Systemically Important Payment System: Difference between revisions

Revision as of 15:57, 30 December 2008

Revision as of 16:48, 31 December 2008

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==OPERATION OF A SIPS==

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>