Re: [tlug] Accounting Systems and Speed of Reconciliation

["Stephen J. Turnbull" <stephen@example.com>]

CF writes:

 > Yes, rules can be set. But overnight (especially over the weekend)  
 > transactions are more complex than most people would think.

And important.  Just before the Lehman shock overnight interbank debt
in the US market alone amounted to 3/4 of US GDP.  Doesn't that make
you feel ill?  And anomolous: at one point in 2005, the overnight
market in Japan had a negative *nominal* interest rate, which was
possible because the only liquid stock of cash large enough to cover
the excess demand for cash was banknotes, and obviously physically
shuffling a couple trillion yen in bank notes isn't feasible overnight.