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| INTRODUCTION | 1 |
| Part I: | Interbank Payment And Settlement Mechanisms:
Key Concepts And Risks | |
| 1. | Key design concepts in interbank funds transfer systems | 3 |
| 2. | Types and sources of payment system risk | 7 |
| Part II: | Real-Time Gross Settlement Systems:
Principles And Desig | |
| 1. | Overview of RTGS systems | 10 |
| 1.1 Main features of RTGS systems | 10 |
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| 1.2 Overview of G-10 RTGS systems | 12 |
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| 2. | Components, measures and management of liquidity in RTGS systems | 14 |
| 2.1 Components of liquidity in RTGS systems | 14 |
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| 2.2 Measures of intraday liquidity | 16 |
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| 2.3 Management of intraday liquidity: an individual bank's perspective | 18 |
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| 2.4 Management of intraday liquidity: a system perspective | 19 |
| 2.5 Structural factors affecting liquidity requirements and management | 20 |
| 3. | Message flow structures | 21 |
| 4. | Queuing arrangements | 24 |
| 4.1 Key components of centrally located queuing | 24 |
| 4.2 Issues arising in connection with the transparency of queued incoming transfers | 27 |
| 4.3 Assessments of different approaches to queuing | 29 |
| 5. | The design of RTGS systems: concluding remarks | 31 |
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| Part III: | General Considerations Relating To The Development Of Rtgs Systems | |
| 1. | Interrelationships between RTGS systems and other payment and settlement systems | 33 |
| 2. | Some possible monetary policy considerations | 37 |
| 3. | Distinctions between RTGS and net settlement systems | 39 |
| 3.1 Risk management in net settlement systems | 39 |
| 3.2 RTGS, secured net and hybrid systems | 43 |
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| Annex 1: | Comparative table of RTGS systems in the G-10 countries | |
| Annex 2: | Comparative table of selected net settlement systems | |
