The Financial Regulation Forum
Payments and remittances
EC system for tracking terrorist financing
The European Commission presents options for establishing a European system for tracking terrorist financing. Brussels, 13 July 2011 – Responding to the call from the European Parliament and the Council of the European Union, today the European Commission adopted a Communication outlining the main options for establishing a European Terrorist Finance Tracking System (TFTS). This [...]
Eurosystem payments system oversight policy framework
Payment and settlement systems play an important role for the stability and efficiency of the financial sector and the euro area economy as a whole. For instance, the daily average of the total value of payments processed in the euro area’s large-value payment systems alone stood at €2,713 billion in 2007. This was 30.5% of [...]
Payments systems and systemic risk
The case for more CHAPS settlement banks, Speech by Chris Salmon. In a speech delivered at a breakfast hosted by the Yorkshire and Humberside Network of the ifs School of Finance, Chris Salmon, Executive Director of Banking Services and Chief Cashier, explains why the Bank of England believes that the currently rather limited direct membership [...]
The history of interbank settlement arrangements
Interbank settlement arrangements: exploring central banks’ role in the payment system, BoE Working Paper No 412 by Ben Norman, Rachel Shaw and George Speight. Abstract. Modern central banks have come to view payment systems as a key area of strategic interest, both as part of their responsibilities for financial stability and for the implementation of [...]
Payment systems and intraday liquidity
03 Jun. BoE intraday liquidity: risk and regulation. Banks require access to liquidity intraday in order to settle obligations in payment and settlement systems. The recent financial crisis has highlighted the need for banks to improve their liquidity risk management, including the management of intraday liquidity risk. The FSA’s new liquidity regime includes intraday liquidity [...]
Clearing houses as system risk managers
03 Jun. Clearing houses as system risk managers, speech by Paul Tucker, BoE. In a speech at the launch of the Depository Trust & Clearing Corporation (DTCC) – Centre for the Study of Financial Innovation (CSFI) Post-Trade Fellowship, Paul Tucker – Deputy Governor for Financial Stability, member of the Monetary Policy Committee and member of [...]
E-learning interactive graphic: Payment systems oversight
Principles for the oversight of payment systems Central banks’ involvement in the oversight of payment systems arises from their core role as the systems’ settlement bank, providing the ultimate settlement asset, central bank money. This gives central banks a very direct interest in any potential systemic risks inherent in such systems. More broadly, payment systems [...]
Small US banks and debit-card reform
25 May. Debit cards. It’s not hard to understand why large banks oppose any attempt to overhaul the financial arrangements currently surrounding credit cards and debit cards. In the duopoly run through Visa and MasterCard, big banks earn fees that far exceed their costs. Philip Scott Andrews/The New York TimesSenator Dick Durban, a Democrat from [...]
US Federal Reserve Payments Study 2010
The Federal Reserve has, on 5 April, publicly released the full updated 2010 Federal Reserve Payments Study that reveals “in greater detail increasing adoption of electronic alternatives for payments in the United States by consumers, businesses and governments. The study examined payments made between 2006 and 2009.” In December, the Federal Reserve released a summary [...]
Principles for financial market infrastructures
The report Principles for financial market infrastructures contains new and more demanding international standards for payment, clearing and settlement systems. Issued for public consultation by the CPSS and the Technical Committee of the International Organization of Securities Commissions (IOSCO), the new standards (called “principles”) are designed to ensure that the essential infrastructure supporting global financial [...]
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