he use of real-time gross settlement (RTGS) systems for the settlement of large-value payments offers considerable advantages, the principal one being the elimination of the credit risk that can arise between participants in deferred net settlement systems. However, in comparison with deferred net settlement systems, RTGS systems require relatively large amounts of liquidity to support payment ...

Although the Google Books Settlement has been criticized as anticompetitive, I conclude that this critique is mistaken. For out-of-copyright books, the settlement procompetitively expands output by clarifying which books are in the public domain and making them digitally available for free. For claimed in-copyright books, the settlement procompetitively expands output by clarifying who holds th...

Settlement of kelp-associated organisms may vary as they are delivered to (and through) giant kelp (Macrocystis pyrifera) forests, with implications for local population dynamics and community structure. Previous work suggests that settlement of invertebrates with long pelagic durations would be reduced as they move from an offshore environment toward the interior of kelp forests due to dampene...

Under a real-time gross settlement (RTGS) system, there is an incentive for system participants to delay making their outgoing payments to facilitate their funding, and this creates the risk of settlement delays spreading throughout the entire system. Intraday credit facility and market practices have been established to avoid the risk and led to settlement concentration in the morning, as well...

numerical analysis of longitudinal and transverse surface settlement induced by epb tunneling- a case study: shiraz subway tunnels reza rahmannejad; mahdi esfandiary; eshagh namazi; hamed jamshidi             determination of the racking reduction factor for an incomplete ellipse shaped tunnel considering the soil-structure interaction mohammad reza momenzadeh; mohammad reza mansoori; armin azi...

Exchanges and other trading platforms are often vertically integrated to carry out trading, clearing and settlement as one operation. We show that such vertical silos can prevent efficiency gains from horizontal consolidation of trading and settlement platforms to be realized. Independent of the gains from such consolidation, when costs of settlement are private information, there is no mechani...

The cross-border securities settlement in Europe is still said to be highly inefficient. One main reason can be seen in technical barriers between the different domestic settlement systems. Beside efforts to implement industryspecific communication standards an integration of the different settlement systems is necessary. The CSD-link model, the hub and spokes model, and the European CSD model ...