Today, in the light of the financial crisis, it has become part of the political agenda to strengthen payment, clearing and settlement systems, as well as repositories for data on the trades they process. The Journal of Financial Market Infrastructures is the first journal to focus on this exciting and dynamic sector, and aims to bring together a community of contributors from the constituent sectors to analyse financial market infrastructures to further the development of this emerging field.
The journal provides a balanced representation of academic and practitioner focused papers which are dedicated to analysing operational and regulatory effectiveness and efficiency of payment, clearing, settlement, trade repository systems; and the risks they manage, transmit and create.
The Journal of Financial Market Infrastructures considers submissions in the form of technical papers and policy-oriented papers (forum discussions), on the following, but not limited to, topics:
- Systemically Important Payment Systems
- Securities Settlement Systems
- Central Counterparties
- Central Securities Depositories
- Trade Repositories
- Settlement Risk and other FMI-related risks including interdependencies
- Infrastructure-Related Systemic Risk
- Network analysis of an FMI
- Critical Service Providers and non-bank payment service providers
- Correspondent banking
- Retail Payment Infrastructures (remote and Point-Of-Sale, ATM, virtual currencies)
- FMI Liquidity and Collateral Management
- Exchanges and Multilateral Trading Platforms
- Oversight and Supervision of Financial Market Infrastructures
- FMI-related standardization and legislation
The Journal of Financial Market Infrastructures has been selected for coverage in Thomson Reuter's Emerging Sources Citation Index.
The authors put forth a realistic network model that maximizes the use of data available to a CCP in order to simulate credit default contagion.
The recent crises and central counterparty risk practices in the light of procyclicality: empirical evidence
This paper focuses on the risk practices of Central Counterparties in the light of their potentially procyclical features.
I’ve got you under my skin: large central counterparty financial resources and the incentives they create
The authors of this paper take us into the world of granular time series data.
In this paper, the authors introduce the principal policy issues affecting CCPs and collateral and then use these disclosures to contextualize some stylized facts that may aid in understanding and addressing the policy issues.
This paper provides insights into the increased demand for collateral, the reduced capacity for banks to act as collateral intermediaries and examples of risks and vulnerabilities in collateral flows.
The authors provide theoretical microfoundations to understand the impact of monetary policy on markets characterized by collateral reuse.
This paper focuses on the use of high-quality assets for collateral purposes.
This paper looks at securities-lending, derivatives and prime-brokerage markets as suppliers of collateral.
This paper attempts to quantify the “effective” supply of collateral assets in Australia by applying a measure of supply that adjusts outstanding issuance for two important features of the collateral market.
The authors model the asymmetry between collateral values to the parties in the collateral chain. The paper highlights that collateral reuse can be socially beneficial if the costs of misallocation are not significant.
Mobilization of collateral in Germany as a reflection of monetary policy and financial market developments
This paper describes and analyzes developments in the market value of marketable assets submitted as collateral in Germany and the Eurosystem against the backdrop of the financial market crisis.
This paper investigates to what extent it is possible to steer consumers away from using credit card.
This paper analyzes the cost of cash and debit cards in Austria both in terms of unit costs and scaled to the gross domestic product.
This paper provides a broad perspective by taking into account payments globally in a comprehensive way: from card payments to real-time gross settlement
This paper stuides a relevant policy question: does interoperability of cash equity CCPs also imply that it is beneficial to introduce interoperability for derivative CCPs?
This paper highlight the key differences between CCPs and banks in terms of roles, risk profiles, balance sheets and systemic characteristics, and the implications of these differences for CCP risk management and regulation.
“Incomplete demutualization” and financial market infrastructure: central counterparty ownership and governance after the crisis of 2008–9
This paper examines risk management governance challenges of the demutualized CCP ownership model and the incentives faced by “incomplete demutualization”, where clearing members remain the ultimate underwriters of CCP default risk.
The authors discuss the incentives created by the structure of CCPs’ default waterfalls, drawing out the role of transparency and governance in ensuring effective incentives.
The paper makes an important contribution to this ongoing dialogue by proposing a set of principles and an analytical framework for calibrating skin-in-the-game contributions.