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...

The dispersal of seagrasses is important to promoting the resilience and long-term survival of populations. Most of the research on long-distance dispersal to date has focused on sexual propagules while the dispersal of vegetative fragments has been largely overlooked, despite the important role this mechanism might play. In this study, we proposed a conceptual model that categorizes vegetative...

Detailed analysis of continuous time-series data from regions undergoing rapid urbanization can accurately reveal spatial variations on short time scales. This study used the city of Changchun in Jilin Province, China, as a case study to analyze total and annual changes in area—especially decreases in rural settlement area—as well as regional differences in these changes and driving forces of r...

s: We conducted field surveys to monitor the population dynamics of short-neck clam, Ruditapes philippinarum, in Hichirippu Lagoon, in eastern Hokkaido, Japan, focussing on the negative impact of extremely low temperatures during the winter on juveniles in the post-settlement period. The clam population had a short annual breeding season between September and November. The newly settled juvenil...

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 ...

INTRODUCTION The Australian Government encourages the regional settlement of refugees and it is expected that 45% of refugees to Australia be regionally located. Wagga Wagga, an inland regional city in New South Wales (NSW), a destination for both primary and secondary migration, offers settlement for refugees under the Australian Integrated Humanitarian Settlement Strategy (IHSS) and the Settl...

We investigate the role of settlement in a dynamic model of a payment system where the ability of participants to perform certain welfare-improving transactions is subject to random and unobservable shocks. In the absence of settlement, the full information first-best allocation cannot be supported due to incentive constraints. In contrast, this allocation is supportable if settlement is introd...