About the CPMI
Updated 1 September 2014
The CPMI cooperates with other standard setters (in particular the International Organization of Securities Commissions and the Basel Committee on Banking Supervision), other central bank bodies (such as the Committee on the Global Financial System), international financial institutions and public sector bodies on matters falling within its mandate to enhance coordination of policy development and implementation.
The CPMI is a member of the Financial Stability Board (FSB) and participates in the FSB's work to coordinate and promote the implementation of effective regulatory, supervisory and other financial sector policies. In the context of its activities the Committee maintains contact with many global payment system providers, industry associations and regulatory authorities.
The CPMI has developed relationships with central banks all over the world. In collaboration with the respective central banks and the BIS, it has published a number of Red Books on payment systems in non-CPMI countries. The Committee provides, if so requested and whenever possible, substantive expertise on payment system issues and organisational support to various regional central banking organisations by providing speakers and/or co-organising seminars and workshops. It works together, for instance, with CEMLA in Latin America, the GCC in the Gulf region, the AMF in Arab countries, SAARC in Southern Asia, EMEAP and SEACEN in Eastern and Southeast Asia, and SADC and MEFMI in Southern Africa.
Since October 2013 Benoît Cœuré, Member of the Executive Board of the European Central Bank, has been Chairman of the Committee.
The Committee was previously chaired by:
- Paul Tucker, Deputy Governor, Financial Stability, of the Bank of England (2012-13);
- William C Dudley, President of the Federal Reserve Bank of New York (2009-12);
- Timothy Geithner, President and Chief Executive Officer of the Federal Reserve Bank of New York (2005-09);
- Tommaso Padoa-Schioppa, Member of the Executive Board of the European Central Bank (2000-05);
- Wendelin Hartmann, Member of the Board of the Deutsche Bundesbank (1998-2000);
- William McDonough, President and CEO of the Federal Reserve Bank of New York (1994-98); and
- Wayne Angell, Member of the Board of Governors of the Federal Reserve System (1990-94).
In 1980 the Governors of the central banks of the Group of Ten (G10) countries set up a Group of Experts on Payment Systems, whose purpose was to take forward the work on payment system issues identified by the G10 Group of Computer Experts. One of the Group's first projects, a detailed review of payment system developments in the G10 countries, was published by the BIS in 1985 in the first of a series that has become known as "Red Books".1 The Group also analysed interbank netting schemes in the Report on netting schemes, published by the BIS in 1989. The Group of Experts on Payment Systems was chaired successively by George Blunden of the Bank of England (1980-82), Hans Meyer of the Swiss National Bank (1983-88) and Wayne Angell of the Board of Governors of the Federal Reserve System (1988-90).
In 1989 the G10 Governors set up an ad hoc Committee on Interbank Netting Schemes (chaired by Alexandre Lamfalussy, then General Manager of the BIS) to study in more detail the policy issues relating to cross-border and multicurrency interbank netting schemes. Its report, published in 1990, contains a set of minimum standards for the operation of bilateral and multilateral cross-border and multicurrency netting schemes and sets out the G10 central banks' framework for the cooperative oversight of such systems.
In 1990 the G10 Governors established the Committee on Payment and Settlement Systems (CPSS), as a follow-up to the work of the Committee on Interbank Netting Schemes, and more generally to take over and extend the activities of the Group of Experts on Payment Systems. The CPSS was set up as one of the permanent central bank committees reporting to the G10 Governors.2
First in 1997-1998 and then in 2009, the membership of CPSS was enlarged to include 25 central banks. In order to reflect this enlarged membership of the CPSS, the committee started to report to the Governors of the Global Economy Meeting (GEM) instead of the G10 Governors.
In September 2013, in the light of the Committee's standard-setting activities and the associated greater public scrutiny, the CPSS reviewed its mandate. The new mandate was approved by the Global Economy Meeting, which has also endorsed the renaming of the CPSS as CPMI, Committee on Payments and Market Infrastructures. Both changes became effective as of 1 September 2014.
1 A "Red Book" provides a comprehensive description of a country's payment, clearing and settlement systems to a reader who has some familiarity with payment systems in general but who knows little or nothing about the particular arrangements in that country.