Dear Delegate, EFFECTIVE OVERSIGHT OF PAYMENT
AND SETTLEMENT SYSTEMS
A reliable and efficient payment system is crucial to the
orderly operation of a nation's banking and financial system,
its real economy and to the reputation of the central bank.
The course/seminar will challenge delegates
to question whether they have fully considered the practical,
legal and regulatory implications for the management of their
payment systems in both national and international contexts.
With the realisation of far-reaching payment
initiatives at the supra-national level, technological innovation
and the growing political recognition of the necessity of
well-designed payment systems, this training course/seminar
focuses on the duties of central banks in developing and overseeing
payment systems, in developed countries as well as emerging
markets.
The four-day programme addresses the revolution
in international payment systems, the progress of cross-border
initiatives, key issues in security settlement and liquidity
provision, the conversion to electronic payments and the emergence
of e-money.
The IMF and World Bank's incorporation
of the Core Principles into the Financial Sector Assessment
Programme has raised the standards for payment systems. How
has the assessment developed and what has been the experience
of those involved?
Cross-border payment initiatives at a regional
level present new challenges for central banks - what are
the key issues in linking financial infrastructures and how
can the necessary technological developments be implemented
and operational risk managed that the initiatives require?
Participants will have frequent opportunities
to learn from expert speakers and from each other, through
discussions of their own national experiences and case studies.
The independent standpoint of the conference
sponsor, Central Banking Publications Ltd, will naturally
encourage free discussion of sensitive issues and potentially
allows a broader coverage of issues than courses and conferences
organised by official institutions, or by commercial conference
companies.
We look forward to welcoming you to Cambridge on September
5th.
Yours sincerely,
William Clarke, CBE, PhD Chairman, Central Banking
Publications Ltd
Sunday 5th SEPTEMBER
Reception
Drinks and Welcoming Dinner
Monday 6th SEPTEMBER
MEETING
RAISED STANDARDS IN PAYMENT SYSTEM OVERSIGHT
The role of the central
bank in payment system oversight Peter
Allsopp Allsopp Consultancy
Services
former Head of Payment Systems, Bank of England
Central banks face an expanding series of complex
challenges related to payment systems and their development.
They must trade off diverse public policy objectives,
balancing safety and cost-effectiveness. To ensure
that systems work, or that necessary work is enacted,
the central bank must take a lead role. In this opening
session delegates will be expected to discuss individual
payment systems and the particular challenges faced
by their institution in their operation.
Building on the Core
Principles
Speaker to be confirmed The Core Principles for Systemically Important
Payment Systems are now recognised as providing the
foundations for a safe, reliable and efficient national
payment systems, yet the practical interpretation
of these standards remains a challenge for many central
banks as payment system overseers or providers. This
session will discuss the benefits of the framework,
the challenges of practical application of the principles,
and will focus on specific areas of interpretation
of key principles. The group will also assess how
they might develop or change in the future.
Liquidity in real
time payment systems Brian Larkman former Global
Head of Money Markets
Financial Markets Division, Royal Bank of Scotland
Group
Real time gross settlement
systems place immense demands on market liquidity
and liquidity-management by institutions. The presenter,
a former head of money markets at one of the UK's
largest banking groups, will discuss the management
of a large commercial bank's intra-day liquidity.
What are the implications for central banks?
Meeting payment
system challenges in the FSAP
Speaker to be confirmed
According to IMF assessments of systematically important
payment systems (SIPS) many countries' systems may
be vulnerable to internal or external shocks. How
can central banks improve and strengthen critical
payments infrastructure? What are the main priorities
for central banks seeking to improve the robustness
and legal basis of the payment systems in their jurisdictions?
The speaker will review developments in the assessment
of countries' compliance with the Core Principles
(CPSIPS), within the context of the IMF's and the
World Bank's Financial Sector Assessment Programme
(FSAP).
Tuesday 7th SEPTEMBER
SCOPE
AND EFFECTIVENESS OF PAYMENT SYSTEM OVERSIGHT
Determining the
boundaries of payment system oversight Andy Haldane Head of International
Finance, Bank of England
Expanding, globalised markets
and technological advances have created new possibilities
and demands for payment systems. The safety of these
systems must be ensured, but innovation and entry
into the market also encouraged. Which of these systems
need oversight? Who is best suited to this role? How,
by whom, and with what remit should this function
be carried out? The speaker will discuss possible
roles and approaches for central banks in this expanding
and challenging area. The
role of the central bank in payment system oversight
Workshop
Delegates will be split
into smaller groups to consider the key challenges
and solutions in the oversight of all payment systems
and where - if at all - the central bank fits in.
Peter Allsopp will lead and moderate this interactive
workshop session.
Cross-border
payments - a private sector view Paul
Gray Management Adviser,
Payment Solutions & Strategy, Co-operative Bank
(invited)
Smooth and safe cross-border payments
are essential for globalised and expanding trade.
What role can central banks play in improving these
links? This session outlines the challenges an international
bank faces in working with central banks in different
countries to provide efficient cross-border payment
and settlement services for a wide range of customers.
Strengthening cross-border
links Francisco Tur Hartmann Principal
Expert, Payment Systems Policy Division, ECB
In this case study on the development
of cross-border links the speaker discusses the lessons
learned from the work to integrate cross-border payments
with those countries aiming to join the eurozone.
The session will also cover lessons learnt from the
first phase of cross-border European payment systems
and securities settlement systems, and the prospects
of future links.
Wednesday 8th SEPTEMBER
STRENGTHENING
LINKAGES IN PAYMENT SYSTEMS
Raising
standards in security settlement Daniella Russo European
Central Bank
Efficient settlement
of securities, as collateral for a payment, is critical
to providing and maintaining a liquid money market.
This has been recognised by the CPSS/IOSCO recommendations,
which form part of the FSAP programme. This session
will discuss how the quality of these systems can be
raised and their linkages to large-value payment systems
strengthened to meet the needs of the central banks
and the commercial banks, and the role that central
banks play in this process.
Security
settlement - a private sector view Speaker to be confirmed
Building on the discussions of the
morning, this session develops the theme of security
settlement modernisation and the impact on markets and
of the CPSS/IOSCO recommendations. In particular, the
session will consider the needs of commercial banks
using security settlement systems and how central banks
can improve the quality of these systems to strengthen
financial market infrastructure. New
legal issues in e-money Laura Edgar Lecturer in Taxation
and Electronic Commerce Law
Queen Mary University of London
The use of e-money and e-commerce
fit uneasily into current legal structures. How can
national authorities maintain a legal structure that
facilitates transactions in these media? This session
will consider how legal regimes can help to ensure safe
and efficient payments over the internet. In addition
the speaker will examine the variety of legal approaches
to the regulation of e-money in general.
Thursday
9th SEPTEMBER
MANAGING TECHNOLOGICAL INNOVATION AND
OPERATIONAL RISK
Technological
innovation Tim Jones Chief
Executive, Simpay Limited
Over the last decade aggressive
innovation has given rise to a host of competitive new
payments technologies. Regulation and oversight have
a critical role to play in facilitating - or retarding
- this innovation. This case study examines the growth
of mobile-phone-based payments and considers the appropriate
response for payment system overseers.
Preventing
financial sector disruption John
Trundle Head of
Market Infrastructure Division, Bank of England
Central banks and regulatory agencies have become
increasingly aware of the importance of careful and
robust continuity planning for financial sector emergencies
from whatever source. The Bank of England takes a lead
role in preparing and safeguarding the smooth running
of the City in the event of major operational disruption.
John Trundle, who heads the Bank's market infrastructure
division, explains the Bank's approach, what safeguards
can be put in place and how IT and other operational
risks can be monitored and controlled.
The
future of payment systems Michael
Lewis Director, APACS
This session will explore some of the possible future
directions which evolving money and payment systems
technologies may follow and the supervisory consequences
these imply. What will be the consequences for central
banks of a proliferation of issuers and currencies?
Alternatively, will we see the emergence of a single
global currency? How will digital value contracts evolve
and what will be the regulatory implications?
HOW TO REGISTER
Places on these seminars are strictly limited
and allocated on a first-come first-served basis.To register for any
of these courses, please download and print the Registration
Form (or the final page of the PDF version of the relevant
course programme), fill in the details as appropriate and fax to Central
Banking Publications on +44 20 7388 9040
