摘要：The clearing systems of interbank settlements guarantee the movement and repartition of assets in the market. The increase in demand of real-time money movement induces new requirements to settlement systems. However, the interbank payment and settlement sector is very sensitive to changes in the market. This calls a demand to foresee adaptation of the payment and settlement system in a dynamic environment. Since FIFO algorithms are often applied by the operators of settlement systems to meet the requirements on settlement transfering, the subject of study of FIFO algorithms is topical in interbank systems. The objective of this paper is to investigate and survey the clearing algorithms in settlement processes, analyzing the most popular FIFO settlement algorithms. The results of simulation study of FIFO settlement algorithms are given, based on the guidelines of settlement system TARGET2.
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