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.
Challenges facing the sterling wholesale payment systems