1. Concept and types of clearing

An important direction in the development of settlements in Russia is the widespread use of interbank clearing.

Clearing (from English - to clear) - a system of settlements by offsetting mutual claims and obligations; inside the country K. is a system of non-cash payments between banks, carried out through clearing houses; in international settlements, exchange is carried out in the form of agreements between states on the repayment of debts to each other arising from foreign trade operations by taking into account mutual claims.

Bank clearing- a system of interbank non-cash settlements, which are carried out through specialized clearing houses and are based on mutual offset of equal payments to each other. Bank clearing includes:

clearing carried out through the institutions of the Central Bank of the Russian Federation;

interbank clearing,

intrabank clearing;

interbranch clearing.

Currency clearing- an intergovernmental agreement on the mutual offset of counter claims and obligations arising from the value equality of services rendered to each other and commodity supplies.

Internal clearing- Offsetting payments on checks within one state.

Bilateral clearing- 1) an agreement concluded between the governments of the two countries on the offsetting of payment claims to each other through the Central Banks of their countries; 2) an agreement concluded between two legal entities. persons (enterprises, banks, etc.) on the offsetting of payment claims to each other. KD in this case can

carried out between them both without intermediaries and through a specialized clearing house.

Clearing multilateral- an agreement concluded between the governments of several countries on the mutual offsetting of payment claims to each other through the central banks of their countries.

Interbank clearing Is a system of non-cash settlements between banks by offsetting mutual monetary claims of legal entities.

By decision of the Central Bank of the Russian Federation, clearing organizations may undertake the organization of clearing settlements on the basis of a license issued by the Central Bank. Clearing organizations are non-bank credit institutions and are part of the Russian banking system. As part of the country's banking system, in order to carry out their activities, they open and maintain accounts of legal entities, i.e. carry out some types of banking operations, but do not have the right to attract deposits, which, in fact, differ from banks. According to the temporary regulation on clearing institutions, an organization that is a legal entity under the legislation of the Russian Federation and has declared itself as a center for mutual settlements (clearing organization), on the basis of a license issued by the Central Bank of the Russian Federation, is granted the right to carry out settlement (clearing) operations, as well as a limited number of banking operations supporting clearing.

The basics of interbank clearing are as follows. The basis for its conduct is made up of correspondent accounts of banks, which can be opened with each other or in a special clearing center. The number of participating banks determines the efficiency of clearing: the more transactions, the more complete settlement of mutual claims takes place.

Clearing involves the complete computerization of the entire banking infrastructure, which allows settlements to be carried out almost instantly. Thus, it should include electronic and telecommunication systems: "Client - Bank", "Bank - Branch", "Bank - Clearing Center".

The network of clearing institutions equipped with modern software and hardware and data transmission systems forms

clearing system.

2. Settlements for bilateral and multilateral clearing

Clearing is a system of regular non-cash settlements based on offsetting mutual claims and obligations of legal entities and individuals for goods (services) and securities.

Payments can be settled either on a gross or net basis. In the first case, settlements for each trade are carried out separately, in the second, the banks participating in the payment process allow claims and obligations to accumulate over a certain period of time - the clearing lag.

At the end of this period, settlements are made only for mutually offset obligations. Such netting of amounts payable and receivable can take place between two parties (bilateral netting) and between three or more parties (multilateral netting).

When two banks have large volumes of common payments, clearing and settlement of interbank settlements is often carried out on the basis of a bilateral agreement: banks agree to offset the sent and received payment orders (net amount calculation) and to settle at a specified time at the net value of payments. This process is called bilateral netting.

If three or more banks are involved in the offsetting process, then this process is called multilateral offsetting. The agent of the group participating in the mutual settlement calculates the net position of each member of the clearing system at the end of the cycle, taking into account payments sent to them to other banks and payments received from other members of the system. As a result, each bank transfers only its net account balance with all other participants. After offsetting, the sum of the obligations of all participants should be equal to zero.

The functions of accounting for the mutual obligations of the participants in the clearing system are performed by the clearing house, which is a formal or informal agreement between banks on the exchange of payment instruments at a certain place and at a certain time. Clearinghouse member banks have the right and ability to exchange payment instruments, both in paper and electronic form. The balances resulting from such an exchange must be paid.

The process of offsetting the obligations of the parties participating in the clearing system is called a clearing session. It is held by the clearing house several times during the day at a predetermined time and serves to calculate the interim or final balance of each member of the house.

Clearing houses settle transactions on both a debit and credit basis. With the development of alternative forms of payment, the share of credit-based payments (especially electronic) has increased sharply. This includes transactions such as payment of wages, interest payments on debt obligations, payments for services, etc. When using paper documents in transactions, clearing houses usually distinguish between debit and credit payment instruments. However, when making payments on an electronic basis, debit and credit payment instruments are often not differentiated and settlements on them are carried out simultaneously.

There are two options for the final settlement of accounts when

multilateral net clearing: -classical option

Option based on the "advance payment" method The classic option provides for the settlement of the calculated

the clearing house of the final balance of each of its members on the books of the Central Bank. In this case, each bank participating in the netting system in the clearing house opens transit accounts-positions, on which there is virtually no money. The balances on such accounts are always zero. A transit account exists to record liabilities and is maintained for each bank on the basis of incoming and processed documents. According to this account, the final balance of the bank is displayed (it can be both debit and credit), which is then transferred to the main correspondent accounts of the members of the clearing house located in the Central Bank. This system has several advantages. First of all, it greatly simplifies the settlement process. In addition, the central bank can help reduce the risk to the clearing house by ensuring that there are sufficient balances in the accounts of volatile participants or high-risk participants.

The second option for final settlement of accounts is based on the "advance" method. The clearing house is created in the form of a joint stock company by the banks of the region and acts as a special clearing bank. Banks participating in the netting system open correspondent accounts with the clearing house, to which they transfer part of their funds, which form the initial capital of the clearing house. In turn, the clearing house opens its correspondent account with the Central Bank. In addition, banks participating in the clearing system create an insurance (reserve) fund in the clearing house for continuous mutual settlements. The clearing house has the right, in the event of a debit balance of any of its members, to issue him a short-term loan at the expense of the specified fund. Offsetting

The agreed procedure for offsetting counterclaims of financial institutions with a subsequent change in the balance.

The bottom line is to carry out centralized settlements without using (or with minimal involvement) of its own funds and maintaining current liquidity.

Key Features

The participants in the interbank clearing are financial institutions and their associations. Basic goals:

increasing the efficiency of settlements;
reducing the balance load;
preservation of means of payment.

The settlement process is called a clearing session (or session), and the result of the process is called a clearing operation.

According to the method of conducting clearing operations, they can be gross and systemic. Gross are posted as needed - upon reaching a certain threshold of mutual obligations. Systemic ones are carried out on an ongoing basis, periodically, regardless of the state of the participants' balances.

If settlements take place without the involvement of a third party, through their own correspondent accounts, this process is called netting. A distinctive feature of clearing is a centralized approach with the participation of a single independent clearing center.

Clearing Organizations

The third parties in clearing are specialized organizations that directly carry out credits and become a counterparty during the clearing session (assume counter-obligations).

The main functions of clearing organizations:

elimination of mutual claims of participants with full or partial repayment;
control and confirmation of settlement execution;

ensuring data confidentiality;
exclusion of unauthorized access, falsification and distortion and information;
provision of alternative forms of payment (cards, bills, checks).

In the Russian Federation, the activities of clearing organizations are regulated by the federal law “On Clearing and Clearing Activities”. In addition to national ones, there are international clearing organizations, for example, FedWire (USA), which unites 3.5 thousand financial institutions.

If the object of settlement is not money, but the securities (or derivatives) of the organization are called clearing houses, they ensure the delivery of exchange-traded products from the buyer to the seller.

Clearing activities are licensed and controlled by central banks with respective jurisdictions.

Interbank Clearing Categories

According to the composition of participants, clearing can be:

bilateral - between two participants;
multilateral - between a group of participants.

By field of application:

local;
domestic.
currency.

Internal or local clearing provides for transactions between banks of the same group or branches, as well as banks of the same region. Domestic assumes the offset of claims within one country in a single currency. Currency clearing is carried out in the case of international clearing transactions. The mechanism for conducting and the clearing currency is negotiated by the parties in the clearing agreement. Depending on the category, calculations can be made through:

RCC of the head office;
structures of the Central Bank and licensed commercial banks;
national and international clearing centers.

A clearing institution can conduct transactions with and without depositing funds. In practice, the second option is more often used, while settlements are carried out within the funds on the accounts of the participants.

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Content
Introduction

1.1 Necessity, essence and significance of interbank settlements
1.2 Basics of organizing correspondent relations
1.3 Clearing Settlements
2. Mechanism of clearing settlements
2.1 The emergence of clearing houses. Organization of clearing settlements
2.2 Financial Risks Associated with Clearing. Risks in offsetting
2.3 Comparative analysis of known methods of mutual settlements in the system of credit institutions
Conclusion
Literature

Introduction

Interbank payments and settlements are the circulatory system of the economy of any country, and it has all those characteristic features that determine the state of society as a whole.

Interbank correspondent relations include various forms of cooperation between banks, based on the implementation of payments and settlements by banks on behalf of each other.

Most often, the establishment of correspondent relations between banks is associated with the need to carry out interbank settlements, which arise as a result of non-cash settlements between business entities serviced by various banks, as well as during mutual lending of banks, the movement between them of funds, cash, securities, etc. ...

The need for correspondent relations also arises in cases where the bank is unable to provide its customers with any type of service, or another bank can offer these services at lower rates, or provide them in a shorter time.

The correspondent agreement contains all the conditions and procedures on the basis of which the relationship between banks will be built.

For the convenience of settlements, correspondent banks open correspondent accounts for each other in different currencies. For trading partners, the presence of correspondent relations between the banks of the exporter and the importer is of great importance, since it allows international settlements to be carried out without delay and to avoid the inclusion of third banks in them (and thereby avoid additional costs).

The increase in the volume of international banking operations, the expansion of their types with a simultaneous increase in the risks of such operations have caused a change in the traditional views on correspondent relations. If earlier banks assigned a secondary, purely technical role to correspondent relations, now they are considered by banks as a tool to reduce the risks of operations, an important source of additional profit.

Attracted by the possibility of obtaining high income from lending operations, many banks (including small and medium-sized ones that do not have sufficient reserves and experience) have become participants in the capital markets. Therefore, correspondent relations have become a flexible tool for adapting to new conditions. Personal connections became important, and in search of reliable partners, banks began to turn primarily to their traditional correspondents.

As part of the work on the development of correspondent relations, banks develop and implement their policies in relation to other banking institutions, determine with which banks, in which areas and under what conditions to develop operations. This work includes an analysis of the financial position of correspondent banks, their reputation and solvency, the development of measures to ensure the interests of banks, protection against the risk of non-payment on transactions with a correspondent, improving the conditions for interbank settlements and increasing their efficiency.

Thus, the concept of "correspondent relations" has now gone beyond the traditional framework of only agreements between banks on the procedure for performing mutual operations and has spread to almost all areas of banking, including a wide range of interbank relationships, work to improve the practice of international settlements, and the quality of banking services for clients. ... Correspondent relations in their modern expression should be understood as relations mediating mutual operations between banks, which they perform on behalf of their clients and on their own behalf. The concept of "correspondent relations" includes the forms, methods and conditions of transactions, the procedure for their implementation.

The relevance of the research topic is determined by the fact that if earlier the establishment of correspondent relations implied obtaining a purely technical possibility of making settlements with one or another bank, providing certain guarantees of clarity and timeliness of settlements, reducing the risks of non-payments, and the competitiveness of the services provided by the bank, now, within the framework of correspondent relations, it becomes it is possible to extract additional profit, in particular, by obtaining operational information about the movement of funds on correspondent accounts.

The object of the research is modern banking relations in Russia.

The subject of research is interbank clearing.

The purpose of the course work is to reveal the features of the organization of interbank clearing in Russia.

Work tasks:

1. place of clearing in the interbank settlement system;

1. Place of clearing in the interbank settlement system

1.1 Necessity, essence and significance of interbank settlements

The system of settlements between various counterparties and business entities, ensuring the continuity and continuity of payments are the most important conditions for the normal functioning of the economy.

In monetary settlements and payments carried out mainly by banks, practically all types of economic relations in society find their embodiment. This, in turn, is unthinkable without mutual settlements between banks, which is due to the wide ramification of economic ties, large territorial remoteness of enterprises and some other factors. In essence, only on the basis of settlements between different banks and their branches can settlements in the national economy be completed. A certain part of interbank settlements serves for the economic relations of the credit and financial institutions themselves, for example, when placing funds in the form of deposits and loans, when rediscounting bills to a friend and in the central bank, receiving loans from him in the order of refinancing, buying and selling securities, including state, when providing grants, subventions and budget loans. Interbank settlements also mediate various types of foreign economic relations arising in the process of export-import of goods (services), capital and labor migration.

To make payments and provide settlement and cash services to clients, banks, on behalf of each other, establish relations with each other, as a rule, on a contractual basis, which are called correspondent relations.

1.2 Basics of organizing correspondent relations

The implementation of non-cash payments in the economy between suppliers and consumers of products generates mutual settlements between banks. INTERBANK SETTLEMENTS arise when the payer and the recipient of funds are served by different banks, as well as with mutual lending of banks and the movement of cash. Such settlements are currently carried out through correspondent accounts opened on the balance sheet of each bank. IN AND. Kolesnikov "Banking" M: Finance and statistics, 1999 P.61

Correspondent relationship is a contractual relationship between two or more credit institutions on making payments and settlements by one of them on behalf of and at the expense of the other. These relations can arise between credit institutions located both within the country and abroad. In modern conditions, each bank is connected by correspondent ties not with one, but with tens, and sometimes thousands of banks.

Correspondent relationships can exist between different types of credit institutions, including banks from different countries: between different independent commercial banks; between commercial banks and the central bank of a given country or other countries; between the central banks of sovereign states.

The specified relationship can also take place between commercial banks and special interbank organizations such as clearing (settlement) houses.

The classic form of correspondent relations is the relationship between different commercial banks.

The main operation of large commercial correspondent banks is the clearing (offsetting) of checks and other settlement and payment documents. With the development of the banking system and the increase in the value of deposits, correspondent banks began to provide each other with other services. For example, large banks offer small banks asset management services, provide them with loans to replenish reserves. Small banks also receive advice from their correspondent banks on investment and legal issues, information on assessing the creditworthiness of commercial borrowers, assistance in recruiting and assistance in international transactions. Finally, correspondent banks can lend to each other and also cooperate in issuing large loans to valuable clients.

Usually small banks open correspondent accounts with larger banking institutions. The latter compete with each other for opening their interbank deposits from smaller banks, since these deposits provide large banks with the financial resources necessary for investment. Large banks can also establish similar relationships with each other by opening deposit accounts with each other. The development of correspondent relations gives the bank a number of advantages, similar to the opening of new branches of the bank. But at the same time, the bank retains its legal independence and control over its operations.

When establishing correspondent relations, especially with foreign banks, both parties pay great attention to the solvency and reliability of partner banks. All the necessary documents are attached to the letter with a request to open an account: a report on the bank's activities, its charter and a license to conduct certain operations.

Correspondent relations are formalized by exchange letters or the conclusion of a special correspondent agreement (agreement), which stipulates the procedure and conditions for performing the relevant banking operations. A distinction is made between fixed-term (renewable) and perpetual correspondent contracts.

When concluding a correspondent agreement, the currency of settlements, accounts for making payments, the rules for transferring the balance of funds to third countries, the procedure for replenishing the account, the amount of commission and other conditions are determined. After the conclusion of a correspondent agreement, credit institutions exchange samples of signatures of officials, a telegraph (electronic) key, which is used to certify the authenticity of payment orders issued by banks, commission rates and other documents. Credit institutions that have established correspondent relations among themselves call each other correspondents.

There are two types of correspondent banking relations: with mutual opening of correspondent accounts and without opening such.

A credit institution may settle accounts with its correspondent on the instructions issued by it, firstly, on the account opened by this credit institution with the correspondent, or on the account opened by the correspondent in this credit institution; secondly, on the accounts of this credit institution and its correspondent in the third credit institution. In the first case, there is a relationship between correspondents with an account, and in the second - between correspondents without an account.

In practice, correspondent accounts are opened mainly by those banks that actively carry out transfer, letter of credit, collection and other transactions for payments for goods and services.

If participants in correspondent relations are legally independent commercial banks or central banks of different states, then correspondent accounts are opened by them with each other on a voluntary basis.

Correspondent relations between commercial banks and the central bank are built on a more rigid basis. Every commercial bank, as a rule, must have a correspondent account with some institution of the national bank.

Thus, in practice, banks as participants in correspondent relations may have several types of correspondent accounts. Through these relationships, banks are linked into a single system. They kind of complement each other, acting as clients of each other.

Correspondent account - an account that reflects settlements made by one credit institution on behalf of and at the expense of another credit institution on the basis of a concluded correspondent agreement. For example, bank A undertakes, under an agreement with bank B, to receive payments due to the latter from customers, to pay transfers at its expense, etc. In turn, bank B undertakes to perform similar operations for bank A. At the same time, banks open correspondent accounts with each other, which temporarily accumulate funds received for the correspondent bank. If bank A has received certain sums of money for bank B, then temporarily, pending the information of mutual settlements between banks, he can use them for his active credit and other operations.

In turn, correspondent accounts are divided into two types: the "Nostro" account (our account is with you) and the "Loro" account (your account is with us). - "Nostro" accounts are opened by any bank in correspondent banks, and "Loro" accounts are opened in the name of its correspondent banks. Moreover, these accounts can be opened both on a reciprocal basis and unilaterally. The "Nostro" account in one bank is the "Loro" account with the bank - its correspondent.

Payments on correspondent accounts can be made within the balance of funds on the account or in excess of this balance due to the credit (overdraft) provided on the account, which, as a rule, is stipulated in the concluded agreement. It is important to "feed" these assets in a timely manner.

In this regard, it is necessary to dwell on the concept of value, existing in foreign banking practice. It means an additional mark on the date from which the amount previously posted on the account (debit or credit) becomes real, i.e. takes effect. The fact that the entry was made on a certain specific day does not mean that the credited amount is at the disposal of the account holder from the day the entry was made; in a similar way, the amount written off also does not cease to be at his disposal from the date of the entry. Valuation is of decisive importance, from the moment of which the credited amount is at the disposal of the account holder.

The money is transferred to his own disposal with the accrual of the corresponding interest only from the date of the value date. If the account holder disposes of the received amount before the value date, then in this case (in the absence of other account security) he goes to the excess of the loan, for which he is obliged to pay the creditor the appropriate interest.

The amount of the bank balance of funds in correspondent banks usually depends on the nature and volume of services provided by the correspondent. The use of a correspondent account is paid mainly by maintaining a compensation balance, i.e. the minimum balance of funds on the account, and partially - by the payment of a commission (commission).

Interest may also be paid on correspondent accounts. However, in some countries, the payment of interest on these accounts is prohibited by law. This provision is explained by the fact that the main purpose of a correspondent account is to carry out settlement operations by banks on behalf of clients, and not to accumulate and save money. In essence, the deposits of credit institutions on these accounts represent demand deposits. Correspondent account balances are usually kept at the minimum required to make payments.

True, correspondent accounts can also be used to provide investment services. Often, these accounts reflect interbank deposits, the terms of which can vary from 1, 3 and 6 months to 2 (sometimes 5) years.

Depending on the agreement between the correspondent banks, a commission may be charged for maintaining accounts (opening, closing, debiting and crediting funds, sending statements, advice notes, etc.), as already mentioned above. This is determined by the nature of the relationship between banks, the activity of using accounts and the level of balances maintained on them.

In addition to the main correspondent account in banks, special correspondent accounts can be opened for carrying out individual operations, both in local and foreign currencies.

Clearing accounts are a type of correspondent bank accounts. They are opened when a clearing settlement procedure is provided for in the concluded trade and payment agreements, correspondent agreements of banks. In this case, equal financial claims and obligations of the parties are mutually canceled, and the balance is paid by debiting from correspondent accounts.

In the course of correspondent relations, correspondent banks notify each other of the transactions performed. For this, an advice note (Italian avviso, notice, notice) is used, which is an official notice, mainly about the execution of settlement operations, sent by one bank to another. Banks send advice to their correspondents and customers about debit and credit entries on accounts, about the balance of funds on the account, other settlement operations (payment of a transfer, opening a letter of credit, issuing a check or other settlement and payment document, etc.). An advice note usually indicates its number, the date and nature of the transaction, the amount and account number, the name of the payer and recipient of funds and other data. Advises are issued on special forms. Copies of settlement or accounting documents (payment orders, memorial orders, etc.) can also serve as an advice note. According to the method of sending, advice notes are subdivided into postal, telegraphic and electronic. Commodity and other documents that served as the basis for carrying out a particular settlement operation may be attached to postal advice. When sending advice by telegraph, a special cipher (translation key) is used. Electronic ones are encoded and signed with an electronic signature. The procedure for sending advice notes is subject to correspondent and other interbank agreements or an agreement with the client.

The degree of efficiency of the functioning of the payment system can be determined by the following indicators - the timing of payments and the amount of transaction costs incurred by participants in making settlements. The fact that transactions can be paid in a short time and at the lowest cost makes the system attractive to users.

Correspondent banking relationships are multifaceted and include various types of banking operations. But nevertheless, the basis of these relations is formed by interbank transactions associated with carrying out various kinds of settlements.

1.3 Clearing Settlements

Clearing - making payments by offsetting payment obligations and bank claims.

A clearing institution is a non-bank credit institution that, on the basis of a special license from the Bank of Russia:

Exchange of payment documents between participating banks

· Calculation of the net positions of the participating banks (the total balance of the participating bank, formed as a result of the exchange of claims and obligations of the participating banks).

The net position is understood as the total balance of the member bank, formed as a result of the exchange of claims and obligations of the member banks. Acceptance and transmission of payment documents can be carried out by a clearing institution in electronic form in accordance with the current legislation and the agreement with participating banks, which determines the procedures for using an electronic digital signature.

All the Clearing Houses existing in the payment systems of the world were created with the same purpose: to accelerate non-cash settlements between member banks of the chambers and their clients, to increase the turnover of funds during the operating day. To solve these problems, the Clearing Houses perform a number of certain basic functions. But in different countries or even in the same country, these functions may be different, which depends on a number of factors: the specific composition of the Clearing House members, the types of payment documents used, the volume of workflow, geographic area, peculiarities of the banking system, legal conditions and accessibility technologies. So, in countries such as Canada and the UK, payment processing is mainly carried out by non-state centers, but regulated by the state.

There are many financial, structural and operational provisions in non-government payment mechanisms to help ensure that clearing and settlement is carried out in a safe and secure manner. However, the most important are the obligations of the participants in the form of guarantees or other arrangements designed to ensure final and timely settlement under these systems, especially multilateral clearing systems. These guarantees and agreements should be based on carefully developed participation criteria to ensure timely settlement. In addition, specific commitments are required to ensure the availability of financial resources and liquidity to ensure settlement in the event of default by one or more participants. For example, the New York Clearing House has accepted settlement guarantees for interbank clearing settlements (CHIPS - Clearing House Interbank Payments System) and classifies its risks into three types: operational, systemic / credit and "fraudulent". Reducing operational risks is ensured by the presence of mirrored systems with high-speed communication between them, the non-volatility of both systems and constant testing of the entire system as a whole and software in particular, the presence of an automatic database recovery system. Systemic / credit risk mitigation is ensured by completing payments on the same day and balancing bilateral credit limits. Decrease in "fraudulent" risks is ensured by the presence of full authentication of all payment messages. The principles underlying the proper functioning of non-government clearing and settlement mechanisms are universal. These rules stipulate that offsetting mechanisms must have, inter alia, a solid legal basis, clearly defined procedures for managing credit and liquidity risks, and be able to ensure that daily settlements are completed on time, even if the largest participant in the system becomes insolvent. ...

The following functions are inherent in the state:

· Control over clearing organizations and banks that play an essential role in the payment system;

· Providing settlements on their accounting books;

· Organization of work of the system of large transfers;

· Development of an appropriate government policy that defines the structure of clearing and settlement mechanisms.

The most striking distinguishing features of the conditions in which the banking system in Russia is developing are the presence of several time zones, large networks of interbank correspondent relations and a rather low level of trust of banks to each other. It should be noted that banks enter into correspondent relations with each other mainly not to speed up the passage of payments, but in order to gain access to the main segments of the Russian financial market. For example, to receive credit lines for the balances on the correspondent account for interbank loans, for foreign exchange transactions, etc. Directly to speed up payments, banks usually enter into correspondent relations with clearing (settlement) houses.

There are two main clearing models: without prior depositing funds on the accounts of participating banks and with prior depositing. We will consider only the second model that all existing clearing institutions operate on. The technological and legal principles of this system ensure the independence of the Settlement Center, which, on the one hand, guarantees the execution of counter payments subject to the fulfillment of certain delivery conditions by the counterparties, on the other hand, completes the settlements in real time. The only requirement for the participants of the system is the availability of sufficient funds deposited in the Center. All transactions between banks and participants of the clearing settlement system are carried out in real time, and payments outside the Center are carried out in the mode of direct settlements through the MCI at the Central Bank of the Russian Federation. It should also be noted that the clearing system can be successfully used to process payment information both within one bank, which has a large number of branches and branches, and is able to process cash flows between large banks, which have additional means of managing their liquidity and reducing costs. making a large number of small payments.

The main distinguishing feature of the Settlement Chambers over ordinary banks is the presence of a special license from the Central Bank of Russia, which does not give them the right to perform lending functions. Therefore, we can talk specifically about the reliability of payments through non-bank credit institutions. The clearing institution is free from the main banking risks and is responsible for the correctness of calculations of the net positions of the participating banks, the timely reflection of the net positions in their accounts and the debit balance in its correspondent account, if it was formed as a result of transactions related to its own economic activities.

At the same time, the main activity of almost all Settlement Chambers is to conduct regional and intra-regional settlements. There is a scheme in which netting (clearing) is carried out between correspondent banks according to the accounting books in the Settlement Centers - clearing houses. Correspondent banks get in touch with the centers several times a day. Electronic document circulation in such clearing houses is very high, since according to statistics, about 70-80% of all payments are local. Thus, it is possible to reduce the transit time of payments between banks to real time, which is economically beneficial for them, allowing them to wrap funds several times a day. In clearing centers, a situation is impossible in which a bank, having opened an account for making payments, would stop communicating regularly. Recent events related to the suspension of settlements by some large banks that have assumed the function of regional payment centers have confirmed the world experience, where only specialized non-bank credit institutions that do not have major banking risks can act as transit banks.

Until recently, the Settlement Chambers were closed only to their regions and their opportunities could not be used by participating banks from other regions of Russia. The situation was changed by the Interbank Settlement Center "Moscow Settlement House", which has correspondent relations with all Settlement Chambers of Russia, which allows it to promptly make payments not only from regions to Moscow and back, but also make payments between clients of two different Settlement Chambers in almost real time ... In addition, the Settlement Center "Moscow Settlement House" has access to the interregional electronic payment system of the Bank of Russia, which makes it possible to promptly make payments with regions that do not have clearing centers.

Specially developed organizational and technological measures and perfect software allow clients of the Settlement Center “Moscow Settlement Chamber” to receive complete information on the movement of funds on the account for the previous day, including the full amount of receipts, no later than 9.00 am Moscow time.

Acceptance of payment documents for debiting funds from the correspondent account by the current date at the Settlement Center “Moscow Settlement Chamber” is set until 17.00 Moscow time. This feature allows the management of regional financial centers to use additional time for more complete operational accounting and optimization of the distribution of funds between different market segments.

2. M mechanism clearing settlements

2.1 The emergence of clearing houses. Organization of clearing

calculations

Most clearing arrangements arise when two or more lending institutions in the same city or area find it beneficial to exchange payment instruments. A bilateral working group or commission is then formed to conduct a preliminary study to analyze the viability of the clearinghouse mechanism. In this case, the main attention is paid to determining the possible number of payment orders that are subject to offset. If, as a result of such research, it is concluded that the work of the clearing house is profitable, then the organizers begin to interview other institutions regarding their interest in participating. One of the most important issues arising in the process of organizing a clearing house is related to the composition of its members. Members may fall into one or two categories depending on a number of factors. With a single category of membership, all members are treated as “permanent members” with the right to vote and amend the bylaws. In the case of distribution into two categories, the second category includes the so-called “associate members” who can participate in the settlement process, but do not have the right to vote. Payment order-only clearing houses generally classify all participants as voting members. This is because changes in rules or bylaws affect all members of the clearing house, and therefore each of them should be able to represent their interests.

The need to introduce the category of associate members arises in cases where some members of the clearing system needed to make investments in material and technical assets that are vital for the activities of the clearing house, or when such values are in their ownership. An example is the interbank telecommunications switching network. It may require investment from several banks to set up and operate. Banks that have invested will be categorized as voting members, and other users of the network may be assigned the status of associate members. This assignment of a certain status to members of the clearing house provides protection for the capital owned by the founding banks. In the early stages of the formation of a clearing house, it is extremely important to develop rules for the admission of institutions to its membership, the activities of which are associated with increased risk. There are several ways to solve this problem.

Depending on the level of solvency of such institutions, the maximum allowable limits on the amount of payments are set for them, the settlements for which are made within one billing cycle. While this does not eliminate the risk entirely, it does reduce the level of potential losses that may arise at any given time.

The risk mitigation mechanism also provides for the mandatory posting of collateral by participants in the netting system to the account of a third party or a financially reliable member of the clearing house. In this case, only settlements for an amount not exceeding the amount of the deposit paid are allowed.

The last and least desirable option is the denial of admission to the work of the clearing house for those institutions with which there is an increased risk.

There are two options for the final settlement of accounts in multilateral net clearing:

classic version

advance option

The classic version provides for the settlement of the final balance of each of its members calculated by the clearing house according to the books of the Central Bank. In this case, each bank participating in the netting system in the clearing house opens transit accounts-positions, on which there is virtually no money. The balances on such accounts are always zero. A transit account exists to record liabilities and is maintained for each bank on the basis of incoming and processed documents. According to this account, the final balance of the bank is displayed (it can be both debit and credit), which is then transferred to the main correspondent accounts of the members of the clearing house located in the Central Bank. This system has several advantages. First of all, it greatly simplifies the settlement process. In addition, the central bank can help reduce the risk to the clearing house by ensuring that there are sufficient balances in the accounts of volatile participants or high-risk participants.

The second option for the final settlement of accounts is based on the “advance” method. The clearing house is created in the form of a joint stock company by the banks of the region and acts as a special clearing bank. Banks participating in the netting system open correspondent accounts with the clearing house, to which they transfer part of their funds, which form the initial capital of the clearing house. In turn, the clearing house opens its correspondent account with the Central Bank. In addition, banks participating in the clearing system create an insurance (reserve) fund in the clearing house for continuous mutual settlements. The clearing house has the right, in the event of a debit balance of any of its members, to issue him a short-term loan at the expense of the specified fund. Based on the netting of credit and debit turnovers, the clearing house makes appropriate changes to the balance sheet of each participating bank on a daily basis. Information on changes in the balances of the clearing house based on the results of the day's work is sent to the Central Bank and is credited to the correspondent account of the clearing house, and information on the correspondent accounts of banks is transferred to the members of the clearing system. Thus, in this case, the functions of the clearing house and settlement agent are carried out within the same institution. The disadvantage of this method is that settlements on the books of a commercial bank involve a greater risk than settlements on the books of the Central Bank.

2.2 Financial Risks Associated with Clearing. Risks in

offsetting

Clearing members are exposed to several types of financial risk:

credit risk

illiquidity risk

systemic risk

Let's consider each of the types of risk.

When the debt falls due, the partner in the transaction may not fulfill its obligation and will never be able to fulfill it in full (liabilities exceed assets). Often such problems are associated with the bankruptcy of a partner, but there may be other reasons. The credit risk associated with the peculiarities of the clearing system operation arises as a result of the time lag between the exchange of payment orders and the final settlements on them at the end of the clearing cycle. As a result, a so-called hidden loan appears, provided by any of the banks during the operating day to their clients before the final settlements are made with the bank that sent the payment order. The central bank, as a settlement institution, is exposed to credit risk if it allows participants with a net credit balance at the end of the clearing cycle to withdraw funds from accounts before all participants with a net debit balance have settled. To reduce the potential risk from credit risk, it is recommended to constantly monitor the dynamics of the following indicators of participating banks: fixed asset coverage ratio (KPOS), where:

(1.1),

as well as the short-term debt ratio (KKZ) and the total debt coverage ratio (KPOZ):

(1.2)

(1.3)

Another type of financial risk is the risk of illiquidity. Upon maturity, settlement payments may not be made, even if ultimately one or more partners have sufficient assets and equity to make such payments (liabilities and assets mismatch). For example, a temporary inability to convert assets into cash, various operational difficulties or the inability of correspondent banks to fulfill their settlement functions all create liquidity problems. While the multilateral netting system reduces the overall liquidity needs of participants, it concentrates liquidity pressures at the end of the processing cycle, when participants in arrears must settle at the same time. To control this type of risk, such indicators as the liquidity ratio (CL) are most often studied, where

(1.4)

(optimal value - 2 and higher) and the so-called "acid test" or litmus test coefficient (CLB, optimal value 1), where

(1.5)

The use of payment systems and participation in financial markets can also be associated with systemic risk associated with the inability of one of the participants to fulfill its obligations, which leads to the disruption of the functioning of other participants, starting a chain reaction (the so-called “domino effect”). Systemic risk can be the cause of a general financial crisis, when non-payment or problems of a credit institution associated with a lack of liquidity cause similar difficulties for other participants in the financial market. Depending on the factors contributing to the occurrence of this risk, there are systemic liquidity risk and systemic credit risk. To help mitigate the impact of systemic risk, the study of the so-called indicators of debt repayment: the cash flow ratio (MFR) and the interest payment ratio (CPR), where

The values of these indicators should be 1.5 and higher.

Depending on the characteristics of the risk, the various offsetting systems can be divided into four types, which differ from each other in the legal nature of the net amounts to be paid and in the presence of the main partner. These types include:

bilateral offset of positions

bilateral offset by novation

multilateral offset of positions

multilateral netting of positions by innovation and substitution.

1. Bilateral offset of positions.

In some financial centers, various unofficial forms of foreign exchange offsetting are traditionally used. These forms, which are usually used in order to reduce the number of mutual payments made by partners, include bilateral offset of positions. For example, on the day that funds are credited under a group of foreign exchange contracts, pairs of partner banks can determine the net amounts to be paid to each other and carry out a bilateral settlement of contractual obligations by paying the net amounts. However, the legal consequences of such offsetting are usually not clearly defined, so there is a great deal of uncertainty about the legal obligation to pay foreign currency or net amounts in the event that a partner experiences financial difficulties. In this regard, as a rule, it is accepted that in the event of such difficulties, the parties continue to be responsible for the payment of the gross amounts.

Settlement of net positions reduces the number of settlement payments to be made by partners (and therefore the number of possible errors), and thus reduces costs, but only if the cost of services does not exceed the savings achieved through its application. In theory, when positions are offset, the credit risk remains the same as when there is no offset, since the gross liabilities that determine the net amount are not extinguished. In practice, however, there is a risk that the balancing amounts will be seen as representing the actual credit position of the partners under dealing and other credit lines. If this happens, partners take on the risk of very large gross positions, even if the net liabilities do not exceed reasonable limits. Bilateral netting of positions significantly reduces the risk of illiquidity. This happens as a result of the fact that when partners carry out mutual offset of payments, there is no need to exchange separate payments for settlements with a large number of gross obligations.

2. Bilateral offset by innovation.

Bilateral offsetting by novation (bilateral offsetting of obligations) is carried out on the basis of an agreement concluded between the two banks, according to which in the future, upon the expiration of each term for crediting funds, one of these banks will have to transfer to the other one current amount in the currency in which they conduct transactions. This is achieved by setting off commitments for the second and each subsequent transaction with commitments for the first transaction for a given crediting date and currency, resulting in a new net contract. Such a process of novation can be carried out automatically during the business day at the moment when banks exchange the corresponding confirmations: a bilateral agreement may provide that at the time of reconciliation of such confirmations, obligations under all previous contracts are canceled by novation, and these contracts are replaced by a new contract. This process can be repeated an unlimited number of times until a certain settlement day.

In a bilateral agreement on netting by novation, it is also possible to provide for the formation of a single stream of payments from new net amounts due on each separate future date in each currency, to be paid according to the main contract between the two banks. In the event that such an agreement is confirmed, none of the liquidators of any of these banks will be able to select the currencies or payments to be received or transferred on separate future dates.

Bilateral offsetting services by novation may be limited to the conclusion of standard offsetting contracts or the provision of communication lines and accounting systems that enable participants to select appropriate transactions; confirm them and register new amounts of net liabilities.

The use of bilateral offsetting systems by innovation provides the same benefits as the use of bilateral offsetting systems. However, bilateral offsetting of liabilities carries significantly less credit risk than offsetting positions because it can reduce the credit risk associated with a partner from the gross amount to the net amount for each individual future date.

Typically, bilateral offsetting by novation also reduces liquidity risk, since individual liabilities cannot be recovered from the net amounts payable on a gross basis. However, the actual reduction in credit risk is entirely dependent on the enforceability of the new net contract replacing the original gross contracts, which is a guarantee that, in the event of the termination of one of the partners, the original contracts will not be selectively renewed by the liquidator.

3. Multilateral netting of positions.

In a multilateral system that provides ad hoc communication and uses special forms of accounting, multilateral netting of items is usually carried out. An institution that is a clearing or settlement agent may open "clearing accounts" for members, that agent holds members' funds and may provide loans to them to facilitate settlement of trades. In this case, it is also possible to use the single main clearing account and other mechanisms for making settlements. The implementation of multilateral netting of positions occurs in several stages: first, the net amounts that each participant must receive from all other members of the clearing group and which he must pay to them are calculated, and then settlements are made by transferring the corresponding funds by net debtors to net lenders.

If intractable problems arise with the settlement of obligations under the transaction due to the fact that the bank, which is a net debtor, is not able to pay its payments, the rules of the system often require or allow the cancellation of payments to the participant (participants) experiencing (experiencing) such difficulties, and payments due from this participant (s) in order to determine multilateral balances for the remaining participants, which can ultimately be settled on the next trading day after the originally scheduled settlement day.

In the abstract case of multilateral netting of positions, all financial obligations on a gross basis or payment orders remain outstanding until final settlement is made. Therefore, within the framework of this organizational and legal form of offsetting, there is the same credit risk as in the absence of offsetting. In multilateral netting systems, one of the most serious problems is the risk of illiquidity. The reasons for this are due to the method used to calculate the multilateral net obligation of each participant. In the event that, after the bilateral credit and debit balances have been set off to a single net multilateral liability, a participant is unable to settle its balance, a recalculation of the multilateral positions is usually carried out, restoring payments or liabilities. After that, within the framework of the multilateral netting system, it is no longer possible to offset bilateral "debit balances" by bilateral "credit balances" owed to the remaining participants on the part of the defaulter. As a result, multilateral net liabilities increase significantly, and, consequently, the liquidity needs of those system participants to whom the defaulter owes some net amounts.

More general liquidity problems can also arise in multilateral netting systems, most often due to operational difficulties. For example, an institution serving multilateral clearing members as settlement agent may be unwilling or unable to make daily settlement payments to participants who are net creditors until it has received all payments from net debtors. ... Any delay in making a payment by any net debtor could cause problems for all net lenders and possibly adversely affect their ability to settle their payments in other markets or systems.

In the event of non-payment by any of the participants in the multilateral netting of positions, the systemic risk of illiquidity may become especially significant. After recalculating the multilateral balances, each (remaining) participant may owe more or may receive less. Even those participants in a payment or netting system that did not settle with a defaulter may have increased liquidity needs if the participants with whom they settled are lacking liquidity due to non-payment of settlements.

4. Multilateral offset by innovation and substitution.

While in principle, offsetting by innovation is a two-way process, it can also be used for multilateral settlements between members of a larger group of banks. In this case, a third party (for example, a kind of clearing house) must be used to assume a new net obligation as partner of each member bank. This process is called innovation and substitution.

An example of multilateral offsetting by innovation and substitution is a hypothetical clearing house or foreign exchange settlement company. The role of such a netting service provider could be a national clearing house, which carries out for its members a legally binding multilateral set-off of obligations under all their foreign exchange contracts with other participants. When such a contract is presented by a pair of participants to the clearing house, this house will act as a partner in relation to each of these members and will repay their mutual obligations. Moreover, the clearing house will have a current net position in the respective currencies and on the dates of crediting of funds in relation to each participant. As a result, for this group of contracts transferred for mutual settlements, a number of net amounts (equal to the multilateral balance of each participant in relation to the group of participants in the netting as a whole) will be determined due to the clearing house from each participant to them in reverse. As a primary partner, the clearing house will take on both credit and illiquidity risks. At the same time, its members will bear credit and illiquidity risks with the clearing house and not with their counterparts in operations. Thus, the clearing house will have to manage its credit position vis-à-vis each member, as well as the illiquidity risk associated with settlements.

Interbank clearing

Introduction

settlement systems for urgent and large payments on a gross basis in real time using electronic messages,

settlement systems for other (small) payments on a clearing basis,

systems for managing the queues of payment messages of banks.

1. Interbank clearing

Clearing Concept and Its Purpose

Clearing is, in its most general form, a system of non-cash payments for goods and services based on offsetting mutual claims and obligations and used by banks to reduce the need for working capital and simplify the exchange of payments. As you know, payments can be settled either on a gross or on a net basis. In the first case, settlements for each transaction are carried out separately, in the second, the banks involved in making payments make it possible for claims and obligations to accumulate over a certain period of time - the clearing lag (the problem of optimizing the clearing lag is also studied in this diploma project). At the end of this period, settlements are made only for mutually offset obligations. Such netting of amounts payable and receivable can take place between two parties (bilateral netting) and between three or more parties (multilateral netting).

When two banks have large volumes of common payments, clearing and settlement of interbank settlements is often carried out on the basis of a bilateral agreement: banks agree to offset sent and received payment orders (net amount calculation) and to settle at a specified time at the net value of payments. This process is called bilateral netting.

Overseas experience

Local clearing also includes the so-called GIRO systems (fat centers), which are widespread in a number of Western European countries (Austria, Hungary, France, Germany, Switzerland). They are most typical for the FRG. Fat centers not only carry out non-cash payments, but also carry out passive and active operations. So, in Germany, they attract funds from savings banks and other credit institutions, the state, lands and local governments. The placement of the resources of fat centers is carried out by providing long-term loans to savings banks, the state, lands and local authorities in the form of communal and mortgage loans. In practice, fat centers often function as municipal savings banks. Zhtrocentrali are created by commercial banks, usually in the form of an open joint stock company. The country's central bank is also, as a rule, one of the founders of the GIRO systems. Its share in the capital of the fat center is proportional to the amount of information that the central bank receives from such a system from commercial banks in accordance with the legislation of a certain country.

To make international payments, a number of commercial banks use the services of international automated systems. The largest and most famous among them is SWIFT (SWIFT - Society for Worldwide Interbank Financial Telecommunications) - the Association for International Interbank Financial Communications, which is an automated system for making international payments through a network of computers. This system was created in 1973. representatives of 240 banks and began operating in 1977. Currently, the world's leading companies are connected to this system, they account for 90% of all world payments. Through SWIFT, such types of banking operations are carried out as money transfers, information on the status of bank accounts, confirmation of foreign exchange transactions, settlements for collection, letters of credit, securities trading, coordination of controversial financial issues, maintenance of electronic customer accounts and management of their funds. The main advantages of the SWIFT system are the speed of operations, protection against abuse and errors using ciphers, and the reduction in the cost of banking operations.

Clearing House Activities

Let us consider in more detail all aspects of the emergence and existence of the main element of the multilateral interbank offset mechanism - the clearing house.

1.3.1. Categories of clearing houses.

In most countries, cash is the main vehicle used to settle financial obligations and purchase goods and services. However, as a percentage, they represent a relatively small part of the total payments. The share of modern instruments of non-cash circulation accounts for a significantly smaller number of payments, but for significantly larger amounts. As a result of the widespread distribution of such instruments, the financial community faced a serious problem associated with the emergence of certain difficulties in the implementation of settlements. When using cash, the final settlement takes place immediately. Non-cash forms of payments are characterized by delays. Clearing houses have begun to play a critical role in shortening the intervals between payments and settlements. They can be divided into three categories:

regional

national

Local clearing houses include institutions serving the population of the area. This includes small local banks, savings banks, savings and loan associations, credit unions, local branches of banking groups, and possibly small independent organizations that process payments on behalf of third parties. The purpose of such local associations is to facilitate settlement while minimizing costs for their members. Most of the work associated with the operations of local clearing houses is carried out on a voluntary basis by their members. Therefore, there is no participation fee in this case, although small annual fees may be charged to cover administrative overhead costs. Local clearing houses typically deal with payments that have arisen and are receivable within the respective area. The most common type of settlements is associated with the processing of payment orders, the receipt period for which can be reduced to one day or less. Depending on the size of the area, the number of participants in local clearing houses can range from two to twenty.

Membership in regional clearinghouses consists primarily of large regional banks, large independent organizations that process third party payments, national banks, and, in some cases, large local or savings banks. The number of members and the frequency of settlements may necessitate the use of staff on a full-time basis and a permanent resource base for performing administrative functions related to settlements. The costs of operating such systems are covered by the collection of member fees and annual membership fees.

Members of national clearing houses tend to be the largest and most technically advanced banks. Typically, such systems are used to make large-value payments. The activities of national clearing houses are associated with significant costs to ensure a guaranteed level of service for members of the chambers, as well as the costs of maintaining the necessary material base and personnel. These costs are usually covered by market-determined fees for participation and services provided, which may include providing access to international settlement systems.

1.3.2. The emergence of clearing houses.

The last and least desirable option is the denial of admission to the work of the clearing house for those institutions with which there is an increased risk.

1.3.3. Clearing settlements.

There are two options for the final settlement of accounts in multilateral net clearing:

classic version

advance option

1.4. Types of financial risk

Clearing members are exposed to several types of financial risk:

credit risk

illiquidity risk

systemic risk

Let's consider each of the types of risk.

1.5. Offsets and associated risks

bilateral offset of positions

bilateral offset by novation

multilateral offset of positions

multilateral netting of positions by innovation and substitution.

1.5.1 Bilateral offset of positions.

1.5.2. Bilateral offsetting by innovation.

1.5.3. Multilateral netting of positions.

1.5.4. Multilateral offsetting by innovation and substitution.

A critical element in helping to ensure that the credit risk associated with the use of the clearing house is less than the credit risk associated with bilateral offsetting by novation is a series of agreements dealing with multilateral offsetting by innovation and substitution. If multilateral netting arrangements are legally enforceable, such a reduction in risk to an individual participant will occur because the offsetting system will allow each participant's bilateral debit balances to be used against others to offset bilateral credit balances in the same currency, thereby reducing net credit. position. However, multilateral netting will not change the credit position of participants without bilateral debit balances.

Multilateral offsetting through innovation and substitution has the potential to reduce the risk of illiquidity more than any other form of offsetting. Under such a netting system, at a given crediting date, net amounts owed, compared to bilateral netting, decrease or remain unchanged for some participants. This reduces the risk of illiquidity for individual members, for clearing members in general, and possibly for other financial markets.

On the other hand, using clearing houses requires centralization of settlement payments: all such payments are made between the clearing house and individual participants. In such a case, the failure of one member to settle its position may result in a shortage of cash in one or more currencies required for settlement. The risk of illiquidity for the rest of the participants depends in this case on the ability of the clearing house to mobilize the cash needed to complete the settlement.

Thus, the multilateral nature of the clearing house's activities does not guarantee a reduction in the risk of illiquidity in comparison with bilateral netting through innovation. In practice, the risk of illiquidity, including systemic risk, in this case may turn out to be higher.

1.6. Risk management in offset systems

The risk arising from offsetting can be addressed in several ways. The central bank, as the institution overseeing the smooth operation of the payments system, is one of the main lenders and is the settlement agent for most of the clearing operations, which also makes it critical in defining risk management principles and ensuring that each of the participants in the clearing system followed these principles. In addition, the clearing houses themselves play an important role in risk management, determining the procedure for servicing credit institutions whose activities are associated with a high degree of risk, as well as resolving other problems associated with various types of financial risk. The following methods are commonly used to manage the risks of clearing payments:

reduction of the billing period

bilateral and multilateral limits

loss sharing mechanisms

the inconclusive nature of settlements within the framework of clearing systems and cancellation of the results of a clearing session.

Shortening the billing period

The shorter the billing period, the lower the risk of non-payment of settlements and the associated systemic risk. As a complementary mechanism, real-time controls are used to help identify potential problems at an early stage and facilitate liquidity management, especially when centralized control of the balances of all participants is possible.

Bilateral and multilateral limits

One of the methods of risk management in clearing systems is the use of bilateral or multilateral upper limits on participants' balances, which automatically limit the potential risk of interbank settlements within the system. These upper limits are often defined as a multiple of the banks' primary capital and are also based on each institution's assessment of its creditworthiness. In addition to limits on the debit balance of each participant in relation to other participants, some clearing houses additionally require each member to set a limit on their credit balance in relation to other members of the system. The main disadvantage of such limits is that they can be circumvented using payment orders sent through other systems and that they can lead to slower execution of customer orders or refusal to fulfill them.

Loss allocation mechanisms

The strongest safeguards against the risks associated with offsetting are mechanisms designed to ensure that the clearing system can settle settlements even when individual participants are unable to settle their obligations. Typically, such arrangements involve pooling the risk of illiquidity and allocating outstanding balances according to a predetermined pattern. At the same time, as a rule, a requirement is put forward on the preliminary deposit of collateral and / or on the guaranteed allocation of liquid funds by the Central Bank. In some systems, the Central Bank is willing to settle only on the condition that losses in excess of collateral are subsequently covered by non-bankrupt participants.

Incomplete nature of settlements within the framework of clearing systems and cancellation of the results of a clearing session

Timeliness of settlements within the framework of clearing systems depends on the ability of each of the participants to fulfill their multilateral obligations assumed as a result of transactions carried out in a certain period (during an operating day). A typical procedure used in the event of delays and non-payments in the settlement process is to use the non-final settlement clause and the possibility of withdrawing payments to a participant experiencing similar difficulties and payments due from this participant. In this case, some or all of the payment transactions made within the system for a given period of time are canceled, and the multilateral balance for the rest of the participants is recalculated. This procedure shifts the pressure of liquidity shortages and potential losses from one to all participants in the netting system.

Bibliography

Berezina M.P., Krupnov Yu.S. Interbank settlements. - M .: JSC "Finstatinform", 1993.-142s.

Tosunyan G.A. Clearing and interbank financial transactions: basic concepts and financial instruments. - M .: “Delo”, 1994.-56s.

Tosunyan G.A. Operational technologies of the interbank financial market. - M .: “Delo”, 1994.-122s.

Usoskin V.M. Modern commercial bank: management and operations. - M .: IPC "Vazar-Ferro", 1994.-320s.

Kallaur P.V. Implementation of interbank settlements for other payments // Bankaўski Vesnik - 1998. №1.

Zhukov V.V. Modernization of the payment system of Belarus // Bankaўski Vesnik - 1997. №9. - P.3-6.

For the preparation of this work were used materials from the site referat2000.bizforum.ru/

Clearing activities in the Russian Federation. The concept of clearing and its purpose Analysis of the interbank clearing system of a Sberbank branch

1. Concept and types of clearing

2. Settlements for bilateral and multilateral clearing

Key Features

Clearing Organizations

Interbank Clearing Categories

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Introduction

Interbank payments and settlements are the circulatory system of the economy of any country, and it has all those characteristic features that determine the state of society as a whole.

Interbank correspondent relations include various forms of cooperation between banks, based on the implementation of payments and settlements by banks on behalf of each other.

The need for correspondent relations also arises in cases where the bank is unable to provide its customers with any type of service, or another bank can offer these services at lower rates, or provide them in a shorter time.

The correspondent agreement contains all the conditions and procedures on the basis of which the relationship between banks will be built.

The object of the research is modern banking relations in Russia.

The subject of research is interbank clearing.

The purpose of the course work is to reveal the features of the organization of interbank clearing in Russia.

Work tasks:

1. place of clearing in the interbank settlement system;

1. Place of clearing in the interbank settlement system

1.1 Necessity, essence and significance of interbank settlements

The system of settlements between various counterparties and business entities, ensuring the continuity and continuity of payments are the most important conditions for the normal functioning of the economy.

To make payments and provide settlement and cash services to clients, banks, on behalf of each other, establish relations with each other, as a rule, on a contractual basis, which are called correspondent relations.

1.2 Basics of organizing correspondent relations

The specified relationship can also take place between commercial banks and special interbank organizations such as clearing (settlement) houses.

The classic form of correspondent relations is the relationship between different commercial banks.

There are two types of correspondent banking relations: with mutual opening of correspondent accounts and without opening such.

In practice, correspondent accounts are opened mainly by those banks that actively carry out transfer, letter of credit, collection and other transactions for payments for goods and services.

If participants in correspondent relations are legally independent commercial banks or central banks of different states, then correspondent accounts are opened by them with each other on a voluntary basis.

Correspondent relations between commercial banks and the central bank are built on a more rigid basis. Every commercial bank, as a rule, must have a correspondent account with some institution of the national bank.

Thus, in practice, banks as participants in correspondent relations may have several types of correspondent accounts. Through these relationships, banks are linked into a single system. They kind of complement each other, acting as clients of each other.

Payments on correspondent accounts can be made within the balance of funds on the account or in excess of this balance due to the credit (overdraft) provided on the account, which, as a rule, is stipulated in the concluded agreement. It is important to "feed" these assets in a timely manner.

True, correspondent accounts can also be used to provide investment services. Often, these accounts reflect interbank deposits, the terms of which can vary from 1, 3 and 6 months to 2 (sometimes 5) years.

In addition to the main correspondent account in banks, special correspondent accounts can be opened for carrying out individual operations, both in local and foreign currencies.

Correspondent banking relationships are multifaceted and include various types of banking operations. But nevertheless, the basis of these relations is formed by interbank transactions associated with carrying out various kinds of settlements.

1.3 Clearing Settlements

Clearing - making payments by offsetting payment obligations and bank claims.

A clearing institution is a non-bank credit institution that, on the basis of a special license from the Bank of Russia:

Exchange of payment documents between participating banks

· Calculation of the net positions of the participating banks (the total balance of the participating bank, formed as a result of the exchange of claims and obligations of the participating banks).

The following functions are inherent in the state:

· Control over clearing organizations and banks that play an essential role in the payment system;

· Providing settlements on their accounting books;

· Organization of work of the system of large transfers;

· Development of an appropriate government policy that defines the structure of clearing and settlement mechanisms.

2. M mechanism clearing settlements

2.1 The emergence of clearing houses. Organization of clearing

calculations

2.2 Financial Risks Associated with Clearing. Risks in

offsetting

Clearing members are exposed to several types of financial risk:

credit risk

illiquidity risk

systemic risk

Let's consider each of the types of risk.

(1.1),

as well as the short-term debt ratio (KKZ) and the total debt coverage ratio (KPOZ):

(1.2)

(1.3)

(1.4)

(optimal value - 2 and higher) and the so-called "acid test" or litmus test coefficient (CLB, optimal value 1), where

(1.5)

Similar documents

Interbank clearing

Introduction

1. Interbank clearing

Clearing Concept and Its Purpose

Overseas experience

Clearing House Activities

1.3.1. Categories of clearing houses.

1.3.2. The emergence of clearing houses.

1.3.3. Clearing settlements.

1.4. Types of financial risk

1.5. Offsets and associated risks

1.5.1 Bilateral offset of positions.

1.5.2. Bilateral offsetting by innovation.

1.5.3. Multilateral netting of positions.

1.5.4. Multilateral offsetting by innovation and substitution.

1.6. Risk management in offset systems

Bilateral and multilateral limits