TY  - BOOK
AU  - Bindseil,Ulrich
AU  - Pantelopoulos,George
TI  - Introduction to Payments and Financial Market Infrastructures
T2  - Springer Texts in Business and Economics,
SN  - 9783031395208
U1  - 332 23
PY  - 2023///
CY  - Cham
PB  - Springer Nature Switzerland, Imprint: Springer
KW  - Finance
KW  - Financial services industry
KW  - Capital market
KW  - Accounting
KW  - International economic relations
KW  - Financial Economics
KW  - Financial Services
KW  - Capital Markets
KW  - Financial Accounting
KW  - International Economics
N2  - Payments and financial market infrastructures are vital components of modern economies, yet they have often been overlooked by economists. However, any economic exchange, including financial market transactions, is matched by a payment leg, and the safety, efficiency, and immediacy of the payment, and the problem of linking the two legs of the transaction ("delivery-vs-payment"), remain universal challenges. The consequences of inefficiencies or interruptions in payment and settlement systems have immediate and significant impacts on the real economy. Moreover, payments and financial market infrastructures are also a matter of strategic importance for nation-states, and being excessively dependent on foreign providers has been proven to be a significant risk, as they can be "weaponized." This book provides a concise yet thorough introduction to payments and financial market infrastructures, exploring various types of risks, retail payments, payment systems, cross-border payments, central counterparties, FX operations, and central securities depositories. The final chapter investigates payment innovations, including unbacked crypto-assets (e.g. Bitcoin), stablecoins, and central bank digital currencies. The text outlines key activities and risk management frameworks, as well as examining the operational mechanics of different payment systems. The book emphasizes the importance of understanding the nature of transfer of financial claims and liabilities through the process of payment and settlement, providing financial account representations of payments wherever useful. The book concludes that the payment and financial market infrastructure space has been shaken by recent innovations, which are expected to lead to seismic shifts in payment technology, practices, and market structures
UR  - https://doi.org/10.1007/978-3-031-39520-8
ER  -