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“The Evolution of Real-Time Gross Settlement: Access, Liquidity and Credit, and Pricing” identifies and analyzes some policy issues arising from central bank experience and practice in supporting real-time gross settlement (RTGS) systems, both as settlement authorities and as service-providing RTGS system operators.
A decade of experience with RTGS across financial systems in different stages of development, in an increasingly globalized marketplace, has revealed a number of practical problems for both central banks and the direct users and other beneficiaries of RTGS services.
The practical issues are highlighted by variations in practice in the areas of RTGS access, liquidity and credit, and costing and pricing. By identifying practical policy issues, the authors hope to motivate operationally concrete responses by individual central banks to system-specific problems, and by consortia of central banks to multi-system problems that may call for harmonized approaches.
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