Liquidity management and financial risks in the new framework of the payment system (in Italian)

Arturo Patarnello, Universita di Milano - Bicocca

Abstract

The essay analyses the effects on the bank’s cash management deriving from the specialisation project of the Italian settlement system into two sectors – retail and wholesale. The effects on liquidity are analized from the point of view of the risks generated on the short-term management of bank’s liquidity by the employment of real-time gross settlement systems or RTGS; this organisational solution of the settlement system in all the financial systems was defined in the 90’s as the most appropriate to deal with the risks related to wholesale settlements