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Committee On Payment And Settlement Systems

Learning About the Committee on Payment and Settlement Systems

The Committee on Payment and Settlement Systems consists of the central banks of the G10 countries. The G10 countries consist of eleven industrial countries that include United States of America, United Kingdom, Switzerland, Sweden, Netherlands, Japan, Italy, Germany, France, Canada, and Belgium.

The committee looks at the developments that take place in the payments and clearing systems so as to have a well defined market infrastructure.

The committee was founded in 1990; the Bank for International Settlements hosts its secretariat. Since its inception, the CPSS has set some standards and works towards promoting research and global cooperation, especially where settlement issues and payment in involved.

The Committee on Payment and Settlement Systems also collaborates with other groups like International Organization of Securities Commissions (IOSCO), Financial Stability Board (FSB), and the Basel Committee on Banking Supervision (BCBS) in order to work towards the betterment of global payment systems. The International Organization of Securities Commissions (IOSCO) and the Committee on Payment and Settlement Systems published their report in 2012, on the OTC derivatives that were to be collected and stored by trade repositories.

Importance of CPSS

The Committee on Payment and Settlement Systems works for security and payment settlement systems and is way for the central banks to look after related developments.

Organization and Membership

The chair of the committee is the President of the Federal Reserve Bank of New York, William C. Dudley, whereas the secretariat is Daniel Heller. The committee meets thrice a year and everything is reported to the Governors of the Global Economy Meeting.

The officials of the following member countries oversee the payment and settlement banks:

  • Australia
  • Belgium
  • Brazil
  • Canada
  • China
  • European Central Bank
  • France
  • Germany
  • Hong Kong
  • India
  • Italy
  • Japan
  • Korea
  • Mexico
  • Netherlands
  • Singapore
  • Sweden
  • Switzerland
  • Russia
  • Saudi Arabia
  • South Africa
  • Turkey
  • UK
  • USA

Working Groups

The working groups have set activities that lead to recommendations for Securities Settlement Systems and the associated parties.


Further Reading




Q&A About Committee On Payment And Settlement Systems


Who are the members of the committee?

The G1 countries, which include eleven industrial countries.

What does CPSS stand for?

Committee On Payment And Settlement Systems

Who is chair of CPSS ?

William C Dudley

Who is Daniel Heller ?

Daniel Heller is secretary-general of CPSS

When was the committee founded?

199.

What is the Committee on Payment and Settlement Systems?

The Committee on Payment and Settlement Systems is a group of central banks that looks at developments in payment systems.

What do they work towards promoting research and global cooperation about?

They promote research and global cooperation about settlement issues and payment in general.

Where does the secretariat for the committee reside?

The Bank for International Settlements hosts its secretariat.

How do they collaborate with other groups like IOSCO, FSB, BCBS to improve global payment systems?

They collaborate with other groups like IOSCO, FSB, BCBS to improve global payment systems by working together on projects such as OTC derivatives that were to be collected and stored by trade repositories.