Committee on Payment and Settlement Systems

The Committee on Payment and Settlement Systems (CPSS) contributes to strengthening the financial market infrastructure through promoting sound and efficient payment, clearing and settlement systems.

The CPSS is a standard setting body for payment, clearing and securities settlement systems. It also serves as a forum for central banks to monitor and analyse developments in domestic payment, clearing and settlement 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.

Through the publication of the CPSS/IOSCO Principles for financial market infrastructures, which replaces the three previous sets of international standards set out in the Core principles for systemically important payment systems (CPSS, 2001); the Recommendations for securities settlement systems (CPSS-IOSCO, 2001); and the Recommendations for central counterparties (CPSS-IOSCO, 2004),  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, clearing and settlement 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.

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