Financial market utilities and the challenge of just-in-time liquidity

Richard Heckinger, David Marshall and Robert Steigerwald ()

Chicago Fed Letter, 2009, issue Nov, No 268a

Abstract: Financial market utilities ensure that clearing, settlement, and payments operations go smoothly. This article explores how these systems mitigate settlement risk, using precisely targeted ?just-in-time? liquidity, and discusses the risks for financial stability implied by the increasing role of just-in-time liquidity in our financial markets.

Keywords: Financial markets; Liquidity (Economics) (search for similar items in EconPapers)
Date: 2009
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