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Book « Payments and market infrastructures in the digital era »

Means of payment, together with financial market infrastructures (payment systems, clearing houses, financial instrument settlement systems and central data repositories) play a fundamental role in the economy. They facilitate the circulation of money and securities and enable the financial markets to operate smoothly and securely, thus helping to finance the economy.

These systems remain largely unfamiliar to the general public. With the publication of a book which provides an overview of these areas, the Banque de France intends to play an educational role since issues involving payment systems and market infrastructures are central to its key missions: monetary strategy, financial stability and services to the economy.

This book begins with a chapter examining the mechanisms involved in money creation and ends with a chapter on innovation. The chapters in between deal with means of payment, financial instruments, payment systems and financial market infrastructures, their risks and their monitoring together with the economics of such infrastructures.

CHAPTER 1 : Money
CHAPTER 2 : Means of payment and payment instruments
CHAPTER 3 : The security of means of payment
CHAPTER 4 : The economics of means of payment
CHAPTER 5 : Financial instruments, financial markets and financial market infrastructures
CHAPTER 6 : Payment circuits and systems : typology
CHAPTER 7 : TARGET2, the Eurosystem’s RTGS system
CHAPTER 8 : Large-value deferred net settlement systems – Three examples of « hybrid » systems in Europe, the United States and Canada
CHAPTER 9 : Systems operating on a payment versus payment basis : focus on the CLS settlement systems for foreign exchange transactions
CHAPTER 10 : Retail payment systems
CHAPTER 11 : Central counterparties
CHAPTER 12 : Central securities depositories
CHAPTER 13 : Securities settlement systems
CHAPTER 14 : TARGET2-Securities (T2S)
CHAPTER 15 : Collateral
CHAPTER 16 : Trade repositories
CHAPTER 17 : Preventing risks in financial market infrastructures
CHAPTER 18 : Oversight of financial market infrastructures
CHAPTER 19 : The economics of financial market infrastructures
CHAPTER 20 : The role and contribution of innovation for payment instruments and market infrastructures

Updated on: 07/05/2019 18:06