Reforming Payments and Securities Settlement Systems in Latin America and the Caribbean

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.