The Committee on Payment and Settlement Systems (CPSS) contributes to strengthening the financial market infrastructure through promoting sound and efficient payment and settlement systems.
The CPSS is a standard stetting body for payment and securities settlement systems. It also serves as a forum for central banks to monitor and analyse developments in domestic payment, settlement and clearing systems as well as in cross-border and multicurrency settlement schemes.
The CPSS undertakes specific studies in the field of payment and settlement systems at its own discretion or at the request of the Governors of the Global Economy Meeting. Working groups are set up as required. Over the years the Committee has developed good relationships with other central banks, particularly those of emerging market economies, in order to extend its work outside the G10. In 2009 the membership of the CPSS was enlarged considerably.
Through the publication of the Core principles for systemically important payment systems, the CPSS/IOSCO Recommendations for securities settlement systems and the CPSS/IOSCO Recommendations for central counterparties, the Committee has contributed to the set of standards, codes and best practices that are deemed essential for strengthening the financial architecture worldwide.
The Committee publishes various reports covering large-value funds transfer systems, securities settlement systems, settlement mechanisms for foreign exchange transactions, clearing arrangements for exchange traded and over-the-counter derivatives and retail payment instruments, including electronic money. The 'Red Book' on payment systems, which provides extensive information on the most important systems in the CPSS countries, is periodically revised and a statistical update of the data it contains is published each year.