Oversight of payment systems in the context of financial stability maintaining
Keywords:
payment system oversight, payment system evaluation payment system, systemically important payment system, socially important payment system, common overview of payment systems., payment system evaluation, payment system, systemically important payment system, socially important payment system, common overview of payment systemsAbstract
Background. Taking into account the specifics of the payment systems activity, the violation of their activities can lead to significant risks for the financial system and be a potential source of their distribution; therefore, payment systems require a proper overview of central banks. At the same time, in the context of the globalization of payment systems activity, the role of international cooperation of central banks of different countries is intensified, which is carried out through a common overview.
The aim of the article is to study the oversight of payment systems in the context of maintaining financial stability.
Materials and methods. The article is based on the reports of international financial organizations, including the Bank for International Settlements, central banks, as well as the scientific works of Ukrainian and foreign scholars. In the process of research, in particular the methods of analysis and synthesis, deduction and induction, the method of analogies, comparison, grouping, systematization and generalization were used etc.
The results of the research. In the article the author analyzes the basic principles of a common overview of payment systems, deepens theoretical approaches to the definition of the essence of the common overview of payment systems and establishes its important role in maintaining financial stability. It is proposed to distinguish the main types of common overview according to the degree of formalization and periodicity of implementation. In addition, the author addresses the issue of the systemic importance of payment systems and proposes the definition of certain types of payment systems, depending on their role in the economy and the potential consequences of violations of payment systems.
Conclusion. The author identifies a common oversight of payment systems as a central bank’s activity directed to international payment systems with central banks of other countries under whose jurisdiction this system also functions in order to maintain financial stability.
References
Principles for financial market infrastructures. CPSS-IOSCO. 2012. 182 p.
Kallaur P. Formirovanie sistemy monitoringa i ocenki finansovoj stabil'nosti Respubliki Belarus'. Bankauskіj vesnіk. 2008. № 6. S. 4–8.
Herero G., Simon N. Inostrannye banki i finansovaja stabil'nost' v novoj Evrope. Banki ta bankіvs'kі sistemi. 2006. № 1. S. 50–59.
Padoa-Shioppa T. Central banks and financial stability: exploring a land in between: Рaper presented at the Second ECB Central Banking Conference «The transformation of European financial system». Frankfurt on Main. October. 2002. URL :
Dpdf+&cd=1&hl=ru&ct=clnk&gl=ua.
Pshyk B. I. Finansova stabil'nist': sutnist' ta osoblyvosti projavu. Visnyk SevNTU. 2013. S. 91–96. URL : http://irbis-nbuv.gov.ua/cgi-bin/irbis_nbuv/cgiirbis_64.exe?C21COM=2&I21DBN=UJRN&P21DBN=UJRN&IMAGE_FILE_DOWNLOAD=
&Image_file_name=PDF/Vsntue_2013_138_16.pdf.
Mishkin F. S. Global Financial Instability: Framework, Events, Issues. Journal of Economic Perspectives. 1999. Vol. 13. № 4 P. 3–20. URL : https://pubs.aeweb.org/doi/pdfplus/10.1257/jep.13.4.3.
Shinazi G. Dzh. Sohranenie finansovoj stabil'nosti. Voprosy jekonomiki. 2005. № 36. 26 c. URL : https://www.imf.org/external/pubs/ft/issues/issues36/rus/ issue36r.pdf.
Schinasi G. J. Defining Financial Stability. IMF Working Paper. International Monetary Fund. 2004. № 187. P. 18.
Central bank oversight of payment and settlement systems / Committee on Payment and Settlement Systems. 2005. May. 61 p. URL : https://www.bis.org/publ/cpss68.pdf.
Kokkola T. The payment system Payments, securities and derivatives, and the role of the Eurosystem. ECB. 2010. 369 p.
Baranovs'kyj O. I. Pryroda ekonomichnoi' bezpeky komercijnogo banku. Visn. Nac. banku Ukrai'ny. 2014. № 7 (221). S. 12–19.
Vyshyvana B. M., Tereshko O. M. Oversajt platizhno-rozrahunkovyh system: teoretychni aspekty ta mehanizm realizacii' v Ukrai'ni. Nauk. visn. Mizhnarod. gumanitar. un-tu. 2015. Vyp. 11. S. 216–222. URL : http://nbuv.gov.ua/UJRN/ Nvmgu_eim_2015_11_51. Serija : Ekonomika i menedzhment.
Mahajeva O. O. Emisija ta vykorystannja elektronnyh groshej v Ukrai'ni: dys. ... kand. ekon. nauk : 08.00.08 – groshi, finansy i kredyt. Kyi'v, 2009. 210 s.
Mahajeva O. O. Oversajt jak funkcija central'nogo banku ta koncepcija jogo vvedennja v Ukrai'ni. Visn. Nac. banku Ukrai'ny. 2011. № 4 (182). S. 18–22.
Mahajeva O., Harchenko V. Platizhna systema Niderlandiv i kontrol' za neju. Visn. Nac. banku Ukrai'ny. 2003. № 12. S. 48–53.
Mel'nichenko O. V. Audit sistem jelektronnyh deneg na osnove integriro-vannoj otchetnosti bankov. Biznes Inform. 2013. № 12. S. 301–305. URL : http://www.businessinform.net/export_pdf/business-inform-2013-12_0-pages-301_305.pdf.
Mel'nychenko O. V. Social'no vidpovidal'nyj audyt v bankah-uchasnykah system elektronnyh groshej. Svitovi tendencii' ta perspektyvy rozvytku finansovoi' systemy Ukrai'ny : zb. mater. X Mizhnar. nauk.-prakt. konf., 24–25 zhovt. 2013 r. Kyi'v,
S. 235–239.
Morales R. Oversight of payment systems in Latin America and the Caribbean/CEMLA. 2012. November. 13 p.
Panteleeva N. N. Formirovanie i regulirovanie nacional'nyh platezhnyh sistem. Bankovskaja sistema: ustojchivost' i perspektivy razvitija: materialy mezhdunarodnoj nauchno-prakticheskoj konferencii po voprosam bankovskoj jekonomiki, UO «Polesskij
gosudarstvennyj universitet», (g. Pinsk, 5–6 maja 2011 g.). Nac. bank Respubliki Belarus'. S. 107–110. URL : https://rep.polessu.by/bitstream/ 123456789/611/1/35.pdf.
The Oesterreichische Nationalbank (OeNB): official web-site. Payment Systems Oversigh. URL : http://www.oenb.at/en/Financial-Stability/payment-systems-oversight.html.
Central Bank of Argentina. Financial Stability Report. First Half 2017. URL : http://www.bcra.gob.ar/Pdfs/PublicacionesEstadisticas/ief0117i.pdf.
Central Bank of Bahrain. Financial Stability Report. February 2017. URL : http://www.cbb.gov.bh/page-p-reports_and_papers.htm.
National Bank of Belgium.Oversight of Financial Market Infrastructures and Critical Service Providers. URL : https://www.nbb.be/en/financial-oversight/oversight.
Bank of England: official web-site.Financial Market Infrastructure Supervision. URL : http://www.bankofengland.co.uk/financialstability/Pages/fmis/default.aspx.
The Bank of Greece:Financial Stability Report. URL : http://www.bankofgreece.gr/Pages/en/Publications/FinStability.aspx.
The Bank of Canada: official web-site. Canada's Major Payments Systems. URL : http://www.bankofcanada.ca/core-functions/financial-system/canadas-major-paymentssystems.
Reserve Bank of New ZealandFinancial Stability Report. May 2017. URL : http://www.rbnz.govt.nz/financial-stability/financial-stability-report.
Norges Bank: official web-site. Norges Bank’s Financial Stability Report. URL : http://www.norges-bank.no/en/Published/Publications/Financial-Stability-report/2016-Financial-stability.
Bank of Finland. Financial stability Oversight. URL : https://www.suomenpankki.fi/en/financial-stability/oversight-of-market-infrastructure.
Sveriges Riksbank: official web-site. Financial Stability Report. 2014. URL : http://www.riksbank.se/Documents/Rapporter/FSR/2014/FSR_2/rap_fsr2_141204_eng.pdf.
Swiss National Bank. Oversight of financial market infrastructures. URL : https://www.snb.ch/en/iabout/finstab/finover/id/finstab_oversight.
Belousova V. Ju., Usoskin V. M. Platezhnye sistemy i organizacija raschetov v kommercheskom banke. M. : Izd. dom NIU VShJe. 2012. 191 s.
Nakajima M. The Evolution of Payment Systems. The European Financial Review, 2012 February 12. URL : http://www.europeanfinancialreview.com/?p=2032.
Kochergin D. A. Sovremennaja interpretacija i klassifikacija platjozhnyh sistem. Finansovo-kreditnaja sistema. Bjudzhetnoe, valjutnoe i kreditnoe regulirovanie jekonomiki. 2017. № 1. S. 93–96.
Pro platizhni systemy ta perekaz koshtiv v Ukrai'ni : Zakon Ukrai'ny vid 05.04.2001 № 2346-III, zi zmin. ta dopov. URL : http://zakon1.rada.gov.ua/laws/show/2346-14.
Central bank oversight of payment and settlement systems. Committee on Payment and Settlement Systems. 2005. May. 61 p. URL : https://www.bis.org/publ/ cpss68.pdf.
Pro zatverdzhennja Polozhennja pro nagljad (oversajt) platizhnyh system ta system rozrahunkiv : postanova Pravlinnja Nacional'nogo banku Ukrai'ny vid 28.11.2014 № 755. URL : http://zakon5.rada.gov.ua/laws/show/v0755500-14.
A glossary of terms used in payments and settlement systems. Bank for International Settlements, CPSS. Basel : BIS, 2003. 53 р. URL : http://www.bis.org/publ/ cpss00b.pdf.
Nacional'nyj bank Ukrai'ny. Vidomosti z Rejestru platizhnyh system. URL : https://bank.gov.ua/control/uk/publish/article?art_id=8436153&cat_id=7298430.
Report of the Committee on Interbank Netting Schemes of the Central Banks of the Group of Ten countries. Bank for International Settlements. Basle, 1990. November. 41 p. URL : http://www.bis.org/publ/cpss04.pdf.
Balakina Ju. C. Oversajt platjozhnyh sistem: mirovoj opyt. Jekonomika i predprinimatel'stvo. 2015. № 2. S. 90–95.
Nacional'ni banky Ukrai'ny ta Bel'gi'i dosjagly domovlenosti pro obmin konfidencijnoju informacijeju dlja oversajtu MasterCard Europe. 2016. URL : https://bank.gov.ua/control/uk/publish/article?art_id=34705281.
European Union detailed Assessment of implementation of the European Central Bank observance of the CPSSIOSCO Responsibilities of authorities for financial market infrastructures. IMF Country Report No. 14/35. February. 2014. Washington,
D.C. 40 p. URL : https://www.imf.org/external/pubs/ft/scr/2014/cr1435.pdf.
Financial Stability Review 2005 / National Bank of Belgium. 2005. 159 p. URL : https://www.nbb.be/doc/ts/publications/fsr/fsr_2005_en.pdf.
Payment, clearing and settlement systems in France. CPSS – Red Book, 2012. Р. 137–158. URL : https://www.bis.org/cpmi/publ/d105_fr.pdf.
