Payment Systems in the Financial Markets

'Elegantly analyses the key questions of cost, efficiency and risk. Mandatory reading for anyone with responsibilities in an RTGS system.' - Alfred Steinherr The payment system is one of the mechanisms essential to the working of an exchange economy. Over the last decade, central banks have been determined to improve their payment systems to harmonise and reduce risk, and in Europe to anticipate their future interconnection in the TARGET system. This book provides the analytic framework for an informed policy debate on the implications for monetary policy.