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Network Indicators for Monitoring Intraday Liquidity in BOK-Wire+

In this article we describe the network properties of the Korean Interbank payment system (BOK-Wire+), apply existing methodologies for identifying systemically important banks and develop a new intraday liquidity indicator that compares the banks' expected resources to settle payments in the remainder of the day with its expected liquidity requirements. We use data only available to the Bank of Korea on banks' expected payments and build regression models for remaining expected in and outflows of liquidity. We find that the BOK-Wire+ system has relatively more evenly distributed payment flows than interbank payment systems in other countries. We identify ten core banks and measure their network position (SinkRank) and intraday liquidity risk. The metrics presented in this article are especially suited for continuous oversight of intraday liquidity and systemic risks in payment systems.