Reforming Payments and Securities Settlement Systems in Latin America and the Caribbean

Cirasino, Massimo ; Guadamillas, Mario ; Garcí ; a, José ; Antonio ; Montes-Negret, Fernando

Washington, DC : World Bank

关键词: ACH;    AMF;    ARAB MONETARY FUND;    ATM;    BANK FOR INTERNATIONAL SETTLEMENTS;   

DOI  :  10.1596/978-0-8213-6635-6
RP-ID  :  38282

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The payments and securities settlementsystem is the infrastructure (comprising institutions,instruments, rules, procedures, standards, and technicalmeans) established to effect the transfer of monetary valuebetween parties discharging mutual obligations. A securitiesclearance and settlement system can be considered as part ofthe overall payment mechanisms of a country, in that itsatisfies the main features of this overall definition Thepurpose of this book is to (a) extract the main lessons andexperiences of the Western Hemisphere Payments andSecurities Clearance and Settlement Initiative - WesternHemisphere Payments and Securities Settlement Forum(WHI-WHF) regarding the implementation of various reforms;(b) describe status of and major trends in payments andsecurities settlement systems worldwide and theirimplications for the LAC region; (c) summarize the detailedassessment findings for each LAC country in the followingfields: (1) legal and regulatory framework, (2) maincharacteristics of the inter-bank exchange and settlementcircuits, (3) retail settlement systems, (4) the role of thegovernment as a major participant in the payments system,(5) foreign exchange and cross-border settlement, (6) theoperation of the inter-bank money market, (7) aspectsrelated to securities settlement such as the legalframework, clearance and settlement processes, settlementrisks, operational reliability, custody, depositories'organizational arrangements, cross-border links, and (8) theoversight role of the central bank, coordination with theregulatory and supervisory role over securities settlement,and cooperation with the private sector; and (d) proposepractical observations regarding the implementation ofpayments and securities settlement system reforms in the LAC region.