Challenges facing the sterling wholesale payment systems

Quarterly Bulletin 1989 Q3
Published on 01 September 1989

In the Ernest Sykes Memorial Lecture, the Governor seeks to encourage wide-ranging debate on the future of the wholesale payment system in the United Kingdom. He considers some a/the major developments affecting the wholesale payment system and the challenges they pose, particularly in terms a/the management of risk, and suggests that a further shift in wholesale payments business from the paper-based Town Clearing to the electronic CHAPs might now be timely. He goes on to discuss some of the settlement systems being considered or developed in a number of UK financial markets, the sort of payments arrangements they will require and the measures that are available to reduce settlement risk exposures-noting in particular the possibility that the mainstream payment system itself might be developed to the point where it could achieve simultaneous exchanges of value.

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