Financial Stability Review
Payment and Settlement Systems Articles
1998
2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Payment
Systems in Global Perspective: Some Views from the Central Bank
(64k)
(Issue 5, Autumn 1998)
The June 1998 Central Bank Governors' Symposium, hosted by the Bank of England, examined key payment system issues, considering both the risk perspective and also the potential of payment systems to improve economic efficiency and contribute to economic management. This article summarises the discussion that took place. On the specific questions of system design and configuration, there are some interesting and potentially difficult choices to be made. The trade-offs faced and the right choice will depend, for example, on a country's economic and financial development. The article also reports on progress in reducing the risks involved in settling foreign exchange transactions.
Disclosure
Framework for Securities Settlement Systems
(128k)
(Issue 4, Spring 1998)
Understanding the risks involved in securities settlement systems can be difficult, particularly when a firm is considering participating in the system for the first time. Operators of systems keep their users informed, but there has been no standard for setting out basic information on the risks of participation. This article reports on an international exercise to ensure that the risks associated with participation in these systems are clearly understood by current and potential users. The exercise was a joint initiative by the G10 central banks' Committee on Payment and Settlement Systems (CPSS) and the International Organisation of Securities Commissions (IOSCO), which resulted in the development of a disclosure framework for securities settlement systems.
Key Resources
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Memorandum of Understanding between HM Treasury,
the Bank of England and the Financial Services Authority
Download PDF (50k) |
