NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the Finance and Economics Discussion Series (other than acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. Risk and Concentration in Payment and

The aim of this paper is to provide a uniform representation of functional concepts used in the field of payment and securities settlement systems. The framework developed here is encompassing the whole field while using as few elements as possible. It provides a basic functional model

Very preliminary version, do not quote This paper studies the question of Securities Settlement System com-patibility in Europe through price competition in post-trading market. We study the incentives of CSD to migrate to TARGET 2 Secruities when they are competitors in the market for depository

The Canadian Depository for Securities Limited (CDS) has created an enhanced securities clearing and settlement system (CDSX) that will settle virtually all securities trades in Canada, including exchange-traded equities. This paper assesses the degree to which CDSX meets internationally recognized

In 2005 all ECB publications will feature a motif taken from the €50 banknote. This paper can be downloaded without charge from

The rising abuse of computers and increasing threat to personal privacy through data banks have stimulated much interest m the techmcal safeguards for data. There are four kinds of safeguards, each related to but distract from the others. Access controls regulate which users may enter the system

Ensuring secure information ow within programs in the context of multiple sensitivity levels has been widely studied. Especially noteworthy is Denning's work in secure ow analysis and the lattice model [6][7]. Until now, however, the soundness of Denning's analysis has not been

Recently the use of public key encryption to provide secure network communication has received considerable attention. Such public key systems are usually effective against passive eavesdroppers, who merely tap the lines and try to decipher the message. It has been pointed out, however

Current standard security practices do not provide substantial assurance that the end-to-end behavior of a computing system satisfies important security policies such as confidentiality. An end-to-end confidentiality policy might assert that secret input data cannot be inferred by an attacker

The large-scale automated transaction systems of the near future can be designed to protect the privacy and maintain the security of both individuals and organizations. DAVID CHAUM Computerization is robbing individuals of the ability to monitor and control the ways information about them is used