Gridlock resolution in interbank payment systems

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Title: Gridlock resolution in interbank payment systems
Author: Bech, Morten L. ; Soramäki, Kimmo
Organization: Suomen Pankki
Department / Unit: Financial Markets Department
Series: Suomen Pankin keskustelualoitteita
Bank of Finland. Discussion papers
Series number: 9/2001
Year of publication: 2001
Publication date: 13.6.2001
Pages: 35 s.
Keywords: maksujärjestelmät; likviditeetti; pankkitoiminta; clearing/settlement; RTGS;
Abstract: 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

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