What is intraday liquidity risk, and why isn't it captured by end-of-day liquidity metrics like the LCR?

Intraday liquidity risk is the risk that a bank can't meet payment and settlement obligations at the expected time during the day — even if it has ample liquidity by end of day. Large payment systems settle in real time (RTGS), so a bank must have funds available at the moment each payment is due; a delay or shortfall intraday can cause it to fail or delay its own payments, with knock-on (gridlock) effects across the system. End-of-day metrics like the LCR don't capture it because they measure the net 30-day stressed position on a daily basis — they say nothing about the timing of flows within the day, where a bank can be liquid at close yet short at 11am. Management tools: monitor intraday throughput and peak net debit positions, hold intraday liquidity buffers and central-bank reserves/collateral for intraday credit, manage the timing/sequencing and throughput of payments, set limits on/with correspondents, and run intraday stress scenarios (a key counterparty delays, a payment system disruption). Basel introduced specific intraday liquidity monitoring tools precisely because the LCR/NSFR framework left this timing dimension uncovered, as several crises showed banks failing on intraday timing despite apparent day-end liquidity.