Are Banks Risk Averse? Intraday Timing of Operations in the Interbank Market

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The Microstructure of the Euro Money Market (2001, unknown): “…argument is that early in the morning the market reacts to news accumulated overnight.26 As will be discussed in greater depth in Section 4.4, the closing of payment systems late afternoon/early evening and related liquidity needs stimulate trading in the afternoon (see e.g. Angelini, 2000).”
LIQUIDITY AND ANNOUNCEMENT EFFECTS IN THE EURO AREA (2008, background): “…Clouse and Dow, 1999), the role of reserves for the interbank payment system (Furfine, 2000), risk-aversion on the part of money market operators (Angelini, 2000). predictions derived from a simple theoretical model of reserve management behavior within the holding period, which is able to…”