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In the Latin America and Caribbean Region (LAC) efforts to raise the awareness of the importance of modernizing national payments systems were formalized in 1999 through the \"Western Hemisphere Payments and Securities Clearance and Settlement Initiative\" (WHI), dedicated to the assessment of payments and securities settlement systems in the LAC countries. This book extracts the main lessons and experiences of the WHI. It describes major trends in payments and securities settlement systems worldwide and undertakes an assessment of LAC systems in relation to international standards and best practices.

This paper examines the impact of ongoing cross-border integration of securities market infrastructure in the European Union. In particular, it analyzes the regulatory framework that has evolved to deal with the risks associated with cross-border clearing and settlement and concludes that, due to institutionalized deficiencies, the current cross-border regulatory framework may not be adequate or effective in addressing and preventing a real cross-border crisis. The paper proposes a two-tier regulatory framework for securities infrastructure in Europe entailing the creation of a centralized \"federal\" European regulatory framework for regional systems, in addition to the current national regulatory framework for domestic systems.

In the Latin America and Caribbean Region (LAC) efforts to raise the awareness of the importance of modernizing national payments systems were formalized in 1999 through the \"Western Hemisphere Payments and Securities Clearance and Settlement Initiative\" (WHI), dedicated to the assessment of payments and securities settlement systems in the LAC countries. This book extracts the main lessons and experiences of the WHI. It describes major trends in payments and securities settlement systems worldwide and undertakes an assessment of LAC systems in relation to international standards and

This publication was prepared for the Cross-Border Settlement Infrastructure Forum (CSIF) to support its efforts to establish central securities depository and real-time gross settlement linkages. It aims to build a common understanding among CSIF members about international standards and gateways for these linkages, including user requirements and technical specifications. The publication reflects the collaborative efforts currently underway to further harmonize and integrate bond markets among the ASEAN+3 economies.

To protect economic stability, postcrisis regulation requires financial institutions to clear and settle most of their derivatives contracts through central counterparties, such as clearinghouses associated with securities exchanges. This Article asks whether regulators should expand the central clearing requirement to nonderivative financial contracts, such as loan agreements. This Article begins by theorizing how and why central clearing can reduce systemic risk. It then examines the theory's regulatory and economic efficiency implications, first for current requirements to centrally clear derivatives contracts and thereafter for deciding whether to extend those requirements to nonderivative contracts. The inquiry has real practical importance because the aggregate monetary exposure on nonderivative financial contracts—and thus the potential systemic risk that could be triggered by that exposure—greatly exceeds that on derivatives contracts. The inquiry also raises fundamental legal questions as to why (and the extent to which) regulators should tell financial institutions how to control risk and whether to require the mutualization of risk. To protect economic stability, postcrisis regulation requires financial institutions to clear and settle most of their derivatives contracts through central counterparties, such as clearinghouses associated with securities exchanges. This Article asks whether regulators should expand the central clearing requirement to nonderivative financial contracts, such as loan agreements. This Article begins by theorizing how and why central clearing can reduce systemic risk. It then examines the theory's regulatory and economic efficiency implications, first for current requirements to centrally clear derivatives contracts and thereafter for deciding whether to extend those requirements to nonderivative contracts. The inquiry has real practical importance because the aggregate monetary exposure on nonderivative financial contracts—and thus the potential systemic risk that could be triggered by that exposure—greatly exceeds that on derivatives contracts. The inquiry also raises fundamental legal questions as to why (and the extent to which) regulators should tell financial institutions how to control risk and whether to require the mutualization of risk.