Systemically Important Payment System: Difference between revisions

Revision as of 18:09, 2 July 2016

Revision as of 17:03, 6 December 2017

Line 6:

In 2001, the [[Bank for International Settlements]] (BIS) issued the "Core Principles for Systemically Important Payment Systems",<ref>{{cite web|url=http://www.bis.org/publ/cpss43.pdf?noframes=1|title=Core Principles Systemically Important Payment Systems|date=2008-01-01|accessdate=2008-12-30|publisher=[[Bank for International Settlements]]}}</ref> and these are summarised below. In certain banking circles, these have become known as the 10 Commandments.

In 2003 the [[European Central Bank]] (ECB) further elaborated on how the principles should be applied in Euro retail payment systems",.<ref>{{cite web|url=http://www.ecb.int/pub/pdf/other/retailpsoversightstandardsen.pdf|title=OVERSIGHT STANDARDS FOR EURO RETAIL PAYMENT SYSTEMS|date=2003-05-01|accessdate=2008-12-30|publisher=[[European Central Bank]]}}</ref>

Subsequently, in response to the perceived increased risks of terrorist attacks, the ECB in 2006 published detailed oversight expectations for business continuity planning, greatly expanding on core principle number 7.<ref>{{cite web|url=http://www.ecb.int/pub/pdf/other/businesscontinuitysips2006en.pdf|title=BUSINESS CONTINUITY OVERSIGHT EXPECTATIONS FOR SYSTEMICALLY IMPORTANT PAYMENT SYSTEMS |date=2006-05-01|accessdate=2008-12-30|publisher=[[European Central Bank]]}}</ref>