Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Abstract: With the purpose of measuring and monitoring systemic risk, some topological properties of the interbank exposures and the payments system networks are studied. We propose non-topological measures which are useful to describe the individual behavior of banks in both networks. The evolution of such networks is also studied and some important conclusions from the systemic risks perspective are drawn. A unified measure of interconnectedness is also created. The main findings of this study are: the payments system network is strongly connected in contrast to the interbank exposures network; the type of exposures and payment size reveal different roles played by banks; behavior of banks in the exposures network changed considerably after Lehmans failure; interconnectedness of a bank, estimated by the unified measure, is not necessarily related with its assets size. Keywords: Systemic risk, financial networks, payment systems. JEL Classification: C01, C02, C44, C63, G21. Terms of use: Documents inResumen: Con el propósito de medir y monitorear el riesgo sistémico, se estudian algunas propiedades topológicas de las redes de exposiciones interbancarias y del sistema de pagos. Proponemos medidas no topológicas que sonútiles para describir el comportamiento individual de los bancos en ambas redes. La evolución de dichas redes también es estudiada y se extraen algunas conclusiones importantes desde la perspectiva del riesgo sistémico. También se crea una medida unificada de interconectividad. Los resultados principales de este estudio son: la red del sistema de pagos está fuertemente conectada en contraste con la red de exposiciones interbancarias; el tipo de exposiciones y el tamaño de los pagos revelan diferentes roles desempeñados por los bancos; el comportamiento de los bancos en la red de exposiciones cambió considerablemente después de la caída de Lehman; la interconectividad de un banco, estimada con la medida unificada, no necesariamente está relacionada con el tamaño de sus activos. Palabras Clave: Riesgo sistémico, redes financieras, sistemas de pagos.

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Abstract: With the purpose of measuring and monitoring systemic risk, some topological properties of the interbank exposures and the payments system networks are studied. We propose non-topological measures which are useful to describe the individual behavior of banks in both networks. The evolution of such networks is also studied and some important conclusions from the systemic risks perspective are drawn. A unified measure of interconnectedness is also created. The main findings of this study are: the payments system network is strongly connected in contrast to the interbank exposures network; the type of exposures and payment size reveal different roles played by banks; behavior of banks in the exposures network changed considerably after Lehmans failure; interconnectedness of a bank, estimated by the unified measure, is not necessarily related with its assets size. Keywords: Systemic risk, financial networks, payment systems. JEL Classification: C01, C02, C44, C63, G21. Terms of use: Documents inResumen: Con el propósito de medir y monitorear el riesgo sistémico, se estudian algunas propiedades topológicas de las redes de exposiciones interbancarias y del sistema de pagos. Proponemos medidas no topológicas que sonútiles para describir el comportamiento individual de los bancos en ambas redes. La evolución de dichas redes también es estudiada y se extraen algunas conclusiones importantes desde la perspectiva del riesgo sistémico. También se crea una medida unificada de interconectividad. Los resultados principales de este estudio son: la red del sistema de pagos está fuertemente conectada en contraste con la red de exposiciones interbancarias; el tipo de exposiciones y el tamaño de los pagos revelan diferentes roles desempeñados por los bancos; el comportamiento de los bancos en la red de exposiciones cambió considerablemente después de la caída de Lehman; la interconectividad de un banco, estimada con la medida unificada, no necesariamente está relacionada con el tamaño de sus activos. Palabras Clave: Riesgo sistémico, redes financieras, sistemas de pagos.

With the purpose of going further in the understanding of the payment flows among the participants in the large value payment system in Mexico, SPEI, we elaborate payment networks using historical data for a period of seven years. We conceptualize the SPEI large value payment system as a multiplex network and we study it accordingly. Based on transactions performed on a daily basis, we present three layers built on the following types of payments, i.e. transactions sent from participant to participant, from participant to third party and from third party to third party. We observe that those layers exhibit dissimilar topology: the participant to participant layer reveals the behaviour of banks settling their own obligations, which proved to be sensitive to the failure of Lehmann Brothers; the participant to third party payments layer presented stable properties; and the third party to third party layer resulted in an increasingly dense network since the system has been adopted for the settlement of low-value obligations between accountholders. In order to identify relevant players in those layers, we compare some well-known centrality measures and also a novel centrality measure specifically designed for payment systems, SinkRank. The rankings assigned by SinkRank show a low degree of coincidence across layers.

Financial Market Infrastructures (FMIs) are essential for the well-functioning of the financial system, as they play a central role in facilitating clearance and settlement of financial transactions such as payments, securities, and derivatives contracts. Nowadays, it is widely acknowledged that the proper functioning of systemically important FMIs is also vital to maintain financial stability; their failure for solvency reasons or operational disruptions could almost certainly lead to systemic instability. As a consequence, the adequate supervision of FMIs is inherent to the function of preserving financial stability. The aim of this chapter is to provide a general overview of the different FMIs; discuss their role in financial stability and to give an overview of the efforts made by some financial authorities towards the supervision, risk assessment and reinforcement of FMIs.

With the purpose of measuring and monitoring systemic risk, some topological properties of the interbank exposures and the payments system networks are studied. We propose non-topological measures which are useful to describe the individual behavior of banks in both networks. The evolution of such networks is also studied and some important conclusions from the systemic risks perspective are drawn. A unified measure of interconnectedness is also created. The main findings of this study are: the payments system network is strongly connected in contrast to the interbank exposures network; the type of exposures and payment size reveal different roles played by banks; behavior of banks in the exposures network changed considerably after Lehmans failure; interconnectedness of a bank, estimated by the unified measure, is not necessarily related with its assets size.

Financial Market Infrastructures (FMIs) are essential for the well-functioning of the financial system, as they play a central role in facilitating clearance and settlement of financial transactions such as payments, securities, and derivatives contracts. Nowadays, it is widely acknowledged that the proper functioning of systemically important FMIs is also vital to maintain financial stability; their failure for solvency reasons or operational disruptions could almost certainly lead to systemic instability. As a consequence, the adequate supervision of FMIs is inherent to the function of preserving financial stability. The aim of this chapter is to provide a general overview of the different FMIs; discuss their role in financial stability and to give an overview of the efforts made by some financial authorities towards the supervision, risk assessment and reinforcement of FMIs.