Clearing & settlement
How obligations between banks are calculated and how they are finally discharged — gross versus net, RTGS versus deferred settlement, and the liquidity that makes it work.
- 0111 MINClearing and settlement mechanismsBilateral exchange, clearing houses, instant systems: the routes a payment can take between banks, and how schemes and CSMs divide the work.AFTER: Clearing versus settlement
- 0211 MINRTGS versus deferred net settlementSettle each payment instantly, or run a tab and settle the net? The core trade-off between liquidity cost and settlement risk.AFTER: Clearing and settlement mechanisms
- 0311 MINIntraday liquidity and queuesA bank can be solvent and still miss a payment. Intraday liquidity, payment queues, and the timing games inside settlement systems.AFTER: RTGS versus deferred net settlement
- 0414 MINPayment market infrastructuresThe named systems banks plug into to clear and settle payments — TARGET2/T2, Fedwire, CHIPS, FedNow, CHAPS — and whether each settles gross, nets, or runs instant.AFTER: RTGS versus deferred net settlement
- 0513 MINSettlement risk, finality, and CLSPay one currency leg and lose the other if the counterparty fails: settlement risk in FX, why finality matters, and how payment versus payment through CLS removes it.AFTER: RTGS versus deferred net settlement
- 0615 MINNational and regional payment systemsA tour of the systems countries run to clear and settle payments — US ACH and RTP, Canada's Lynx, China's CIPS, Hong Kong's CHATS, India's UPI, Australia's NPP, Europe's T2.AFTER: Payment market infrastructures