupan selvitys- ja toimitusjärjestelmistä.Luvussa 2 keskitytään säädöksiin, joiden nojalla eurojärjestelmä toimii näiden velvoitteidensa täyttämiseksi luvussa 3 käsitellään näihin järjestelmiin liittyviä eurojärjestelmän eri tehtäviä ja nykyisiä käytäntöjä.
  • Koivuniemi, Emilia (2006)
    Suomen Pankki. Rahoitusmarkkinaraportti 3
    Euroopan keskuspankki (EKP) tutkii parhaillaan mahdollisuutta liittää arvopaperien selvitys TARGET 2-järjestelmään. Toteutuessaan tämä TARGET 2-Securities - nimeä kantava aloite korvaisi euroalueen nykyiset, monimuotoiset tekniset ratkaisut.
  • Malkamäki, Markku (1999)
    EURO & TALOUS 4
    Arvo paperimarkkinoiden rakenteet muuttuvat merkittävästi tekniikan kehityksen myötä.Tietotekniikan laaja hyödyntäminen, rahoitusmarkkinoiden sääntelyn purkaminen ja yhteisen rahan käyttöönotto Euroopassa ovat parantaneet arvopaperimarkkinoiden tehokkuutta ja likvidiyttä sekä antaneet rahalaitoksille mahdollisuuden hyödyntää skaalaetuja toiminnassaan.
  • Malkamäki, Markku (1999)
    Bank of Finland. Bulletin 73 ; 4
  • Koivuniemi, Emilia (2006)
    Bank of Finland. Financial market report 3
    The European Central Bank (ECB) is currently exploring the possibility of connecting a securities settlement platform to the TARGET2 system. This initiative, referred to as TARGET2-Securities, would replace the complex technical solutions currently used in the euro area.
  • Koivuniemi, Emilia (2006)
    Bank of Finland. Financial market report 3
    The European Central Bank (ECB) is currently exploring the possibility of connecting a securities settlement platform to the TARGET2 system. This initiative, referred to as TARGET2-Securities, would replace the complex technical solutions currently used in the euro area.
  • Koskenkylä, Heikki (2004)
    Suomen Pankki. A 108
    Financial integration is key to the European Union?s growth and competitive strategies ? part of the Lisbon Strategy ? which aims at raising the EU to be the most competitive economic area in the world.A European Commission report states that the growth and employment effects of broadening and deepening integration will be considerable.The effects will be seen in household and companies? access to both financing and other financial services at rates below those of today and from a broader and more reliable array of services. Financial integration has advanced varyingly, hastened by market forces, technological development and the euro.Authorities play a crucial role in both the promotion of integration and stability, the maintenance of confidence in financial market activities, improved consumer protection, prevention of criminal misuse of the financial system and promotion of competitiveness. Integration is most advanced in the European debt markets and in the wholesale market for short-term debt instruments.Development within the retail banking sector has been slower.Households and small and medium-sized companies are still modest users of crossborder financial services.Infrastructures already in place in financial markets, concerning large-value payments, operate effectively and reliably at the cross-border level.Systems handling small-value payments still must be improved in order to provide as rapid and reasonably-priced transfer of payments across international borders as now happens with domestic transfers. Cross-border securities clearing and settlement continues to be inefficient and expensive.However many EU-level fora are looking to solve the perceived shortcomings in access to cross-border financial services and trade. The European Commission has actively furthered financial market integration, as too the ECB and the ESCB, both of which have made efforts to influence the development of an internal market within the financial markets, leading to close cooperation between the European Commission, European Council and ESCB. Keywords: financial markets, integration, clearing and settlement systems, structural change, regulation and supervision, stability
  • (2000)
    Bank of Finland. Bulletin 74 ; 2
  • (1999)
    Bank of Finland. Bulletin 73 ; 4
  • (2000)
    Bank of Finland. Bulletin 74 ; 4
  • Koskinen, Jenni (2008)
    Bank of Finland. Financial market report 1
    Several European clearing houses have lowered the prices of securities settlement. In Finland, prices were reduced by 10 to 50%.
  • Bech, Morten L.; Soramäki, Kimmo (2001)
    Suomen Pankin keskustelualoitteita 9/2001
    The paper analyses the severity of gridlocks in interbank payment systems operating on a real time basis and evaluates by means of simulations the merits of a gridlock resolution algorithm.Data used in the simulations consist of actual payments settled in the Danish and Finnish RTGS systems.The algorithm is found to be applicable to a real time environment and effective in reducing queuing in the systems at all levels of liquidity, but in particular when intra-day liquidity is scarce
  • Ripatti, Kirsi (2003)
    Suomen Pankki. Rahoitusmarkkinaraportti Syksy
    Rahoitusmarkkinoiden infrastruktuuri, joka muodostuu maksujärjestelmistä ja arvo-paperien selvitys- ja toimitusjärjestelmistä sekä niiden säännöistä ja sääntelystä on voimakkaan rakennemuutoksen kohteena niin kotimaassa kuin kansainvälisestikin.
  • Hellqvist, Matti; Korpinen, Kasperi (2021)
    BoF Economics Review 7/2021
    The amount of central bank money, or liquidity, needed to settle payments, depends on the way the settlement is organized. It is largest when payments are settled individually on gross basis and smallest with settlement in one big netting cycle. Retail payments are increasingly processed in instant payment schemes and systems. We evaluate how the result of this transition affects the liquidity needs of the Finnish banks. For the analysis we generate artificial transaction level data, which mimics the Finnish retail payment flows processed in the STEP2 system. This allows us to estimate the difference between the liquidity needs for the settlement in a cycle based model and in a full instant payment mode. We also present a regression model for the bank level additional liquidity needs. A full migration to instant payments is expected to cause only a small aggregate increase in the liquidity needs. However, the variations between banks or between days can be significant and emphasize the need of liquidity bufers.
  • Leinonen, Harry (1998)
    Suomen Pankin keskustelualoitteita 16/1998
    Over the next few years, we will see a pronounced increase in the speed at which payment transactions are executed and in the share of cross-border transactions, particularly in the euro area. Counterparty risks and liquidity needs connected with the transfer of funds continue to evolve and to provoke discussion.The fact that funds transfers occur and systems operate on a real-time and gross basis will significantly alter the operational character and technical solutions in this field.Systems following a daily timetable are being replaced by continuously operating systems, which will have a significant impact on banks' liquidity management.The trend toward immediate real-time payment transactions seems inevitable in the light of present trends. It is generally presumed that RTGS systems operating on a gross basis require more liquidity than netting systems.Liquidity needs depend on payment system structures and payment flows.An even flow of payments requires less liquidity than an uneven flow.Liquidity needs can be significantly reduced by choosing an appropriate pa yment system structure, taking measures to even out payment flows and agreeing on market practices.The pricing, collateral and reserve requirement policies of the central bank affect also the efficiency of alternative payment systems.Thus the overall efficiency of a gross or net system depends on many factors. Factors arguing for a gross system are differences in counterparty risks, lack of reciprocity, steady interday payment flows and stable liquidity needs, both within and between days.Factors favouring net systems are the existence of small and varying counterparty risks and structurally unsteady payment flows that result in large interday variations in liquidity, even though overnight variations may be moderate. Current, daily-oriented practices have focused on overnight liquidity needs.In a continuously operating enviroment, liquidity needs are continuously monitored across time-period borders.This means that banks' liquidity management will in the future operate under a new and broader time perspective. Significant liquidity needs and large counterparty risks are inherent parts of Finland's present funds-transfer solutions. Liquidity can be freed for other uses and counterparty risks reduced by changing the structures.The necessary changes have been agreed and soon we will see fundamental changes in Finnish payment systems. Key word: payment system settlement, gross settlement, RTGS, payment system counterparty risks, payment system liquidity needs