Journal of Financial Market Infrastructures
ISSN:
2049-5412 (online)
Editor-in-chief: Manmohan Singh
Deputy Editor: Jorge Cruz Lopez and Anneke Kosse
About this journal
The economic and technological landscape of financial market infrastructures (FMIs) is rapidly evolving and changing how we conduct transactions globally. Efforts to renew and strengthen payment, clearing and settlement systems have been undertaken internationally and the role of new technologies, including digital money, CBDCs, blockchains and smart contracts, is being continuously reassessed.
The Journal of Financial Market Infrastructures was the first journal to specialize in publishing peer-reviewed research in FMIs. Today, over a decade after its first publication, the journal continues to offer its readers a selection of the best ideas, developments and analysis in this dynamic and exciting sector of the economy.
The Journal of Financial Market Infrastructures considers submissions in the form of technical papers and policy-oriented papers (forum discussions) from academics and practitioners on topics including, but not limited to:
- Payment and settlement systems
- Digital money (including CBDCs) and central bank operations
- Trade repositories, central counterparties (CCPs) and central securities depositories (CSDs)
- Risk management of FMIs (including liquidity, market, counterparty, operational and other risks).
- Correspondent banking and network analysis of FMIs
- Non-bank payment service providers and access to central bank payment rails
- Exchanges and multilateral trading platforms
- Regulation, oversight and supervision of FMIs
- Tokenized deposits and stablecoins
- New technologies for FMIs, including distributed ledger technologies (DLTs), machine learning (ML) and artificial intelligence (AI)
Abstracting and Indexing: Clarivate Analytics Emerging Sources Citation Index; EconLit; EconBiz; and Cabell’s Directory
Journal Metrics:
Journal Impact Factor: 0.3
5-Year Impact Factor: 0.4
Latest papers
An econometric investigation on the stability of stablecoins: are these coins stable or is their stability just a flip of the coin?
The authors investigate the volatility dynamics of US-dollar-backed stablecoins, challenging the assumption of inherent stability using a multilevel econometric framework.
Instant payments as the new normal: how much more money do the banks need?
The authors assess how the transition towards instant payment schemes and systems affects banks' liquidity needs.
The merchant’s hand in the consumer’s choice of payment instruments: an agent-based model
The authors use real-world data to investigate interactions between consumers and merchants in the adoption and usage of various payment instruments.
Locked out by loyalty: entry deterrence through rebates in payment card markets
The author investigates how payment card networks provide rebates at a high level, such that competitors cannot profitably enter the market.
Rethinking remittances in the US–Mexico corridor: innovation, cost and policy implications
With a focus on the US-Mexico corridor, the authors investigate how online platforms and crypto-based technologies have reshaped the dynamics of cross-border payments.
Central bank digital currency and other digital payments in sub-Saharan Africa: a regional survey
The authors highlight the motivations, benefits and challenges of central bank digital currency adoption in sub-Saharan Africa.
Are stablecoins fungible money?
The authors assess the fungibility of stablecoins, arguing that this can be equivalent to that of traditional bank deposits if payment and settlement technologies are interoperable.
A liquidity black hole: what is the impact of a failing participant in a large-value payment system, and does time matter?
The authors out forward a technique with which to detect potential failing participants in large value payment systems as quickly as possible.
Quantum-readiness for the financial system: a road map
This paper provides a framework to support the financial system in the transition to quantum-safe cryptographic infrastructures, emphasising the need to start the transition today.
The crypto Wild West: a deep dive into the market volatility of junk coins versus Bitcoin
The authors assess the volatility of Bitcoin returns versus those of Dogecoin, Shiba Inu and Baby Doge Coin, finding that Bitcoin exhibits lower volatility and is the benchmark cryptoasset.
Let’s speak the same language: a formally defined model to describe and compare payment system architectures
The authors propose a means with which to represent and compare three key functions of payment system architectures: issuance/withdrawal, holding and transfer of funds.
Toward immediacy and continuity in money and finance?
This paper investigates the relationship between developments in information and communication technology and changes in the time structure of money and finance.
How concentrated is the clearing ecosystem and how has it changed since 2007?
This paper uncovers changes to concentration of the clearing ecosystem and how it has changed since the 2007-9 financial crisis.
Skin in the game: risk analysis of central counterparties
This paper proposes a novel framework to design the capital contribution of a central counterparty (CCP) to its default waterfall - CCP "skin in the game".
Digital money and finance: a critical review of terminology
The authors put forward an etymology of key concepts and review key terminology and definitions within the sphere of decentralized finance to facilitate discussions about their merits and use cases/
Till def(ault) do us part: reassessing counterparty risk between global systemically important banks and central counterparties
The authors investigate how far liquidity at G-SIBs may be available to CCPs prior to a G-SIB resolution beginning and before a forced closeout is necessary, allowing the G-SIB to continue trading with a CCP until a payment default occurs.
Central clearing and trade cancellation: the case of London Metal Exchange nickel contracts on March 8, 2022
This paper explores the 2022 nickel price event on the London Metal Exchange, examining LME’s response to the market stress, court verdicts and the potential impact on CCP rule books.
Retail payment technology and money demand: evidence from China
Using evidence from China between 1999 and 2020, the authors investigate the impact of retail payment technology on money demand.
Functional consistency across retail central bank digital currency and commercial bank money
The authors discuss the ‘digital pound’ and how to ensure that retail CBDCs and commercial bank money have common operational characteristics and offer functional consistency.
The fundamental role of the repo market and central clearing
The authors evaluate different economic functions of repo contracts and offer a summary of the structure of government bond repo markets in core advanced economies.
