BIS Committee on Payment and Settlement Systems Gets New Members

The BIS CPSS gets a bunch of new members. The central banks of Australia, Brazil, China, India, Mexico, Russia, Saudi Arabia, South Africa and South Korea have decided to join the BIS commitee which describes itself in the following way:

The Committee on Payment and Settlement Systems (CPSS) serves as a forum for central banks to monitor and analyse developments in domestic payment, clearing and settlement systems as well as in cross-border and multicurrency settlement schemes. This note reviews the history and organisation of the CPSS, the Committee’s standard-setting activities and the analytical reports published by the CPSS.

The BIS and with it the CPSS are located in Basel, Switzerland.

BIS Tower Basel

The current members are (source BIS)

National Bank of Belgium
Bank of Canada
European Central Bank
Bank of France
Deutsche Bundesbank
Hong Kong Monetary Authority
Bank of Italy
Bank of Japan
Netherlands Bank
Monetary Authority of Singapore
Sveriges Riksbank
Swiss National Bank
Bank of England
Board of Governors of the Federal Reserve System
Federal Reserve Bank of New York

The move is expected to

[E]nhance the Committee’s ability to contribute to financial stability through improvements to the global payments and settlement infrastructure. The expansion will also help the Committee keep oversight practices and standards in line with market developments and with increasing interdependencies among financial market infrastructures.

the BIS said in a press release on July 24, 2009.