Bank of Russia became a member of Committee on Payment and Settlement Systems

On July, 2009 the Bank of Russia became a member of Committee on Payment and Settlement Systems, the Bank for International Settlements (http://www.bis.org/press/p090724.htm).

The decision to expand the structure of CPSS’ participants is caused by increasing interdependencies among financial market infrastructures and their influence on financial stability. It also reflects the growing importance of cross-border cooperation and information sharing among participants in the global oversight community.

One of the Bank of Russia’s strategic task in crisis environment and active globalization processes in the payment and settlement systems area is to create conditions for continuity improvement as well as effectiveness of the national payment system and to optimize its interaction with international systems, including cross-border and multicurrency operations.

CPSS’ membership will enhance the Bank of Russia’s opportunities to make a contribution to financial stability via improvement of national and global payment and settlement infrastructure. It will also help to sustain the balance between oversight practices and standards, on the one hand, and market development and growth of interdependencies among various financial market infrastructures, on the other hand.

About the Committee on Payment and Settlement Systems (CPSS)

The CPSS is a standard-setting body for payment and securities 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.

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.

25.08.2009

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