Committee on Payment and Settlement Systems broadens its membership

24 July 2009

Press release

The membership of the Committee on Payment and Settlement Systems (CPSS) was recently broadened when the central banks of Australia, Brazil, China, India, Mexico, Russia, Saudi Arabia, South Africa and South Korea accepted the Committee’s invitation to join.

With its newest members, the CPSS now consists of representatives from Australia, Belgium, Brazil, Canada, China, the European Central Bank, France, Germany, Hong Kong SAR, India, Italy, Japan, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sweden, Switzerland, the United Kingdom and the United States.

The expansion will enhance the Committee’s ability to contribute to financial stability through improvements to the global payments and settlement infrastructure. The expansion will also help the Committee keep oversight practices and standards in line with market developments and with increasing interdependencies among financial market infrastructures.

About the Committee on Payment and Settlement Systems

The CPSS 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 chairman of the Committee is William C Dudley, President of the Federal Reserve Bank of New York. The CPSS secretariat is hosted by the BIS.