Committee on Payment and Settlement Systems

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Committee on Payment and Settlement Systems (CPSS)
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Products International organization that fosters the cooperation of central banks and international financial institutions
Web site www.bis.org

The Committee on Payment and Settlement Systems (CPSS) was an international committee established by the central banks of the Group of Ten (G10) countries under the auspices of the Bank for International Settlements (BIS). It played a crucial role in promoting the safety and efficiency of payment, clearing, and settlement systems.[1]

History and Evolution[edit]

The CPSS was established in 1990 as a response to the growing complexity and importance of payment and settlement systems in the global financial landscape. In September 2014, the CPSS was renamed to the Committee on Payments and Market Infrastructures (CPMI), reflecting its expanded mandate.[2]

CPSS cooperated with other groups such as the International Organization of Securities Commissions (IOSCO), the Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB), on certain issues such as global payment systems. On Jan. 17, 2012, the Committee on Payment and Settlement Systems (CPSS) and the technical committee of the International Organization of Securities Commissions (IOSCO) published their final report on the OTC derivatives data that should be collected, stored and disseminated by trade repositories.


Mandate and Objectives[edit]

The primary objectives of the CPSS were to:

  • Monitor and analyze developments in domestic and cross-border payment, clearing, and settlement systems
  • Develop standards and recommendations for the design and operation of these systems
  • Serve as a forum for central bank cooperation in related oversight, policy, and operational matters

Key Publications and Contributions[edit]

The CPSS produced numerous influential reports and guidelines, including:

  • Core Principles for Systemically Important Payment Systems (2001)
  • Recommendations for Securities Settlement Systems (2001, jointly with IOSCO)
  • Principles for Financial Market Infrastructures (2012, jointly with IOSCO)

These publications have become global standards for the regulation and oversight of payment and settlement systems.

Structure and Membership[edit]

The CPSS consisted of senior representatives from central banks of major economies. While initially focused on G10 countries, its membership expanded over time to include other significant financial centers.

Legacy and Impact[edit]

The work of the CPSS has been instrumental in shaping the global landscape of payment and settlement systems. Its standards and recommendations have been widely adopted by central banks and market regulators worldwide, contributing to the stability and efficiency of the global financial system.

The committee's successor, the CPMI, continues to build on this legacy, addressing emerging challenges in the rapidly evolving world of payments and market infrastructures.

References[edit]

  1. Committee on Payment and Settlement Systems. Bank for International Settlements.
  2. CPSS History. Bank for International Settlements.