Consultative Meeting on Securities Settlement Systems - More than 50 public institutions meet at the BIS -

19 January 2000

Press release

A "Consultative Meeting on Securities Settlement Systems" was held today at the Bank for International Settlements. More than 50 public institutions participated in the Basel meeting, including representatives of around 30 central banks and 25 securities regulators from around the world, and representatives from the International Monetary Fund and the World Bank. The meeting was organised by the Task Force on securities settlement systems, a joint initiative of the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO).

Today's meeting was held to ensure that the broadest possible group of central banks and securities regulators have an early opportunity to express views on existing settlement arrangements and standards for securities settlement systems. Input was also sought regarding the appropriate scope and content of a new joint CPSS-IOSCO initiative to improve both the safety and efficiency of securities settlement systems worldwide, including cross-border settlement arrangements. For practical reasons, not all central banks and securities regulators can be represented directly in the Task Force.

The CPSS-IOSCO initiative will issue recommendations for the design, operation and oversight of securities settlement systems, covering both individual systems and the cross-border linkages between them. It will promote the implementation of measures that can reduce risks, increase efficiency and provide adequate safeguards for investors. The work is expected to contribute to efforts of the Financial Stability Forum to address vulnerabilities in the international financial system.

The Task Force on securities settlement systems comprises representatives of 20 central banks and securities regulators, in addition to the co-chairmen, from both industrialised and emerging market economies. Its formation represents continuing cooperation on issues of mutual concern to CPSS and IOSCO, and an intensified effort to foster stable and efficient global financial markets.

Notes to editors

1. The Committee on Payment and Settlement Systems (CPSS) serves as a forum for the central banks of the G10 countries to monitor and analyse developments in payment and settlement arrangements and to consider related policy issues. Non-G10 central banks are increasingly involved in the Committee's work. The Chairman of the CPSS is Wendelin Hartmann, member of the Directorate of the Deutsche Bundesbank. The CPSS Secretariat, headed by Gregor Heinrich, is hosted by the BIS. Previous CPSS publications include: Delivery versus payment in securities settlement systems (1992), Cross-border securities settlements (1995) and Core Principles for systemically important payment systems (1999) - a consultative report. A list of CPSS publications as well as the full text of a number of recent reports in English are available on the BIS website (

2. The International Organization of Securities Commissions (IOSCO), based in Montreal, currently groups 164 securities market regulators which have resolved to cooperate to promote high standards of regulation in order to maintain efficient and sound domestic and international securities markets. The Secretary General of IOSCO is Peter Clark, and its Technical Committee is chaired by Michel Prada, President of the Commission des Opérations de Bourse, France. IOSCO has published a number of reports concerning securities settlements, including Clearing and settlement in emerging markets - a blueprint (1992) and Cooperation between market authorities and default procedures (1996). Other IOSCO reports are listed on its website (

3. The current Task Force is the third joint initiative by the CPSS and IOSCO. The previous joint projects produced the following reports: Disclosure framework for securities settlement system (1997) and Securities lending transactions: market development and implications (1999), both of which are available on the BIS and IOSCO websites , and copies of which can be obtained from the BIS or the IOSCO.

The Task Force is chaired by Patrick Parkinson, Associate Director, Division of Research and Statistics, Board of Governors of Federal Reserve System in the United States, and Giovanni Sabatini, Head of Market Regulation Office, Commissione Nazionale per le SocietĂ  e la Borsa in Italy. The Secretary of the Task Force is provided by the CPSS Secretariat.

4. Information on the Financial Stability Forum is available on the Forum's website (