Journal of Financial Market Infrastructures

The effects of settlement methods on liquidity needs in Japan: an empirical study based on funds-transfer data from BOJ-NET

Saiki Tsuchiya


The level of intraday liquidity needed for settlement varies according to settlement methods. This paper analyzes the effects of the shift from deferred net settlement to real-time gross settlement (RTGS) with liquidity-saving features on the liquidity for settlements in the Japanese RTGS system. The study has revealed how the liquidity available for settlement has increased due to the shift to RTGS, the level of the liquidity not used for settlements and the liquidity-saving effects of the liquidity-saving features.

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