Introduction to Payments and Financial Market Infrastructures

• Autore: Bindseil Ulrich
• Pubblicazione: Cham : , : Springer, , 2023; ©2023
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (160 pages)
• Disciplina: 332.0415
• Soggetto topico: Financial institutions; Digital currency
• Altri autori: PantelopoulosGeorge
• Nota di contenuto: Intro -- Preface -- Contents -- 1: Introduction -- 1.1 Basic Principles and Definitions -- 1.2 FMIs Policy Issues -- 1.3 The Role of Central Banks for FMIs -- 1.4 Payment and Settlement as Changes to Financial Accounts -- 1.5 Financial Messages -- 1.6 The Multi-Layer Structure of the Financial Money System -- References -- 2: Risks, Regulation and Oversight of FMIs -- 2.1 Risks in Payments and FMIs -- 2.2 Mitigating Risks -- 2.3 Legal Certainty Issues -- 2.4 Regulation, Supervision and Oversight of FMIs -- 2.5 Principles for Financial Market Infrastructures -- 2.6 Implementation of the PFMIs: The Example of the EU -- References -- 3: Retail Payments -- 3.1 Payments and Means of Payments -- 3.2 A Brief History of Payments -- 3.3 Retail Payment Instruments, Schemes and Arrangements -- 3.3.1 Payment Instruments -- 3.3.2 Payment Schemes -- References -- 4: Payment Systems -- 4.1 Introduction -- 4.2 Real-Time Gross Settlement vs Deferred Net Settlement Systems -- 4.2.1 RTGS Systems -- 4.2.2 Deferred Net Settlement Systems -- 4.3 Large Value Payment Systems vs Retail Payment Systems -- 4.4 Layers in Payments and Financial Accounts Illustrations -- 4.4.1 Single Settlement Layer Payments -- 4.4.2 Double Settlement Layer Payments -- 4.4.3 Triple Settlement Layer Payments -- References -- 5: Cross-Border Payments -- 5.1 Introduction -- 5.2 A Brief History of Cross-Border Payments and Their Universal Challenges -- 5.3 Correspondent Banking -- 5.4 Correspondent Banking as a Solution for Domestic Payments? -- 5.5 Cross-Border Payment Fintechs Present in Multiple Countries -- 5.6 Global Stablecoins -- 5.7 Interlinking Domestic Payment Platforms with a Competitive FX Conversion Layer -- 5.8 How Will Cross Border Payments Progress Further? -- References -- 6: Central Counterparties -- 6.1 Introduction -- 6.2 Key Activities of CCPs. ; 6.3 Risk Management Framework for CCPs -- 6.4 Financial Account Illustration of Central Clearing Through CCPs -- 6.5 Performance of CCPs in Times of Market Stress -- References -- 7: FX Operations and CLS -- 7.1 Introduction -- 7.2 Herstatt Risk and the Origins of CLS -- 7.3 CLS Operational Framework -- 7.4 FX Trade: non-PvP Settlement Outside CLS -- 7.5 FX Trade: PvP Settlement Through CLS -- References -- 8: Central Securities Depositories -- 8.1 Introduction -- 8.2 Key Activities of CSDs -- 8.3 The CSD and ICSD Landscape -- 8.4 Domestic Securities Settlement -- 8.4.1 Domestic Securities Settlement in Commercial Bank Money -- 8.4.2 Non-DvP Securities Settlement in Central Bank Money -- 8.5 Cross-Border Securities Custody: Example of Sanctions Against Russia -- 8.6 TARGET2 Securities -- References -- 9: Unbacked Crypto-Assets, Stablecoins and CBDC -- 9.1 Introduction -- 9.2 Unbacked Crypto-Assets -- 9.2.1 Bitcoin -- 9.2.2 Decentralised Finance, Ethereum and Business Applications of Blockchain and DLT -- 9.2.3 The Crypto Winter of 2022 -- 9.3 Stablecoins -- 9.3.1 Some Stablecoin Initiatives -- 9.3.2 Policy Issues and Regulation of Stablecoins -- 9.4 Central Bank Digital Currency -- 9.4.1 Introduction -- 9.4.2 Reasons for Issuing Retail CBDC and Opposition -- 9.4.3 Flow of Funds of CBDC Creation and Transfers -- 9.4.4 Issuing a CBDC: The Many Design Challenges in Practice -- 9.5 Conclusion: The Future of Money and Payments -- References -- Index.
• Sommario/riassunto: This book serves as a comprehensive introduction to payments and financial market infrastructures (FMIs), exploring their key functions, risks, and the challenges they pose. Authored by Ulrich Bindseil and George Pantelopoulos, it provides a detailed overview of the importance of payments and FMIs in modern economies, including their role in economic exchanges and financial transactions. The text delves into various aspects such as retail payments, payment systems, cross-border payments, central counterparties, and central securities depositories. It also examines the impact of technological innovations like blockchain and mobile payments on the financial landscape. The book is designed for students and professionals in economics and finance, aiming to equip them with a solid understanding of the strategic importance and regulatory implications of payments and FMIs.
• Titolo autorizzato: Introduction to Payments and Financial Market Infrastructures
• ISBN: 9783031395208; 3031395204
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910755072703321
• Lo trovi qui: Univ. Federico II
• Serie: Springer Texts in Business and Economics Series