Table of contents

Foreword
Masaaki Shirakawa

Editor’s preface

About the editor

List of contributors

List of abbreviations

PAYMENT SYSTEMS – WHY THEY MATTER

Payment system design and public policy
Bruce Summers

The importance of financial market infrastructures
Daniel Heller

The interbank money market and its underpinning infrastructure
Terry Goh

Securities markets: a European central securities depository perspective
Marc Robert-Nicoud

Derivatives markets
Richard Heckinger

Foreign exchange, systemic risk and central bank strategy
Mandy Lam

Trade repositories
Richard Heckinger

The importance of the general purpose payment system
Jonathan Williams

Payments systems for individuals, corporates and governments
Carlo Tresoldi

Innovation in retail payments
Hemant Baijal and Harish Natarajan

Central bank payment services
Sean O’Connor

GOVERNANCE – ENSURING PERFORMANCE EXCELLENCE

The governance of payment systems: a UK blueprint
Paul Smee

Access to central bank accounts and services for payment systems
Joaquin Bernal

The importance of payment system standards
Harry Newman

Pricing in retail payment: a public policy perspective on pricing of payment cards
Wilko Bolt and Sujit Chakravorti

Purpose of oversight
Lawrence Sweet

Organising the oversight function
Knut Sandal

Payment and settlement systems oversight: methods and tools
Ron Berndsen

Risk management in payment systems
John Trundle

CASE STUDIES

Twenty-five years of Swiss Interbank Clearing: a review
Philipp Haene and Robert Oleschak

Foreign currency payment systems in Hong Kong
Esmond Lee

SEPA: the design, management and supervision of the euro payments market
Gerard Hartsink

Mobile payments innovation, financial inclusion and oversight: an Indian perspective
G. Srinivas

Oversight as catalyst for innovation in Mexico
Ricardo Medina-Alvarez