Settlement Risk under Gross and Net Settlement
通过建模交易经济，发现净清算能避免总清算中可能出现的僵局，节省抵押品需求并避免交易延迟，揭示了净清算未被充分探索的优势。
Abstract: Previous comparative analyses of gross and net settlement have focused on the credit risk of the central counterparty in net settlement arrangements, and on the incentives for participants to alter the risk of the portfolio under net settlement. By modeling the trading economy that generates the demand for payment services, we are able to show some largely unexplored advantages of net settlement. We find that net settlement systems avoid certain gridlock situations, which may arise in gross settlement in the absence of delivery versus payment requirements. In addition, net settlement can economize on collateral requirements and avoid trading delays.