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 topics including, but not limited to:
- 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 the Clarivate Analytics Emerging Sources Citation Index.
The authors conduct a head-to-head comparison of central and bilateral clearing to evaluate the impact of market structure on market stability.
This paper contributes to the literature on the recovery and resolution of central counterparties (CCPs) by exploring the key components of the recent European legislative proposal on the recovery and resolution of CCPs, its main differences with the…
This paper studies tiering in the case of a national payment system in an emerging economy: the large-value payment system Sistemas de Cuentas de Depósito (CUD, the Spanish acronym for the Deposit Accounts System) operated by the Colombian central bank.
In this paper, the authors answer three questions about the appropriate allocation of nondefault losses at central counterparties.
Estimating “hedge and auction” liquidation costs in central counterparties: a closeout risk approach
This paper shows how the closeout risk framework can be extended to realistically represent and simulate the potential outcomes of “hedge and auction” default management policies currently implemented by several major central counterparties.
This paper is meant to serve as a comparison of the approaches and margin models employed by CCPs.
This paper discusses the different approaches to incorporating market liquidity risk within a CCP’s default waterfall and the challenges that these approaches pose.
This paper presents a new approach to parameter selection based on the statistical properties of the worst loss over a margin period of risk estimated by the margin model under scrutiny.
This paper proposes a performance test based on empirical similarity that would account for margin shortfall, procyclicality and efficiency in a single score.
This paper presents a clearinghouse framework to establish initial margin requirements for portfolios of credit default swap instruments.
In this paper, the authors address one aspect of CCP risk management: initial margining practices. The paper provides a historical review of margining at selected CCPs as well as an overview of their current margin policies.
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.
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.