Starting from the intraday liquidity gaps commercial banks face in RTGS, this article explains the three sources banks use to fill them: their own reserves, the interbank market and central bank intraday credit. It compares how major RTGS systems in the US, the euro area, the UK, mainland China and Hong Kong handle this, and draws on PFMI Principle 7 and the Basel Committee's intraday liquidity monitoring tools to show how the risks are shared.
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.
An in-depth analysis of payment systems based on BIS and CPMI definitions, dissecting clearing versus settlement, comparing RTGS, DNS, and hybrid systems, and mapping the global FMI landscape toward tokenised settlement.
This article, grounded in the PFMI and China's regulatory framework, uses cross-bank transfers and securities settlement as examples to systematically explain the functions, risk control, global arrangements, and digital evolution of financial infrastructure.