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A Multi-Layer Network of the Colombian Sovereign Securities Market
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Author(s): Carlos León (Banco de la República, Colombia), Jhonatan Pérez (Banco de la República, Colombia)and Luc Renneboog (Tilburg University, The Netherlands)
Copyright: 2016
Pages: 26
Source title:
Analyzing the Economics of Financial Market Infrastructures
Source Author(s)/Editor(s): Martin Diehl (Deutsche Bundesbank, Germany), Biliana Alexandrova-Kabadjova (Banco de México, Mexico), Richard Heuver (De Nederlandsche Bank, The Netherlands)and Serafín Martínez-Jaramillo (Banco de México, Mexico)
DOI: 10.4018/978-1-4666-8745-5.ch007
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Abstract
This chapter examines the network of Colombian sovereign securities settlements. With data from the settlement market infrastructure we study financial institutions' transactions from three different trading and registering networks that we combine into a multi-layer network. Examining this network of networks enables us to confirm that (i) studying isolated single-layer trading and registering networks yields a misleading perspective on the relations between and risks induced by participating financial institutions; (ii) a multi-layer approach produces a connective structure consistent with most real-world networks (e.g. sparse, inhomogeneous, and clustered); and (iii) the multi-layer network is a multiplex that preserves the main connective features of its constituent layers due to positively correlated multiplexity. The results highlight the importance of mapping and understanding how financial institutions relate to each other across multiple financial environments, and the value of financial market infrastructures as sources of data for working on multi-layer financial networks.
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