Nine central banks join settlement systems group

July 24, 2009

ZURICH, July 24 (Reuters) – Nine central banks — including those from China and India — have joined the Committee on Payment and Settlement Systems (CPSS), the Bank for International Settlements said on Friday.

The CPSS — a forum for central banks to monitor developments in payment, clearing and settlement systems and in cross-border and multicurrency settlement schemes — now has 23 members. Its secretariat is hosted by the BIS.

“The expansion will enhance the committee’s ability to contribute to financial stability through improvements to the global payments and settlement infrastructure,” it said.

The new members are: Australia, Brazil, China, India, Mexico, Russia, Saudi Arabia, South Africa and South Korea.

They join Belgium, Canada, the European Central Bank, France, Germany, Hong Kong, Italy, Japan, the Netherlands, Singapore, Sweden, Switzerland, Britain and the United States.

The chairman of the committee is William Dudley, president of the Federal Reserve Bank of New York.

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