决济システムの理论分析.pdfVIP

博士学位論文 決済システムの理論分析 平成26 年 1 月 東京大学大学院経済学研究科 早川 仁 9 54 75 Introduction 1 Background of the Study In Japan, settlement systems are in the midst of transition. Table 1 shows major events for the transition. The transition started at January 2001, when the interbank funds transfer system of the Bank of Japan Financial Network System(BOJ-NET) abol- ished designated-time net settlement(DTNS) to make the shift to real-time gross settle- ment(RTGS). In its DTNS systems, settlements were executed once a day. The shift to RTGS improved its service by enabling participants to make each payment at any point during operating hour. Under the adopted RTGS system, each obligation must be settled by a transfer of an offsetting amount of settlement fund through accounts in the BOJ. Since insufficient availability of settlement fund possibly causes settlements to delay, this system tends to require large volume of settlement fund in order to facilitate smooth settlement. Required settlement fund is fulfilled either with reserve of each participant or through intraday lending provided by the BOJ. Consequently, settlements executed with large volume of funds come with cost in ea