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q-fin.GN2026
Deepening the Secondary Market: Integrating Trade Credit into Market Clearing with the Cycles Protocol
Tomaž Fleischman, Ethan Buchman
Current post-trade clearing systems rely almost exclusively on cash or cash-like collateral, leaving vast reserves of short-term liquidity embedded in trade credit outside formal s…
q-fin.GN2020
Balancing the Payment System
Tomaž Fleischman, Paolo Dini
The increasingly complex economic and financial environment in which we live makes the management of liquidity in payment systems and the economy in general a persistent challenge.…