Toward immediacy and continuity in money and finance?

Ulrich Bindseil and Omid Malekan

Journal of Financial Market Infrastructures

Abstract: Improvements in information and communication technology (ICT) have driven changes in the time structure of money and finance and seem to be leading toward universal immediacy and continuity. We review these time structure phenomena, including those derived from the time structuring of market activity, and how they are affected by progress in ICT. While progressing technology is a key driver of the evolution toward immediacy and continuity, settlement lags and discontinuities have remained unchanged in some areas for long periods, and we identify cases in which even ideal ICT would not seem to imply immediacy and continuity.

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