International standards

Like most other central banks, the Riksbank has a responsibility to oversee the functioning of the country’s payment systems. Internationalisation has increased the requirement that different countries’ payment systems meet certain common minimum standards in order to strengthen the stability of the financial systems.

 

In recent years, a number of norms have therefore been established for payment systems in various countries. There are different types of minimum requirements for different types of payment and settlement systems. The Riksbank regularly assesses the Swedish systems in accordance with these norms. The Riksbank has assessed the system that manage payments to and from the banks' accounts the Riksbank, RIX; Bankgirocentralen, BGC; VPC AB and the Stockholm Stock Exchange’s central counterparty services. The assessments can be viewed by clicking on the links below.

 

The Riksbank also takes part in the assessment of certain international systems, according to these norms.

  • For systemically important payment systems the Bank for International Settlements (BIS) has, through its working group the Committee on Payment and Settlement Systems, CPSS, (see external link below), drawn up a document that contains ten basic principles. This document (see external link below) also defines four areas in which the central bank has additional responsibility.

  • As regards settlement systems for securities, the CPSS, together with the International Organisation of Securities Commissions, IOSCO, (see external link below) has drawn up a document containing nineteen basic recommendations (see external link below).

  • The CPSS and the IOSCO have published a report with 15 recommendations that cover the major risks faced by a central counterparty (see external link below).

The Riksbank’s most recent assessments can be found under the below links.

DOCUMENTATION
4 links
EXTERNAL LINKS
6 links

LAST UPDATED 5/2/2004