Introduction to payments and financial market infrastructures / Ulrich Bindseil, George Pantelopoulos.
Bindseil, Ulrich, 1969- author.; Pantelopoulos, George, author.
2023
HG4523 .B56 2023
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Title
Introduction to payments and financial market infrastructures / Ulrich Bindseil, George Pantelopoulos.
Author
Bindseil, Ulrich, 1969- author.
ISBN
9783031395208 (electronic bk.)
3031395204 (electronic bk.)
9783031395192
3031395190
DOI
https://doi.org/10.1007/978-3-031-39520-8
Published
Cham : Springer, 2023.
Language
English
Description
1 online resource (ix, 155 pages) : illustrations (some color).
Item Number
10.1007/978-3-031-39520-8 doi
Call Number
HG4523 .B56 2023
Dewey Decimal Classification
332.0415
Summary
Payments and financial market infrastructures are vital components of modern economies, yet they have often been overlooked by economists. However, any economic exchange, including financial market transactions, is matched by a payment leg, and the safety, efficiency, and immediacy of the payment, and the problem of linking the two legs of the transaction ("delivery-vs-payment"), remain universal challenges. The consequences of inefficiencies or interruptions in payment and settlement systems have immediate and significant impacts on the real economy. Moreover, payments and financial market infrastructures are also a matter of strategic importance for nation-states, and being excessively dependent on foreign providers has been proven to be a significant risk, as they can be "weaponized." This book provides a concise yet thorough introduction to payments and financial market infrastructures, exploring various types of risks, retail payments, payment systems, cross-border payments, central counterparties, FX operations, and central securities depositories. The final chapter investigates payment innovations, including unbacked crypto-assets (e.g. Bitcoin), stablecoins, and central bank digital currencies. The text outlines key activities and risk management frameworks, as well as examining the operational mechanics of different payment systems. The book emphasizes the importance of understanding the nature of transfer of financial claims and liabilities through the process of payment and settlement, providing financial account representations of payments wherever useful. The book concludes that the payment and financial market infrastructure space has been shaken by recent innovations, which are expected to lead to seismic shifts in payment technology, practices, and market structures.
Bibliography, etc. Note
Includes bibliographical references and index.
Access Note
Access limited to authorized users.
Source of Description
Online resource; title from PDF title page (SpringerLink, viewed October 31, 2023).
Added Author
Pantelopoulos, George, author.
Series
Springer texts in business and economics, 2192-4341
Available in Other Form
Print version: 9783031395192
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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?

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

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