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CAIRO BOOKS's Description
Payments and securities settlement systems are considered critical for the
safe and effective functioning of a financial system. In Latin America and the
Caribbean, efforts to raise the awareness of the importance of modernizing
national payments systems were formalized through the 1999 Western Hemisphere
Payments and Securities Clearance and Settlement Initiative (WHI). 'Reforming
Payments and Securities Settlement Systems in Latin America and the Caribbean'
extracts the main lessons and experiences of the WHI, describing trends in
payments and securities settlement systems worldwide and assessing Latin
American and Caribbean systems in relation to international standards and best
practices. Assessments cover legal and regulatory frameworks, interbank
exchange and settlement circuits, retail settlement systems, government
payments, foreign exchange and cross-border settlement, the interbank money
market, securities settlement systems, and the oversight role of the central
bank and its coordination with other authorities and the private sector.