District Circular Letters
November 24, 1997
NET SETTLEMENT:
COMPREHENSIVE POLICY STATEMENT
To Net Settlement Participants
in the Twelfth Federal Reserve District
Proposed Comprehensive Policy Statement on Multilateral Settlement
Systems (Docket R-0987)
The Federal Reserve Board is requesting public comment on a proposal
to integrate its policies on Privately Operated Large-Dollar Multilateral
Netting Systems and Private Small-Dollar Clearing and Settlement Systems
into a single, comprehensive policy statement on Privately Operated Multilateral
Settlement Systems.
Comment is requested by February 10, 1998.
The proposed policy statement would apply to privately operated multilateral
settlement systems or arrangements that settle U.S. dollar payments, including
but not limited to systems for the settlement of checks, automated clearing
house (ACH) transfers, credit, debit, and other card transactions, large-value
interbank transfers, or foreign exchange contracts involving the U.S.
dollar.
The proposed policy statement also would require multilateral settlement
systems to address credit, liquidity, operational, legal, and systemic
risks if these risks are material in the particular system.
The proposal is not intended to alter the Board's policy with respect
to existing privately operated large-dollar multilateral netting systems,
but rather to integrate it within a a more consistent policy framework.
The Board is also proposing to repeal its existing policies for certain
"small-dollar" payments clearing and settlement arrangements.
Copies
Copies of the Board's notice (Docket R-0987)
are available from our Corporate Services Department. To request copies
to be sent via mail, please call (415) 974-2748. To request copies to
be sent via fax, please call (415) 974-3333, and specify document number
4148.
Additional Information
For additional information regarding these matters, please contact Mr.
Sten Hedberg, Policy Consultant, Credit and Risk Management, at (415)
974-2174.
FEDERAL RESERVE BANK OF SAN FRANCISCO
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