Search

In recent years, the amount of payment transactions have exponentially increased and with them, new abstract payment methods and techniques have emerged. In this paper, we provide two new interesting optimization problem solutions aimed to reduce the amount of money needed in a multilateral set-off system. The presented concepts—built upon solutions of relatively new but well-known graph theory and mathematical optimization theory—show how the use of some payment transaction methods can improve the traditional compensation logic behind a payment transaction. These theoretic optimizations solutions can lead to an increase of payment transactions of a specific market area with a common monetary union and system of payments—be it a country, a group of countries, etc—and a specific range of time —be it a year, a month, etc—. Thus, improving, in economic terms, the existing competition, economic activity and welfare.

AbstractClearing houses are considered a key element of capital markets and one of the most important risks associated with clearing houses is the risk of brokers defaulting on clearing transactions. Therefore, this study with the aim of identifying the factors affecting this risk tries to provide a model to identify and prioritize these factors. For this purpose, after studying the available resources, using interviews with experts and analyzing its content, the relevant conceptual model was prepared and then the model was validated by collecting the opinions of experts through a questionnaire and confirmatory factor analysis. These factors were also prioritized based on Friedman test. Thus, based on the analysis, the factors affecting brokers' settlement risk are divided into four dimensions: broker performance (the most important dimension), interactions and contracts between brokers and banks, customer performance, and infrastructure and market variables, which include a total of 10 components. Issues related to the weakness of the legal infrastructure are the most important of these components.Keywords: Settlement Risk, Clearing House, Exchange Brokers.

Since the end of 1990s, financial exchanges and post trade infrastructures (FEPTIs) have gone through consolidation via mergers, acquisitions and restructuring. We explain the economies behind these events and propose the best performant consolidation way for the industry. To do so, we first classify these consolidation events into business integration and diversification models. Then, we analyze effects of these events on the efficiency of FEPTIs. We assume that FEPTIs are transaction processing factories and measure their efficiency in terms of total cost, average cost (short-run efficiency) and scale elasticity (long-run efficiency) through frontier and random-effects panel regressions. We find that any integration reduces costs in the long run. Horizontal integration is the most cost-efficient integration model in the short run for both derivatives and securities markets. In the long run, horizontal integration is still the best model for derivatives markets, while a vertical silo model or multiway integration are more suitable for securities markets. The results also reveal regional differences. In emerging markets, entity size is the only significant factor for efficiency. Our results yield important implications for policy makers, financial exchanges, and post-trade infrastructures in terms of market design and consolidation, in both developed and emerging markets, from both short- and long-run perspectives, and for infrastructure providers of both securities and derivatives markets. [ABSTRACT FROM AUTHOR]

With the characteristics of anonymity, trust, tamper-proof, etc., blockchain technology can effectively solve some problems faced by the financial market, such as trust issues and information asymmetry issues. To deeply understand the application scenarios of blockchain in the financial market, the issue of securities issuance and trading in the primary market is studied. The authors conducted an empirical study to investigate the main difficulties faced by primary market participants in their business practices and the potential challenges of the deepening adoption of blockchain technology in the primary market. The authors adopted a hybrid method by combing interviews (qualitative methods) and surveys (quantitative methods) to conduct this research in two stages. In the first stage, authors interview 15 major primary market participants with different backgrounds and expertise. In the second phase, authors conducted a verification survey of 54 primary market practitioners to confirm various insights from the interviews, including challenges and desired improvements. The interviews and survey results reveal several significant challenges facing blockchain applications in the primary market: complex due diligence, mismatching, and difficult monitoring. The research shows that primary market participants have a positive attitude towards the application of blockchain technology to the primary market and are ready to adopt blockchain technology to solve some of the current issues.

The actions taken by J. P. Morgan during the Panic of 1907 reveal how a skilled leader can dominate those of formal institutions during the resolution of a financial crisis. First, we examine how Morgan coordinated emergency liquidity infusions during the Panic in the absence of a formal lender of last resort (LOLR). Morgan’s Syndicate Books provide evidence that all applicants for liquidity had participated in earlier bond underwriting syndicates with Morgan. The single denial of aid was to an agent from an unprofitable syndicate, the Knickerbocker Trust. Morgan’s decisions to provide or withhold aid to distressed institutions appear to track more closely with his previous syndicate experience with each applicant. Recommendations made by committees he formed to estimate applicants’ solvency appear less important. Then, we show that Morgan’s decisions had a distinguishable effect during the Panic on the prices of bonds underwritten by his syndicates. We find that during the Panic bond traders revised upward their valuation of bonds underwritten by Morgan compared to bonds underwritten by bankers that had not undertaken LOLR activities. We interpret these results as implying that market agents had greater expectations of valuable advice or liquidity infusions to Morgan-backed issuers than to issuers backed by other bankers. These findings provide support for Morgan’s effectiveness as a mobilizer of private reserves, a private LOLR, during the Panic of 1907.

Electronic transaction means any exchange of funds where, at least, one operation is conducted using electronic means. In these transactions, although the customer demands transaction to Transferring bank, but the electronic transaction part are doing by Clearing House or Intermediary bank. It concepts that Clearing House has not direct relationship with customer, consequently, the question arises that if damages caused by him, Is he liable against customer? It seems that the clearing house’s liability against its customers is a type of professional liability with a dual state that is a combination of contractual and civil liability named it “legal basis” that is composed of civil and contractual liability. In addition, the liability of clearing house is strict and the mere reference of damage to him leads to its liability and it is only through proof by the force major can be exempted from liability. Attending to clearing house obligate the part of transaction mere and other part of transaction undertake by transferring and transferred bank, consequently, in loss claim action, the customer should prove that damage refer to clearing house.

The clearing and settlement operations of securities transactions are subject to numerous risks. Some of these risks can be controlled by tools such as the "Margin" (initial guarantee) by the clearing house, but after all these tools have been implemented, there is the risk of default by one of the parties at the stage of settling and fulfilling obligations. In such a situation, due to the necessity of settling all transactions in due time (the third day after the transaction), the market faces numerous risks. The "Settlement Guarantee Fund" was established in 2012 by the "Central Securities and Depository" Corporation so that the clearing house as the central counterparty could deal with the management of clearing risks. The present research, having as its purpose to analyze this new institution, has been compiled by descriptive- analytical method in three sections. In the first section, three functions of the SGF, namely the transaction risk control, the ability of the central counterparty mechanism or CCP in clearing house, and security promotion of the capital market are examined. In analyzing the juridical-legal nature of the SGF, we ultimately selected the "Mortgage in condition of mandate" after reviewing various named contracts. In the third section, the structure of the SGF will be outlined on the basis of its newest formulated guidelines.

Urban forests as nature-based solutions (UF-NbS) play a crucial role for promoting the health and well-being of urban populations. Despite increasing recognition of their importance, knowledge gaps remain regarding UF-NbS implementation, particularly with respect to their performance, their perception, and on decision-making and governance practices for their implementation and management. Grounded in a project-as-practice approach and based on sixteen UF-NbS case histories, this paper seeks to gain insights into UF-NbS project actualities by an identification of characteristic trends as a function of a projects' scope and purpose, or challenge-orientation, respectively. A particular emphasis is on project structure and coordination, on the scope and depth of participation and stakeholder involvement, and on funding mechanisms. Identified trends reveal centrally coordinated, single-responsible public authorities as the most common project structure, but with certain feature contents, i.e., regeneration and reclamation, as being associated with more decentralised forms of governance. It is concluded that irrespective of challenge-orientation, comparatively broad participation appears to be realised within the UF-NbS framework, however, the depth of participation differs considerably. With respect to funding, a strong reliance on public capital is asserted for the UF-NbS context, however, various forms of private contributions appear reasonably common across the assessed case histories. Recommendations for policy-making and avenues of future research are identified, including the validation of identified trends, the fostering of collaboration, the dispersal of decision-making authority, the encouragement for implementing non-tokenistic modes of participation in UF-NbS governance, and the promotion of potentially under-utilised funds., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2024 The Authors. Published by Elsevier Ltd.. All rights reserved.)

Thai University Central Admission System (TCAS) is an educational reform policy embracing three main principles; including, 1) students are required to attend classroom until the completion of the upper secondary education (Matthayom 6), 2) each student possessed one right on the courses selected on equitably basis, and lastly, 2) each student possessed one right on the courses selected on equitably basis, and lastly, 3) all higher education institutions subject to the Council of University Presidents of Thailand (CUPT) 's Networks are required to participate in the clearinghouse to administrate student's one right to study. Based on the Mahasarakham University policy, the Mahasarakham University is a public university under the CUPT network that follows Thai University Central Admission System (TCAS). The issues of Thai University Central Admission System (TCAS) showed that the number of right confirmations (Clearing House) was smaller than the admission plans, compared to the large number of applicants interested in continuing study. For this reason, the researcher has an idea of using Data Mining Techniques to identify patterns that have arisen out of student data that have the confirmation right to study, so that the model to be acquired will further be developed into a support system for TCAS. in order that the TCAS Committee can quantify the confirmations and make sure that the number of admissions are mostly consistent with the admission plan. The results indicated that decision trees and association rules on the experimental data was accurate by 82.85 percent on Humanities and Social Sciences, formulating into 89 association rules, and it was accurate by 80.88 percent on Health Science, formulating into 85 association rules, and it was accurate by 78.85 percent on Technology Science, formulating into 85 association rules. The results could be efficient to the development of the TCAS support system. [ABSTRACT FROM AUTHOR]

Before the Panic of 1907 the large New York City banks were able to maintain the call loan market's liquidity during panics, but the rise in outside lending by trust companies and interior banks in the decade leading up the panic weakened the influence of the large banks. Creating a reliable source of liquidity and reserves external to the financial market like a central bank became obvious after the panic. In the call loan market, like the REPO market in 2008, lack of information on the identity of lenders and volume of the market hindered attempts to stop panic-related depositor withdrawals. Our new estimates of who was participating in the call loan market reveal that it did not contract after 1907; while the trust companies became less important, the New York national banks and outside lenders more than made up the difference. [ABSTRACT FROM AUTHOR]

Digitalisation of the banking system, developments of the IT background and the entire infrastructure offer new opportunities for the analysis of the financial sector. The importance of the central bank of Hungary (Magyar Nemzeti Bank) and the domestic clearing house (GIRO Zrt. that performs interbank clearing) is outstanding. The experience of previous financial geographic investigations can be supplemented by new outcomes from the examination of detailed payment transactions data. The system of interbank transfers can be interpreted and processed in both territorial and network approaches. The topic is not only serving the introduction of the financial institutional network, but the spatial observations can also bring us closer to interpreting transactions correctly, exploring contacts between actors and defining the position of different types of areas, regions in the financial hierarchy. In this study, the authors give a comprehensive presentation of the interbank clearing system, analyse 2017 data in detail, and evaluate the position of the regional financial centres. [ABSTRACT FROM AUTHOR]

Using an extensive high-frequency data set, we investigate the transmission of financial crisis specifically focusing on the Panic of 1907, the final severe panic of the National Banking Era (1863-1913). We trace the transmission of the crisis from New York City trust companies to the New York City national banks through direct and indirect interconnections. Trust companies held cash balances at national banks and these balances were liquidated as trust companies suffered depositor runs. Secondly, trust companies and national banks were notable creditors to the New York Stock Exchange; when trusts were suffering runs, the call loan market on the stock exchange seized. The crisis spread to the interior banks after the New York Clearing House banks restricted the convertibility of deposits into cash. Bond returns were sharply negative in the 2 weeks following the suspension. The suspension of convertibility produced a currency premium, which in turn attracted gold imports from Europe. The New York Clearing House had only limited capability to fight the panic through its use of clearing house loan certificates. The gold imports ultimately restored liquidity to financial markets. [ABSTRACT FROM AUTHOR]

Copyright of Regional Statistics is the property of Hungarian Central Statistical Office and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Zeitschrift für Bildungsforschung is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Research and development in all the fields of technology, including agriculture are taking place at an impressive pace today. In parallel, the number of intellectual property rights being applied proliferate in order to compensate innovators for these efforts and investments and to foster further innovation. Innovations are also being rewarded by temporarily restricting competition in the production of the resulting goods and services. Patent thicket or "patent floods" is surely making its impact in country like India by hindering the development and commercialization of technology. This can grow into a larger problem in near future with many more challenges to come. The concept of patent pools and clearing houses can be a likely solution to deal with this impediment. This paper hasattempted to explain the concept of patent pool and clearing house and also a basic suggestive model for Indian National agricultural research system to facilitate the access to best technology options available with less risk of stalking licenses and much less R&D cost. [ABSTRACT FROM AUTHOR]

The introduction traces the history of the influential Bombay poetry publishing house Clearing House in the 1970s, and in particular the part played in its history by Adil Jussawalla, Arvind Krishna Mehrotra, Gieve Patel and Arun Kolatkar. It draws upon an archive of correspondence relating to Clearing House, maintained by Adil Jussawalla and entrusted to Jerry Pinto in 2011, parts of which are unpublished. The archive contains letters between Arvind Krishna Mehrotra, Adil Jussawalla and other members of the publishing house that combine the quirkily personal with discussion of the financing, publishing and dissemination of poetry, as well as other correspondence related to Clearing House’s activities. The introduction also draws upon Pinto’s personal conversations with Adil Jussawalla, Gieve Patel and other Bombay poets. It is followed by a selection of material from the archive itself. [ABSTRACT FROM AUTHOR]

In this joint interview with Adil Jussawalla (b. 1940), conducted between 2014 and 2016, the poet reflects on his complicated yet affectionate relation with the older poet Nissim Ezekiel, and on the literary cultures of Bombay. Jussawalla also discusses the political and cultural ferment of the 1960s and 1970s and the ways in which Bombay echoed the ideological struggles and turmoil that were also happening elsewhere. He evokes the leftist student group, the Progressive Youth Movement (PROYOM), at St Xavier’s College where he taught English, and the difficult Emergency years when some of his colleagues were jailed. He also recalls his years at the magazineDebonair, his editorial work behind the landmark 1974 Penguin anthology ofNew Writing in India, and his experience in starting the Clearing House collective that is seen today as one of the eminent publishing experiments of the period. [ABSTRACT FROM AUTHOR]

In this interview, conducted in Bombay in June 2015, Gieve Patel reflects on his career as a poet, playwright, publisher, artist and educator, from his first arts show in 1966 (a year which also saw the publication of his first collection of poems) to the present. Gieve Patel is also a doctor of medicine, and he discusses the significant place afforded to the human body in his work and his “aromantic” approach to the body in poetry. He recalls the vitality of Bombay as an artistic and literary centre in the 1960s and 1970s, the comradeship among artists at that time, and his involvement in the publishing house Clearing House. He is an important poet and artist in Bombay, who to this day maintains creative contacts across generations of artists. [ABSTRACT FROM AUTHOR]

The article “Risk Management in the Clearing House KDPW_CCP” discusses the operation of a transaction guarantee and clearing system by the company KDPW_CCP S.A. On the Polish market, KDPW_CCP performs the functions of a clearing house and a central counterparty for transactions made in organized trading and on OTC markets. As part of the services offered by the clearing house to the financial market, an adequate risk management model plays an important role and guarantees the clearing of transactions sent to the clearing house. The paper describes the functions performed by the clearing house on the financial market and the mechanisms it uses to operate the risk management system. The model adopted by KDPW_CCP is based on a multi-tier system of clearing guarantees including formal legal requirements for participants of the clearing house as well as a system of margins and contributions to a default fund. An important element of the system is the own capital of the clearing house KDPW_CCP which can be used in case of default of a participant of the clearing house.

This research develops the settlement mechanism in the Real Time Gross Settlement using so called clearing house through a serious game method. In this approach banks are represented as nodes that do the settlement process according to the simple rules. Moreover, the graph mining approach is used for predicting the activity networks on those banks. As the result, for constant nodes indicate that the more the activity networks among banks are available, the more the activity networks can be identified. Furthermore, the smaller the differences among the bank health’s level are, the greater the network activities can be identified. This behavior is a consequence of chosen fixed point assumption.