At their meeting in June 2014, the central bank Governors of the Global Economy Meeting (GEM) endorsed a new mandate and charter for the Committee on Payment and Settlement Systems (CPSS). The GEM also decided to rename the CPSS as the Committee on Payments and Market Infrastructures (CPMI).
These changes align the name and mandate of the Committee more closely with its actual activities. They do not affect the way the Committee operates, its membership and responsibilities.
The CPMI's primary task is to promote the safety and efficiency of payment, clearing, settlement and related arrangements, thereby supporting financial stability and the wider economy. Comprising senior officials from 25 central banks, the Committee monitors and analyses developments in these arrangements, both within and across jurisdictions. It also serves as a forum for central bank cooperation in related oversight, policy and operational matters, including the provision of central bank services. The CPMI is a global standard setter that aims at strengthening regulation, policy and practices in this area worldwide.
Commenting on the new charter, the CPMI's Chair Benoît Cœuré said, "The Committee on Payments and Market Infrastructures will continue to be instrumental in deepening our understanding of payment, clearing and settlement arrangements, promoting their safety and efficiency and ensuring a level playing field globally." See below for full statement by the Chair.
Statement by CPMI Chair Benoit Cœuré
"Today, the Committee on Payment and Settlement Systems is changing its name to Committee on Payments and Market Infrastructures. However, it will not change its central role in shaping the payments, clearing and settlement infrastructure at a global level.“
"While its basic role has not changed over the years, the Committee has gradually expanded its field of interest, in parallel with the growing complexity and interdependencies of financial markets. It has strengthened its role as a global standard setter for the different types of financial market infrastructures and continued its policy and analytical work on an ever wider range of payment, clearing and settlement issues, including reports on oversight, retail payment systems and instruments, foreign exchange settlement risk and the interdependencies of payment and settlement systems.“
"Jointly with the International Organization of Securities Commissions (IOSCO), the Committee has issued the Principles for Financial Market Infrastructures, new and more demanding international standards that are designed to ensure that the infrastructure supporting global financial markets is more robust and thus well placed to withstand financial shocks, and it is now monitoring their implementation.“
"I am confident that in the years to come, the Committee on Payments and Market Infrastructure will continue to be instrumental in deepening our understanding of payment, clearing and settlement arrangements, promoting their safety and efficiency and ensuring a level playing field globally.“
Press release
© BIS - Bank for International Settlements
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