Nellie Zhang - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T00:01:23+00:00From LVTS to Lynx: Quantitative Assessment of Payment System Transition
https://www.bankofcanada.ca/2023/04/staff-working-paper-2023-24/
We quantitatively assess the changes in participants’ payment behaviour from modernizing Canada's high-value payments system to Lynx. Our analysis suggests that Lynx's liquidity-saving mechanism encourages liquidity pooling and early payments submission, resulting in improved efficiency for participants but with slightly increased payment delays.2023-04-14T13:05:23+00:00enFrom LVTS to Lynx: Quantitative Assessment of Payment System Transition2023-04-14Financial institutionsFinancial servicesFinancial system regulation and policiesPayment clearing and settlement systemsStaff Working Paper 2023-24https://www.bankofcanada.ca/wp-content/uploads/2023/04/swp2023-24.pdfStaff Working Paper 2023-24Ajit DesaiZhentong LuHiru RodrigoJacob SharplesPhoebe TianNellie ZhangApril 2023CC1C10EE4E42GG2G28Simulating Intraday Transactions in the Canadian Retail Batch System
https://www.bankofcanada.ca/2023/01/staff-working-paper-2023-1/
This paper proposes a unique approach to simulate intraday transactions in the Canadian retail payments batch system when such transactions are unobtainable. The simulation procedure has potential for helping with data-deficient problems where only high-level aggregate information is available.2023-01-04T13:24:08+00:00enSimulating Intraday Transactions in the Canadian Retail Batch System2023-01-04Financial marketsPayment clearing and settlement systemsStaff Working Paper 2023-1https://www.bankofcanada.ca/wp-content/uploads/2023/01/swp2023-01.pdfStaff Working Paper 2023-1Nellie ZhangJanuary 2023CC6C63EE4E42E5E58Payment Coordination and Liquidity Efficiency in the New Canadian Wholesale Payments System
https://www.bankofcanada.ca/2022/02/staff-discussion-paper-2022-3/
We study the impact of the Bank of Canada’s choice of settlement mechanism in Lynx on participant behaviors, liquidity usage, payment delays and the overall operational efficiency of the new system.2022-02-04T10:04:08+00:00enPayment Coordination and Liquidity Efficiency in the New Canadian Wholesale Payments System2022-02-04Payment clearing and settlement systemsStaff Discussion Paper 2022-3https://www.bankofcanada.ca/wp-content/uploads/2022/02/sdp2022-3.pdfPayment Coordination and Liquidity Efficiency in the New Canadian Wholesale Payments SystemFrancisco RivadeneyraNellie ZhangFebruary 2022CC5EE4E42E5E58Liquidity Usage and Payment Delay Estimates of the New Canadian High Value Payments System
https://www.bankofcanada.ca/2020/09/staff-discussion-paper-2020-9/
As part of modernizing its core payments infrastructure, Canada will replace the Large Value Transfer System (LVTS) with a new Real-Time Gross Settlement (RTGS) system called Lynx. An important question for policy-makers is how Lynx should be designed.2020-09-10T13:09:06+00:00enLiquidity Usage and Payment Delay Estimates of the New Canadian High Value Payments System2020-09-10Financial servicesFinancial system regulation and policiesPayment clearing and settlement systemsStaff Discussion Paper 2020-9https://www.bankofcanada.ca/wp-content/uploads/2020/09/sdp2020-9.pdfLiquidity Usage and Payment Delay Estimates of the New Canadian High Value Payments SystemFrancisco RivadeneyraNellie ZhangSeptember 2020CC5EE4E42E5E58Changes in Payment Timing in Canada’s Large Value Transfer System
https://www.bankofcanada.ca/2015/06/working-paper-2015-20/
This paper uncovers trends in payment timing in Canada’s Large Value Transfer System (LVTS) from 2003 to 2011. Descriptive analysis shows that LVTS payment activity has not been peaking in the late afternoon since 2008, and the improvement was most significant in 2009.2015-06-22T07:24:58+00:00enChanges in Payment Timing in Canada’s Large Value Transfer System2015-06-22Payment clearing and settlement systemsWorking Paper 2015-20https://www.bankofcanada.ca/wp-content/uploads/2015/06/wp2015-20.pdfChanges in Payment Timing in Canada’s Large Value Transfer SystemNellie ZhangJune 2015EE5E50GG2G20Estimating the Demand for Settlement Balances in the Canadian Large Value Transfer System
https://www.bankofcanada.ca/2012/05/working-paper-2012-15/
This paper applies a static model of an interest rate corridor to the Canadian data, and estimates the aggregate demand for central-bank settlement balances in the Large Value Transfer System (LVTS).2012-05-28T10:57:33+00:00enEstimating the Demand for Settlement Balances in the Canadian Large Value Transfer System2012-05-28Interest ratesMonetary policy implementationPayment clearing and settlement systemsWorking Paper 2012-15https://www.bankofcanada.ca/wp-content/uploads/2012/05/wp2012-15.pdfEstimating the Demand for Settlement Balances in the Canadian Large Value Transfer SystemNellie ZhangMay 2012CC3C36EE4E40E5E50GG0G01Payment Networks: A Review of Recent Research
https://www.bankofcanada.ca/wp-content/uploads/2011/02/chapman.pdf
In this article, the authors review work done at the Bank of Canada and at other central banks with the relatively new application of network analysis to the study of payments systems.2011-02-17T10:28:33+00:00enPayment Networks: A Review of Recent Research2011-02-17Losses from Simulated Defaults in Canada's Large Value Transfer System
https://www.bankofcanada.ca/2010/10/discussion-paper-2010-14/
The Large Value Transfer System (LVTS) loss-sharing mechanism was designed to ensure that, in the event of a one-participant default, the collateral pledged by direct members of the system would be sufficient to cover the largest possible net debit position of a defaulting participant. However, the situation may not hold if the indirect effects of the defaults are taken into consideration, or if two participants default during the same payment cycle.2010-10-21T14:11:53+00:00enLosses from Simulated Defaults in Canada's Large Value Transfer System2010-10-21Financial institutionsFinancial stabilityPayment clearing and settlement systemsDiscussion Paper 2010-14 https://www.bankofcanada.ca/wp-content/uploads/2010/10/dp10-14.pdfLosses from Simulated Defaults in Canada's Large Value Transfer SystemNellie ZhangTom HossfeldOctober 2010EE4E47GG2G21Estimating the Structure of the Payment Network in the LVTS: An Application of Estimating Communities in Network Data
https://www.bankofcanada.ca/2010/06/working-paper-2010-13/
In the Canadian large value payment system an important goal is to understand how liquidity is transferred through the system and hence how efficient the system is in settling payments. Understanding the structure of the underlying network of relationships between participants in the payment system is a crucial step in achieving the goal.2010-06-09T08:14:46+00:00enEstimating the Structure of the Payment Network in the LVTS: An Application of Estimating Communities in Network Data2010-06-09Financial stabilityPayment clearing and settlement systemsWorking Paper 2010-13https://www.bankofcanada.ca/wp-content/uploads/2010/06/wp10-13.pdfEstimating the Structure of the Payment Network in the LVTS: An Application of Estimating Communities in Network DataJames ChapmanNellie ZhangJune 2010CC1C11DD8D85GG2G20