(EMEAP) EMEAP 2001 12
Executives Meeting of East Asia-Pacific Central Banks And Monetary Authorities (EMEAP) 2001. All rights reserved.
Executives Meeting of East Asia-Pacific Central Banks and Monetary Authorities EMEAP1991 11 EMEAP 1998 7 EMEAP 1999 3 2 6 EMEAP EMEAP 2 EMEAP EMEAP EMEAP Greg Johnston EMEAP 2001 12
EMEAP v vii vii viii ix 1 2 3 4 5 EMEAP 6 7 7 7 8 8 8 9 9 10 10 11 12 EMEAP 13 14 14 15 16 20 21 22
25 25 25 26 26 27 27 Payment versus paymentpvp28 Contracts for differencecfd29 30 30 30 31 33 35 35 36 39 43 51 53 PVP 55 61 ii
12 16 EMEAP 1 20 EMEAP 22 56 CLS 59 13 17 19 21 EMEAP 51 51 53 53 EMEAP 54 iii
EMEAP Mr Enoch Ch ng Mr Greg Johnston Mr Song Pan Mr James Lau Mr Esmond Lee Ms Dyah Nastiti Mr Aribowo Mr Kahn Park Mr Johari Mesar Mr Christopher Fernandez Ms Allison Stinson Ms Ramona Santiago Mr Terry Goh Mrs Saowanee Suwannacheep Mr Tamar HamlynMr Greg ChuggMr Adam Bedi ()Mr Haster Tang, Mr Henry Yung ()Mrs Dyah N.K. MakhijaniMrs Farida PeranginanginMr A. Donanto () Mr Kwan-Cheol Kim ()Ms Faizah Hashim ( )Mr Andrew Rodgers ()Mr Michael Madrid ()Mr Nelson Chua, Ms Louise MaladyMs Janice Ching ()Ms Wantana HengsakulMs Toschanok Leelawankulsiri Ms Angkana Siriwath () v
EMEAP 1 EMEAP l l EMEAP l 1 Executives Meeting of East Asia-Pacific Central Banks and Monetary Authorities vii
EMEAP EMEAP G-10 1 EMEAP Payment versus paymentpvp PVP PVP viii
PVP l l l l l l PVP EMEAP l ix
l l l l l RTGS x
1 EMEAP 2 EMEAP G-10 G-10 EMEAP EMEAP EMEAP 1 2001 4 1.2 2 EMEAP EMEAP G-10
EMEAP EMEAP 1974 1991 BCCI 1995 EMEAP EMEAP EMEAP EMEAP CLSContinuous Linked Settlement EMEAP CLS 7 CLS EMEAP 2
CLS CLS EMEAP EMEAP 1997 1998 EMEAP Executives Meeting of East Asia-Pacific Central Banks and Monetary Authorities EMEAP EMEAP 11 3
EMEAP EMEAP 1998 7 EMEAP Terms of Reference l l l EMEAP EMEAP EMEAP 3 3 1990 G-10 4
4 5 6 1996 G-10 1998 7 G-10 4 1989 2 G-10 1990 11 5 1993 9 6 1996 3 7 1998 7 5
1997 1999 8 EMEAP l l l 8 Foreign Exchange Settlement Practices in Australia 1997 12 Reducing Foreign Exchange Settlement Risk in Australia: A Progress Report 1999 9 6
9 9 7
1.2 EMEAP 24 10 10 2001 4 2001 10 8
1 EMEAP RTGS RTGS 9
PVP Payment-versus-payment 11 at risk 12 11 12 10
G-10 1994 1998 1 EMEAP 11
R I I U I F U 12
EMEAP EMEAP EMEAP 2000 6 2001 6 1997 1998 CPSS 1 1998 10 21 90 2001 1 23 85 2001 5-6 18 90 1997 10-11 7 60 2000 7-10 36 95 2000 6 25 75 2000 9 6 90 2000 7 22 85 2000 9 39 90 2000 11 18 91 1. Reducing Foreign Exchange Settlement Risk in Australia: A Progress Report 1999 9 2. 1998 7 13
EMEAP 50 100 14
EMEAP EMEAP EMEAP EMEAP GMT9 EMEAP CLS CLS 15
9 (GMT+9) 0:00 6:00 12:00 18:00 24:00 30:00 36:00 (GMT+9) 9 EMEAP EMEAP EMEAP EMEAP EMEAP Vvalue date 16
+ 9 1 0:32 V 6:40 V 12:06 V 6:43 V 10:38 V 20:43 V-1 8:43 V 12:52 V 7:15 V 9:10 V 10:04 V-1 21:17 V-1 8:30 V 21:17 V-1 4:31 V 19:00 V-1 5:32 V 9:36 V 5:05 V 8:48 V 13:51 V 13:51 V 13:51 V 13:51 V 13:51 V EMEAP 2:18 V 2:18 V 2:18 V 2:18 V 2:18 V 7:08 V 8:06 V 9:29 V 8:14 V 9:01 V 10:00 V 10:00 V 10:00 V 10:00 V 10:00 V 2:45 V 8:24 V 14:42 V 8:07 V 13:39 V 13:09 V 13:09 V 13:09 V 13:09 V 13:09 V 21:08 V-1 15:45 V 20:06 V 12:11 V 3:31 V 15:34 V-1 12:19 V 15:36 V 9:35 V 13:11 V 19:49 V-1 11:44 V 15:25 V 10:11 V 12:43 V 1:50 V 10:35 V 16:18 V 10:59 V 14:25 V 8:42 V 14:04 V 19:19 V 14:47 V 16:42 V 1. 1 EMEAP EMEAP 30 EMEAP 17
EMEAP EMEAP RTGS EMEAP EMEAP 18
+ 9 1 1:42 V+1 12:03 V+1 13:46 V+1 9:50 V+1 4:12 V+1 22:45 V 11:57 V+1 13:33 V+1 9:58 V+1 22:53 V 10:30 V+1 18:36 V+1 2:42 V+2 18:36 V+1 13:22 V+1 14:54 V 12:01 V+1 15:28 V+1 10:02 V+1 22:55 V 23:10 V 23:10 V 23:10 V 23:10 V 23:10 V EMEAP 10:19 V+1 10:19 V+1 10:19 V+1 10:19 V+1 10:19 V+1 7:13 V+1 11:36 V+1 12:52 V+1 10:33 V+1 8:37 V+1 10:00 V+1 10:00 V+1 10:00 V+1 10:00 V+1 10:00 V+1 23:46 V 12:38 V+1 16:03 V+1 11:40 V+1 1:14 V+1 21:29 V 21:29 V 21:29 V 21:29 V 21:29 V 11:30 V+1 16:55 V+1 19:41 V+1 16:15 V+1 16:01 V+1 10:26 V+1 13:54 V+1 3:32 V+2 17:11 V+1 20:08 V+1 9:36 V+1 12:56 V+1 17:11 V+1 13:30 V+1 14:55 V+1 10:22 V+1 14:34 V+1 3:54 V+2 16:24 V+1 18:47 V+1 12:47 V+1 14:23 V+1 17:12 V+1 14:30 V+1 15:00 V+1 1. 1 EMEAP 19
EMEAP 1 USD bn 450 400 350 300 250 200 150 100 50 0 USD JPY EUR AUD HKD GBP Currency SGD NZD KRW CHF CAD MYR IDR PHP Other EMEAP 1 EMEAP 2 EMEAP 24 20
EMEAP 28 29 34 30 25 36 29 29 25 25 11 19 23 19 14 25 19 18 14 15 6 12 18 14 9 20 13 12 9 9 20 26 28 28 23 35 28 27 23 24 6 12 13 18 9 20 13 12 9 9 6 12 13 18 14 20 14 13 9 10 17 23 25 29 25 20 25 24 20 21 15 21 23 28 23 18 30 22 18 19 17 23 24 29 25 20 31 24 20 20 8 14 16 20 16 11 22 16 15 12 4 10 12 16 12 7 19 12 11 7 EMEAP EMEAP EMEAP EMEAP 21
36 EMEAP 1 2 EMEAP EMEAP 1 500 450 USD bn 400 350 300 250 200 150 100 50 0 0:00 V-1 0:00 V 0:00 V+1 0:00 V+2 0:00 V+3 Inter-day Single day 1 24 1 EMEAP 22
1 3500 4500 3000 3500 23
24
EMEAP EMEAP 25
1 EMEAP 26
13 EMEAP EMEAP 1998 G-10 14 EMEAP 13 14 1998 7 2.3 27
EMEAP EMEAP EMEAP EMEAP EMEAP Payment versus paymentpvp PVP 28
EMEAP EMEAP PVP PVP 14 CLSContinuous Linked Settlement CLS PVP CLS PVP 2002 CLS 7 CLS CLS PVP Contracts for differencecfd CFD CFD EMEAP CFD 29
CLS CLS l l EMEAP l 30
l PVP PVP 15 PVP PVP PVP PVP 1993 (1) (2) 15 2001 1 31
(3) (4) CLS 1996 l (1)(2) l (4) l (3) EMEAP Real-Time Gross SettlementRTGS EMEAP CLS CHATSClearing House Automated Transfer System PVP 16 16 EMEAP PVP 32
EMEAP EMEAP EMEAP 17 EMEAP VI 17 10 2001 4 2001 10 33
EMEAP EMEAP EMEAP EMEAP 18 EMEAP 19 18 EMEAP 19 EMEAP RTGS PVP EMEAP EMEAP PVP 34
l l EMEAP l EMEAP EMEAP 1 35
l l l l l l PVP EMEAP l l l l 36
l l RTGS 37
38
23 l l l 23 39
24 7 30 90 24 40
41
42
43
EMEAP E-mail E-mail 45
1 5 24 20:30 V+1 1 2 3 4 5 5 6 5 6 5 1 V 2 V 3 4 V 5 24 00:00 12:00 V 1 2 V-1 V-2 1 2 V+1 V+2 1 8:30 20:30 V+1 00:00 6 46
2 1 NA (3) (5) (4) (6) 3 (5) 3 (6) (1) (2) (3) (4) (5) (6) 47
3 1 NA (3) (5) (4) (6) 2 (5) 2 (6) (1) (2) (3) (4) (5) (6) 48
4 10 25 50 10 25 50 49
5 i) 1 ii) iii) iv) 1 1 v) 1 vi) vii) 50
5: EMEAP +1 +10-1 +8-2 +7 0 +9 0 +9-1 +8 +3 +12-1 +8-1 +8-2 +7 6: -14-5 -8 +1 TARGET -8 +1-9 0-14 -5 51
52
7: 40 44 55 46 27 38 34 31 38 28 29 41 51 42 23 35 30 27 35 24 28 37 51 42 23 35 30 27 34 24 42 50 53 55 36 48 43 40 47 37 30 38 42 53 25 37 32 29 36 26 14 22 26 37 28 20 16 13 20 10 25 33 37 48 39 20 27 24 31 21 28 36 40 50 41 23 34 26 34 23 25 33 37 47 39 20 31 26 31 20 31 39 43 53 45 26 37 32 30 26 12 20 24 35 26 7 19 14 11 18 8: 24 23 28 27 22 34 27 26 22 23 6 12 17 16 11 23 16 15 11 12 3 10 14 13 8 20 13 12 8 9 15 22 21 24 20 32 25 24 19 21 0 2 2 6 1 12 5 4 0 1 3 11 10 14 13 20 13 13 8 10 15 22 21 25 24 20 24 24 19 21 11 19 18 22 21 17 28 21 16 18 14 21 21 25 24 20 31 24 19 20 4 11 10 15 14 9 21 14 13 10 2 9 8 12 11 7 19 12 11 6 53
9: EMEAP Y Y N 1 Y Y N Y N 1 Y N RTGS Y Y Y Y 2 Y Y Y Y Y Y PVP N Y 3 N N N N N N N N CLS Y N 4 N Y N N N 4 N Y 5 N 1 2 3 4 CLS 5 CLS CLS 54
PVP payment-versuspaymentpvp 25 2000 3 2000 8 1 5 1 RTGS 25 9 5 RTGS DVP CMUCentral Moneymarkets Unit CCASSCentral Clearing and Settlement System 2 PVP PVP 2000 9 25 PVP RTGS RTGS 2 25 Hong Kong Interbank Clearing Limited 25 Fedwire Fedwire 55
5 PVP X Y X Y PVP (i)y PVP (ii) (iii) RTGS RTGS X Y (iv)x Y 2 RTGS (v) 2001 9 66 116 5: X (iv) (i) (iii) (ii) Y (iv) (v) Y X (v) (v) (v) RTGS RTGS 56
2000 9 1 RTGS 1 1,800 18 1 1 3,000 33 30 10 PVP 57
CLS CLSContinuous Linked Settlement CLS PVP CLS CLS 2002 CLS 7 2 EMEAP 5 CLS CLS CLS CLS RTGS CLS 7 12 5 RTGS 6 CLS 2 2 X Y X Y CLS (i)cls CLS (ii) CLS CLS RTGS 58
(iii)cls CLS (iv) CLS CLS CLS 6: CLS X Y X Y (iii) (iv) (i) (ii) (ii) (i) (iv) (iii) RTGS (iii) (iv) CLS (iii) (iv) RTGS CLS 59
Bank for International Settlements, A glossary of terms used in payments and settlement systems, Committee on Payment and Settlement Systems, January 2001. 2001 4 2001 10 2001 1 1998 7 G-10 1990 11 1996 3 1999 7 Reserve Bank of Australia, December 1997. Foreign Exchange Settlement Practices in Australia, Reserve Bank of Australia, Reducing Foreign Exchange Settlement Risk in Australia: A Progress Report, September 1999. The New York Foreign Exchange Committee, Guidelines for Foreign Exchange Settlement Netting, January 1997. The New York Foreign Exchange Committee, The 1997 International Foreign Exchange Master Agreement (IFEMA), 1997. 61