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

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Author Info

  • Massimo Cirasino
  • Mario Guadamillas
  • José Antonio García
  • Fernando Montes-Negret
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    Abstract

    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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    Bibliographic Info

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    This book is provided by The World Bank in its series World Bank Publications with number 6630 and published in 2007.

    ISBN: 0-8213-6635-1
    Handle: RePEc:wbk:wbpubs:6630

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    Postal: 1818 H Street, N.W., Washington, DC 20433
    Phone: (202) 477-1234
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    Web page: https://openknowledge.worldbank.org
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    Related research

    Keywords: Finance and Financial Sector Development - Financial Intermediation Technology Industry Law and Development - Settlement of Investment Disputes Banks and Banking Reform Payment Systems and Infrastructure Industry;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Carol Ann Northcott, 2002. "Estimating Settlement Risk and the Potential for Contagion in Canada's Automated Clearing Settlement System," Working Papers 02-41, Bank of Canada.
    2. Snellman, Jussi & Vesala, Jukka & Humphrey, David, 2000. "Substitution of noncash payment instruments for cash in Europe," Research Discussion Papers 1/2000, Bank of Finland.
    3. Snellman, Jussi, 2000. "Evolution of Retail Payments in Finland in the 1990s," Research Discussion Papers 19/2000, Bank of Finland.
    4. Bank for International Settlements, 1998. "Report on OTC Derivatives: Settlement procedures and counterparty risk management," CGFS Papers, Bank for International Settlements, number 08, January.
    5. Calomiris, Charles W & Kahn, Charles M, 1996. "The Efficiency of Self-Regulated Payments Systems: Learning from the Suffolk System," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 766-97, November.
    6. Guadamillas, Mario & Keppler, Robert, 2001. "Securities clearance and settlement systems - a guide to best practices," Policy Research Working Paper Series 2581, The World Bank.
    7. Stephen P Millard & Matthew Willison, 2004. "The welfare benefits of stable and efficient payment systems," Money Macro and Finance (MMF) Research Group Conference 2004 36, Money Macro and Finance Research Group.
    8. David B. Humphrey & Lawrence B. Pulley & Jukka M. Vesala, 1996. "Cash, paper, and electronic payments: a cross-country analysis," Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages 914-941.
    9. repec:fth:bfdipa:17/00 is not listed on IDEAS
    10. Vesala, Jukka, 1998. "Delivery Networks and Pricing Behaviour in Banking: An Empirical Investigation Using Finnish Data," Research Discussion Papers 18/1998, Bank of Finland.
    11. Jeffrey M. Lacker & John A. Weinberg, 1998. "Can the Fed be a payment system innovator?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 1-25.
    12. Terri Bradford & Matt Davies & Stuart E. Weiner, 2002. "Nonbanks in the payments system," Payments System Research Working Paper PSR WP 02-02, Federal Reserve Bank of Kansas City.
    13. Kemppainen, Kari, 2003. "Competition and regulation in European retail payment systems," Research Discussion Papers 16/2003, Bank of Finland.
    14. Levhari, David & Patinkin, Don, 1972. "The Role of Money in a Simple Growth Model: Reply," American Economic Review, American Economic Association, vol. 62(1), pages 185, March.
    15. James McAndrews, 1997. "Banking and payment system stability in an electronic money world," Working Papers 97-9, Federal Reserve Bank of Philadelphia.
    16. John A. Weinberg, 1997. "The organization of private payment networks," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 25-44.
    17. Leinonen, Harry, 2000. "Re-engineering Payment Systems for the E-world," Research Discussion Papers 17/2000, Bank of Finland.
    18. repec:fth:bfdipa:19/00 is not listed on IDEAS
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