Central banks, through the Committee on Payments and Market Infrastructures (formerly known as the Committee on Payment and Settlement Systems (CPSS)), and securities regulators, through the International Organization of Securities Commissions (IOSCO), have collaborated over the years to promote the safety and efficiency of payment, clearing, settlement, and recording systems supporting the financial markets.. The risk-management and transparency standards in the Federal Reserve's Regulation HH and part I of the Federal Reserve Policy on Payment System Risk are based on and generally consistent with these international standards.


1. The Board uses the name CPSS when referring to reports published before September 2014. Return to text.

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Last Update: January 29, 2015