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Types of banks and the risks they face
Mike Buckle and John Thompson

December 2015) reported forecasts of capital investment expenditure rising from $30 million in 2015 to an estimated $400 million in 2019. In 2016 the Australian Securities Exchange announced plans to transfer the clearing and settlement process on to the blockchain. 10 However, the potential for the use of blockchain methodology in clearing and settlement remains an open issue

in The UK financial system (fifth edition)
Mike Buckle and John Thompson

: where π is the payment to be made to the buyer by the seller if S > R , or to the seller if S < R, S is the reference rate at the settlement date and R the agreed rate; m is the number of days in the FRA. For the purpose of calculation, a year can consist of either 365 days (UK or Australia) or 360 days (e.g. US). Note that the payment is discounted by the market rate

in The UK financial system (fifth edition)