Source: http://www.scribd.com/doc/66828612/Payment-System-200909-En
Timestamp: 2015-03-01 15:48:33
Document Index: 535077492

Matched Legal Cases: ['art 1', 'art 2', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 9', 'art 10', 'art 16', 'art 18', 'art 19', 'art 20', 'art 23', 'art 24', 'art 25', 'art 26', 'art 27', 'art 29', 'art 34', 'art 35', 'art 36', 'art 37', 'art 40', 'art 41', 'art 44', 'art 45', 'art 46', 'art 47', 'art 48']

Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See moreDownloadStandard viewFull view of .Add to collectionMark as finishedMarked as finished. UndoRemove from libraryLook up keyword or sectionLike thisShare on social networks2Activity×Share to your social networks.TweetEmbedTable Of ContentsABBREVIATIONSFOREWORDACKNOWLEDGEMENTSINTRODUCTION1 GENERAL ASPECTS1.1 PAYMENTS AND THE PAYMENT SYSTEM1.2 LIFE CYCLE OF A PAYMENTChart 1 Stylised life cycle of a non-cash payment1.3 TYPES OF PAYMENT1.4 PAYMENT INSTRUMENTSChart 2 Credit and debit-based payment instrumentsBox 1 The most common non-cash payment instruments1.5 TRENDS IN THE USE OF PAYMENT INSTRUMENTS1.6 COMMUNICATION NETWORKSBox 2 Selected issues concerning communication networks2 PROCESSING (INCLUDING CLEARING) OF PAYMENTS2.1 IN-HOUSE HANDLING OF PAYMENTS2.2 CORRESPONDENT BANKING ARRANGEMENTSChart 4 Payments settled via correspondent banking2.3 PAYMENT SYSTEMS (INTERBANK FUNDS TRANSFER SYSTEMS)Box 3 Access to payment systemsBox 4 Netting3 SETTLEMENT3.1 SETTLEMENT ASSETSBox 5 Central bank and commercial bank money3.2 SETTLEMENT INSTITUTIONS3.3 SETTLEMENT METHODS4 SELECTED KEY ISSUES IN PAYMENT SYSTEMS4.1 TYPES OF PAYMENT SYSTEMTable 1 Main types of systemTable 2 Main payment systems in the euro area and the G10Box 6 Different types of payment systemChart A Payments settled in a multilateral net settlement systemChart B Payments settled via an RTGS systemChart C The settlement process with a central queue4.2 CARD PAYMENT SYSTEMSChart 5 Business models for card paymentsBox 7 Fraud preventionBox 8 Two-sided markets and interchange feesThe interchange fee structure4.3 OFFSHORE SYSTEMS5 CROSS-BORDER AND CROSS-CURRENCY PAYMENTS5.1 ISSUES IN CROSS-BORDER PAYMENTSChart 6 Stylised representation of a PvP mechanism1.1 THE SECURITIES MARKET1.2 FUNCTIONS AND INSTITUTIONS IN THE SECURITIES INDUSTRYChart 7 Stylised life cycle of a securityTable 3 Functions and institutions in the securities industry1.3 ISSUANCE AND CENTRAL SECURITIES DEPOSITORIESBox 9 Developments in issuanceBox 10 Eurobond issuanceTable 4 Comparison of services provided by CSDs and ICSDs1.4 HOLDING STRUCTURES AND THE CUSTODY INDUSTRYChart 8 Examples of multi-tiered intermediation in securities
custody2 TRADING2.1 TRADING VENUES AND PARTIES2.2 TRADE CONFIRMATION AND MATCHING3.1 GENERAL CONCEPT3.2 CENTRAL COUNTERPARTY CLEARINGChart 9 Effects of bilateral netting and novation by a CCP3.3 MAIN RISKS AND RISK MANAGEMENT PROCEDURES OF CCPsChart 10 How clearing participants post initial and variation margin3.4 CCP INTEROPERABILITY AND LINKS4 SETTLEMENT4.1 SETTLEMENT DATES AND INTERVALSBox 12 Settlement intervals4.2 DELIVERY VERSUS PAYMENT4.3 INTERACTION BETWEEN SECURITIES AND CASH SETTLEMENT
SYSTEMS4.4 EMBEDDED PAYMENT SYSTEMS4.5 BANKING SERVICES FACILITATING SECURITIES SETTLEMENTTable 5 Major funds transfer systems in euroSecurities clearing and settlement procedures5 CROSS-BORDER HANDLING OF SECURITIES5.1 USE OF CUSTODIANS5.2 LINKS BETWEEN CSDs1.1 THE DERIVATIVES MARKET1.2 MAIN TYPES OF DERIVATIVE1.3 THE SIZE OF THE OTC MARKETChart 16 OTC derivatives: notional amounts outstanding1.4 A STYLISED LIFE CYCLE OF A DERIVATIVES CONTRACTChart 18 A derivatives transaction from trade to confirmationChart 19 Life cycle elements of an OTC derivatives trade2 TRADING AND POST-TRADE SERVICES2.1 STYLISED EVOLUTION OF PRODUCTS AND TRADING MODALITIES2.2 ON-EXCHANGE TRADING2.3 OVER-THE-COUNTER TRADING2.4 TRADE REPOSITORIES2.5 ASSIGNMENT3 CLEARING3.1 BILATERAL CLEARINGTable 7 Use of portfolio reconciliation servicesTable 9 Collateralisation levels by type of counterpartyTable 8 Percentage of trades which are subject to collateral
agreements3.2 CCP CLEARING3.3 PORTFOLIO COMPRESSION3.4 RECENT INITIATIVESBox 14 How portfolio compression works4.1 DERIVATIVES SETTLED IN CASH4.2 DERIVATIVES SETTLED PHYSICALLY1 INTRODUCTION2 CREDIT RISK2.1 CREDIT RISK IN PAYMENT SYSTEMS2.2 FOREIGN EXCHANGE SETTLEMENT RISK2.3 SETTLEMENT AGENT RISK2.4 CREDIT RISK IN SECURITIES SETTLEMENT SYSTEMS2.5 CUSTODY RISK2.6 RISKS IN INTERNALISED SECURITIES SETTLEMENT2.7 RISKS RELATED TO CENTRAL COUNTERPARTIES3 LIQUIDITY RISK3.1 LIQUIDITY RISK IN PAYMENT SYSTEMS3.2 LIQUIDITY RISK IN SECURITIES SETTLEMENT SYSTEMS4 OPERATIONAL RISK4.1 GENERAL CONSIDERATIONS4.2 OPERATIONAL RISK MANAGEMENT AND BUSINESS CONTINUITY5 LEGAL RISK5.1 LEGAL RISK IN PAYMENT SYSTEMS5.2 LEGAL RISKS IN SECURITIES SETTLEMENT SYSTEMS6 SYSTEMIC RISK6.1 SYSTEMIC RISK IN PAYMENT SYSTEMSIN THE FIELD OF MARKET INFRASTRUCTURE1 NETWORK EFFECTS AND EXTERNALITIES2 ECONOMIES OF SCALE AND SCOPEChart 20 Long-run average cost curve3 NATURAL AND QUASI-MONOPOLIES4 MORAL HAZARD5 COST RECOVERY AND PRICING, AND PUBLIC GOODS6 TWO-SIDED MARKETSINFRASTRUCTURE SERVICES1 A SOUND LEGAL BASISBox 15 A basic legal framework2 FINALITY3 NETTING4 COLLATERAL5 ZERO-HOUR RULES6 CONFLICTS OF LAW7 BOOK-ENTRY SECURITIES2 RATIONALE FOR CENTRAL BANK INVOLVEMENT2.1 HISTORICAL REASONS2.2 LINKS WITH MONETARY POLICY AND FINANCIAL STABILITY2.3 ADDRESSING POTENTIAL FAILURES BY INFRASTRUCTURES3 POTENTIAL ROLES OF CENTRAL BANKS3.1 OBJECTIVES AND ROLES OF A CENTRAL BANK3.2 THE CENTRAL BANK AS OPERATOR3.3 THE CENTRAL BANK AS OVERSIGHT AUTHORITYTable 10 Objectives of the oversight and catalyst functionsBox 17 Principles for effective oversightBox 18 Distinction between banking supervision and oversight3.4 THE CENTRAL BANK AS CATALYST4 TRENDS AFFECTING THE ROLE OF THE CENTRAL BANK4.1 INNOVATION AND TECHNOLOGICAL PROGRESS4.2 INTERDEPENDENCIES4.3 DELOCATION4.4 CONCENTRATIONIN THE EURO AREA1 INTRODUCTION 162 PAYMENT INSTRUMENTS2.1 CASH2.2 NON-CASH PAYMENT INSTRUMENTS3 LARGE-VALUE PAYMENT SYSTEMS OPERATING IN EURO3.1 TARGET2Chart 23 Large-value payment systems in 1998 and 19993.2 EURO1Chart 24 The EURO1 liquidity bridge3.3 CONTINUOUS LINKED SETTLEMENT SYSTEM3.4 OTHER LARGE-VALUE SYSTEMS OPERATING IN EUROChart 25 CLS settlement cycle4 RETAIL PAYMENT ARRANGEMENTS IN EURO4.1 THE SINGLE EURO PAYMENTS AREA PROJECTChart 26 Main stakeholders in the creation of SEPAChart 27 The main elements of SEPABox 19 The SEPA building blocksBox 20 Main benefits of SEPA for the various stakeholders4.2 EURO AREA-WIDE RETAIL PAYMENT SYSTEMS4.3 NATIONAL RETAIL PAYMENT SYSTEMSTable 12 Retail payment systems in the euro area4.4 INTEROPERABILITY BETWEEN RETAIL PAYMENT SYSTEMSChart 29 Settlement of SEPA credit transfers in linked CSMs4.5 CARD PAYMENT SCHEMESTable 13 Card schemes operating in the euro area5 CORRESPONDENT BANKING ARRANGEMENTSUnited StatesTable 14 Overview of main post-trading initiatives3 SECURITIES AND DERIVATIVES TRADING IN THE EURO AREABox 22 Consolidation in the stock exchange industry3.1 EQUITIESTable 15 Main trading venues in the euro area as at 31 December 20083.2 DEBT INSTRUMENTS3.3 DERIVATIVESTable 17 Exchange-traded derivatives turnoverTable 18 Total outstanding amounts of OTC derivativesTable 19 Shares of euro and US dollar-denominated OTC derivativesTable 20 Share of EU counterparties in the global OTC derivatives
market4 CENTRAL COUNTERPARTY CLEARING IN THE EURO AREA4.1 AN EVOLVING LANDSCAPETable 21 Euro area central counterparties as at end-December 20094.2 EQUITIES AND DEBT INSTRUMENTSTable 22 Key statistics for European CCPs in 20084.3 DERIVATIVES5 SECURITIES SETTLEMENT INFRASTRUCTURE5.1 CSDs AND SSSsTable 23 CSDs in the euro areaTable 24 Key statistics for euro area CSDs and SSSs as at end-2008Table 25 Embedded payment systems operating in euroBox 23 Consolidation around the two ICSDsChart A Consolidation around the two ICSDs: EuroclearChart B Consolidation around the two ICSDs: Clearstream5.2 LINKS AND THE CROSS-BORDER SETTLEMENT OF COLLATERAL6 CUSTODY1 TOWARDS GREATER HARMONISATION AND LEGAL CERTAINTYBox 24 Regulations and directives2 AREAS AND ISSUES COVERED BY EXISTING LEGISLATION3 LEGAL ACTS CONCERNING PAYMENTS, CLEARING AND SETTLEMENT3.1 E-MONEY DIRECTIVE3.2 REGULATION ON CROSS-BORDER PAYMENTS IN THE COMMUNITY3.4 PAYMENT SERVICES DIRECTIVE3.5 SETTLEMENT FINALITY DIRECTIVE3.6 FINANCIAL COLLATERAL DIRECTIVE3.7 MIFID4 LEGISLATIVE INITIATIVES2 TARGET22.1 THE BACKBONE FOR THE SETTLEMENT OF PAYMENTS IN EURO2.2 HISTORICAL BACKGROUNDChart 34 Turnover in selected large-value payment systems2.3 TARGET2 PROPERTIESChart 35 Structure of the SSPTable 26 Operational day for TARGET22.4 LIQUIDITY AND ITS MANAGEMENTBox 25 Liquidity management features in TARGET22.5 ACCESS AND PRICINGTable 27 Pricing scheme for TARGET2 core services2.6 OPERATIONAL RISK MANAGEMENTChart 36 Structure of the TARGET2 risk management framework2.7 SOME FIGURESChart 37 Resilience based on the “two regions – four sites”
principleTable 28 Payment value bands in TARGET in 2009Chart 40 Development of payment volumes in TARGET: 1999-20093 THE CORRESPONDENT CENTRAL BANKING MODEL3.1 THE EURO AREA-WIDE USE OF COLLATERALChart 41 Development of payment values in TARGET: 2005-093.2 THE CURRENT MODELChart 44 The CCBMChart 45 CCBM2 modules4 TARGET2-SECURITIES4.1 INTEGRATION OF SECURITIES INFRASTRUCTURES4.2 THE BASIC CONCEPT OF T2SChart 46 T2S – a single platform for settling cash and securities4.3 MAJOR PROJECT MILESTONESChart 47 Timeline for the establishment of T2S4.4 GOVERNANCE AND ORGANISATIONChart 48 The governance structure of T2S1 OVERSIGHT IS A CENTRAL BANK FUNCTION3 OVERSIGHT RESPONSIBILITIES4 SCOPE OF OVERSIGHTBox 26 Oversight policy documents published
by the Eurosystem4.1 PAYMENT SYSTEMSBox 27 The Eurosystem’s oversight policy on business continuityBox 28 The oversight of retail payment systems4.2 PAYMENT INSTRUMENTS4.3 SECURITIES CLEARING AND SETTLEMENT SYSTEMS4.4 CORRESPONDENT BANKS AND CUSTODIAN BANKS4.5 THIRD-PARTY SERVICE PROVIDERS5 OVERSIGHT METHODSBox 31 Common oversight assessments conducted by the EurosystemBox 30 Payment Economics Network6 ORGANISATIONAL SET-UP AND ALLOCATION OF ROLES
WITHIN THE EUROSYSTEMBox 32 Oversight conducted by the ECB7 COOPERATIVE OVERSIGHT7.2 COOPERATIVE OVERSIGHT ARRANGEMENTSBox 33 Cooperative oversight arrangements7.3 COOPERATION WITH OTHER AUTHORITIESBox 34 Existing memoranda of understanding1 A CATALYST FOR MARKET EFFICIENCY AND INTEGRATION2 LEADERSHIP AND COORDINATION3 AREAS OF INVOLVEMENT3.1 INTEGRATION OF RETAIL PAYMENT MARKETSBox 35 Ensuring stakeholder involvement: the SEPA Council3.2 INTEGRATION OF SECURITIES INFRASTRUCTURES4 DEVELOPING AND SHARING THE EUROSYSTEM’S EXPERTISE1 THE LEGAL BASIS FOR EUROSYSTEM INVOLVEMENT1.1 INTRODUCTION1.4 THE ECB’S LEGAL ACTS AND INSTRUMENTSBox 36 ECB legal acts and instruments12 THE EUROSYSTEM’S COOPERATION FRAMEWORK2.1 THE NEED FOR INTERACTION2.4 INTERACTION AT THE GLOBAL LEVEL3 ORGANISATION WITHIN THE ECB AND THE EUROSYSTEM3.1 DECISION-MAKING BODIES OF THE ECB3.2 ORGANISATION AT THE ECB3.3 ADVISORY BODIES TO THE ECB’S DECISION-MAKING BODIESBIBLIOGRAPHY0 of .Results for: No results containing your search query{{& result_text }}
P. 1Payment System 200909 EnPayment System 200909 EnRatings: (0)|Views: 369|Likes: 0Published by Michiel BeerensMore info:Published by: Michiel Beerens on Sep 29, 2011Copyright:Attribution Non-commercialAvailability:Read on Scribd mobile: iPhone, iPad and Android.download as PDF, TXT or read online from ScribdFlag for inappropriate content|Add to collectionSee moreSee lesshttps://www.scribd.com/doc/66828612/Payment-System-200909-En09/29/2011pdftextoriginal You're Reading a Free Preview
Similar to Payment System 200909 EnLetters of Creditnajamahmad101 Ways to Boost Your Businessmaged_lamiyBlack-Hills/Colorado-Elec.Utility-Co.-LP-Gas-Rates-and-RulesGenabilityOpenerp Logistics Book.completeClaudecir Garcia MartinsRisk Analytics MastersstammsResearch Methodology Methods and Techniques by CR KotharilinongeriC# TutorialNéstor GoytiaIFRS in India - Key AspectsJayachandra GoudGuide to Accounting for Income Taxes NewRahul ModiThe Successful Introvertbecks5455989065 4026183 Configuring FICO Lawrence RebelloMeetGlenVv Reader SmallLarisa CrunţeanuACCA-Paper-F3-Notes-OpenTuition2jas4123pMicro Strategy Adminrush2kar15Mark Fisher - The Logical Trader Applying a Method to the...Claudio MeirelesThe History of the Standard Oil Company Vol 1Michaela Garner SavillThe Ultimate Business Guru BookmmylostLivro+ Beyond+ +Tom+Funkhefferan010470015098 Excel BusinessArif SheikhComputer SciencecsecUSMSimulationhoanglonghvktqsIntro CompletepeacengellbsaScript KiddieiFinance3ManualWilliam GalvãoNinja Trader Version 6 Help Guidetrader144
RecommendedLetters of Creditnajamahmad101 Ways to Boost Your Businessmaged_lamiyBlack-Hills/Colorado-Elec.Utility-Co....GenabilityOpenerp Logistics Book.completeClaudecir Garcia MartinsRisk Analytics MastersstammsResearch Methodology Methods and Tech...linongeriC# TutorialNéstor GoytiaIFRS in India - Key AspectsJayachandra GoudGuide to Accounting for Income Taxes NewRahul ModiThe Successful Introvertbecks5455989065 4026183 Configuring FICO Law...MeetGlenVv Reader SmallLarisa CrunţeanuACCA-Paper-F3-Notes-OpenTuition2jas4123pMicro Strategy Adminrush2kar15Mark Fisher - The Logical Trader Appl...Claudio MeirelesThe History of the Standard Oil Compa...Michaela Garner SavillThe Ultimate Business Guru BookmmylostLivro+ Beyond+ +Tom+Funkhefferan010470015098 Excel BusinessArif SheikhComputer SciencecsecUSMUploaded from Google DocsSimulationhoanglonghvktqsIntro CompletepeacengellbsaScript KiddieiFinance3ManualWilliam GalvãoNinja Trader Version 6 Help Guidetrader144Previous|NextPage 1 of 7