Non-monotonic Tradeoffs of Tiering in a Large Value Payment System

Borradores de Economia
Número: 
946
Publicado: 
Clasificación JEL: 
E42
Palabras clave: 
Tiering, RTGS Payment Systems, Liquidity, Credit risk

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Even though international authorities encourage open and wide access to large value payment systems, the optimal level of access, or tiering, is still an open question. In the case of real-time gross settlement systems (RTGS) the level of access, or tieri