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Cooperation within the payments system model of terms of reference for a payments council (Russo)

This working paper presents a model for Terms of Reference (TOR) for a cooperative body in the field of payments and securities settlement. This model is part of the methodology used for the assessment of the payments and securities settlement systems in the context of the Western Hemisphere Payments and Securities Clearance and Settlement Initiative (WHI). Following a request from the Western Hemisphere Finance Ministers, the World Bank in partnership with the Centro de Estudios Monetarios Latinoamericanos (CEMLA) has led this Initiative since 1999. The objective of the initiative is to describe and assess the payments systems of the western hemisphere with a view to identifying possible improvement measures in their safety, efficiency and integrity. To carry out this mandate the World Bank has sponsored an International Advisory Council (IAC) comprised of several institutions with high expertise in payments and securities clearance and settlement system.




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