brutoarveldussüsteemid

Brutoarveldussüsteemid, meaning gross settlement systems in English, are payment systems where the transfer of assets from one party to another takes place on a continuous, real-time basis. This means that each individual payment transaction is settled immediately as it occurs, without being aggregated with other transactions. In a brutoarveldussüsteem, there is no netting of payments. Once a transaction is authorized and deemed valid, the final and irrevocable transfer of funds or securities takes place.

These systems are designed to minimize settlement risk, which is the risk that one party to a transaction will not fulfill its obligations. By settling transactions individually and in real-time, the exposure of participants to counterparty risk is significantly reduced. If a participant fails, the transactions that have already been settled are typically not reversed. This immediate finality provides a high degree of certainty for all parties involved.

Brutoarveldussüsteemid are often employed for high-value and time-critical payments, such as interbank transfers of large sums or transactions involving securities. They require robust infrastructure, sophisticated technology, and stringent risk management controls to operate effectively. Central banks often operate or oversee such systems to ensure the stability and efficiency of the financial system. Examples of such systems include TARGET2 in the Eurosystem, which handles large-value euro payments between banks. The continuous nature of settlement in these systems contrasts with net settlement systems, where obligations are calculated and settled at specific times, often at the end of a day, after aggregating multiple transactions.