Reforming Payments and Securities Settlement Systems in Latin America and the Caribbean
The payments and securities settlement system is the infrastructure (comprising institutions, instruments, rules, procedures, standards, and technical means) established to effect the transfer of monetary value between parties discharging mutual ob...
| Main Authors: | , , , |
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| Format: | Publication |
| Language: | English en_US |
| Published: |
Washington, DC : World Bank
2012
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2007/01/7299376/reforming-payments-securities-settlement-systems-latin-america-caribbean http://hdl.handle.net/10986/6630 |
| Summary: | The payments and securities settlement
system is the infrastructure (comprising institutions,
instruments, rules, procedures, standards, and technical
means) established to effect the transfer of monetary value
between parties discharging mutual obligations. A securities
clearance and settlement system can be considered as part of
the overall payment mechanisms of a country, in that it
satisfies the main features of this overall definition The
purpose of this book is to (a) extract the main lessons and
experiences of the Western Hemisphere Payments and
Securities Clearance and Settlement Initiative - Western
Hemisphere Payments and Securities Settlement Forum
(WHI-WHF) regarding the implementation of various reforms;
(b) describe status of and major trends in payments and
securities settlement systems worldwide and their
implications for the LAC region; (c) summarize the detailed
assessment findings for each LAC country in the following
fields: (1) legal and regulatory framework, (2) main
characteristics of the inter-bank exchange and settlement
circuits, (3) retail settlement systems, (4) the role of the
government as a major participant in the payments system,
(5) foreign exchange and cross-border settlement, (6) the
operation of the inter-bank money market, (7) aspects
related to securities settlement such as the legal
framework, clearance and settlement processes, settlement
risks, operational reliability, custody, depositories'
organizational arrangements, cross-border links, and (8) the
oversight role of the central bank, coordination with the
regulatory and supervisory role over securities settlement,
and cooperation with the private sector; and (d) propose
practical observations regarding the implementation of
payments and securities settlement system reforms in the LAC region. |
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