Importance This paper discusses the issues of liquidity pool applying as a way to manage the liquidity risk in payment systems. Objectives The study aims to develop an approach to the systemic description of the risk management (RM) practice in payment systems, as well as its testing through a liquidity pool. Methods For the study, we used the international and domestic standards in the field of risk management. The existing practice of using this risk management method in TARGET 2 was used to describe the aspects of the liquidity pool application. Results When considering the liquidity pool application peculiarities, we formed and now present an algorithm of choice of risk management practice in the payment system, which is universal and can be applied to choose some other risk management methods. Conclusions and Relevance The liquidity pool is an effective tool to reduce the risk of liquidity in the payment system and to increase the attractiveness of the payment system to potential participants. The presented description of the RM practice through liquidity pool can be the basis of the national standard on introduction of risk-management system in Russian payment systems. The discussed RM practice should be considered as an appendix to a part of the description of application of risk-management process in the payment system.
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