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"This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).
"This book analyzes the evolutionary trends, functions and mechanisms of payment systems and presents an in-depth explanation of how these trends led to the reduction of settlement risk and the importance of such mechanisms that have contributed to the evolutionary progress of payment systems"--Résumé de l'éditeur.
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
"The Committee on Payment and Settlement Systems (CPSS) publishes - under the aegis of the Bank for International Settlements (BIS) - reference works on the payment systems and other financial market infrastructures of various countries, widely known as Red Books. The Red Book for the CPSS countries was last published in April 2003. After the enlargement of the CPSS to 24 countries in 2009, this edition of the Red Book for the CPSS countries is in two volumes"--Foreword.
A comprehensive account of the theory and practice of large-value payment systems in the banking sector. In particular it explores central banks' roles in payment systems, the risks on which central banks focus in their oversight activities, and the challenges central banks face as the payments and settlement landscape evolves.