Payment, clearing and settlement systems in the CPSS countries - Volume 1

September 2011

The Committee on Payment and Settlement Systems (CPSS) publishes - under the aegis of the Bank for International Settlements (BIS) - reference works on the payment systems and other financial market infrastructures of various countries, widely known as Red Books.

The Red Book for the CPSS countries was last published in April 2003. After the enlargement of the CPSS to 24 countries in 2009, this edition of the Red Book for the CPSS countries is in two volumes. This first volume comprises 10 CPSS countries: Australia, Brazil, Canada, India, Korea, Mexico, Russia, Singapore, Sweden and Switzerland. The second volume, which covers Belgium, China, France, Germany, Hong Kong SAR, Italy, Japan, the Netherlands, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States and also has chapters on the euro area and international payment arrangements, is planned to be published in 2012.

Properly functioning financial market infrastructures enhance the stability of the financial sector, reduce transaction costs in the economy, promote the efficient use of financial resources, improve financial market liquidity and facilitate the conduct of monetary policy. I hope that this new edition of the CPSS Red Book will contribute to the general understanding and awareness of these issues by providing information on the arrangements in the CPSS countries.

I would like to thank all those who contributed to the publication of this Red Book by writing their country texts. Thanks also to the BIS staff for making this volume ready for publication, and particularly to David Maurer, who coordinated the production and led the process of editing the country texts.

William C Dudley, Chairman
Committee on Payment and Settlement Systems 

Full text (PDF, 436 pages, 1,634 kb)                    
Foreword (PDF, 5 pages, 24 kb)                    
Full chapters AU BR CA CH IN KR MX RU SE SG
1. Institutional aspects AU BR CA CH IN KR MX RU SE SG
2. Payment media used by non-banks AU BR CA CH IN KR MX RU SE SG
3. Payment systems (funds transfer systems) AU BR CA CH IN KR MX RU SE SG
4. Systems for post-trade processing, clearing and securitites settlement AU BR CA CH IN KR MX RU SE SG