12 posts tagged “FinancialMarketInfrastructure”
More than twenty euro-area CSDs never merged, yet they share one settlement engine in T2S. Following a cross-border bond trade, this article explains T2S accounts, the DvP process, cross-CSD realignment and auto-collateralisation, how T2S divides work with T2, and how it compares with Bond Connect and Pontes.
A close reading of the PFMI as a complete document. It groups the 24 principles and five responsibilities for authorities by source of risk, explains how jurisdictions turn them into rules, disclosures and assessments, and leads into the CPMI-IOSCO final guidance on general business risk.
Not every RTGS payment settles instantly. Using bilateral and multilateral examples, this article explains how payments are queued, scheduled and offset when funds run short, and draws on CHAPS, T2 and Hong Kong's CHATS to show what liquidity-saving mechanisms can and cannot do.
A reading of IMF GFSR October 2026 Chapter 3 on tokenisation, covering efficiency gains, netting and liquidity trade-offs, collateral transmission, and four institutional constraints that could shape the risk structure of tokenised markets.
Based on the RMB Internationalization Report (2026), this article examines the underlying financial infrastructure supporting cross-border RMB use, covering liquidity provision, account connectivity, CIPS backbone rails, retail payment links, and financing, investment, and risk management arrangements.
This article analyzes the financial market infrastructures behind Bond Connect's Southbound and Northbound links, detailing nominee holding, multi-tier custody, and CMU-CIPS DvP mechanisms.
An in-depth analysis of the architectural evolution behind Swift's blockchain-based shared ledger. Starting from the classic division between messaging and funds flows, this article dissects the dual-tier accounting model of tokenised deposits, explores the timing gap and liquidity dynamics between 24/7 payment execution and offline final settlement, and objectively compares Swift's model with the BIS unified ledger blueprint.
From Nick Szabo's vending machine model to Ethereum and unified ledgers, explore how smart contracts link shared state, conditional execution, and atomic settlement.
Starting from central bank deposit account regulations and balance sheet mechanics, this article examines reserve and special accounts, explaining why banks, payment firms, and FMIs access central bank money.
This article explains ISO 20022's four-layer architecture, governance and maintenance process, the boundary between messaging and funds flows, global RTGS migration, and the structural frictions that remain after adoption.
Starting from the extreme scenario of bank insolvency following an interbank transfer, this article dissects the core differences between irrevocability and settlement finality, explains settlement unwind chains and zero-hour rule conflicts, and compares statutory carve-outs across major global financial centers.
Starting from the three identities of reserves, this article reviews China's reserve system, the money multiplier, and PFMI Principle 9, explaining why central bank reserves are the underlying asset for bank liquidity and payment settlement.