几个系统的关联和区别
Clearing and settlement systems主要分为：
- Net settlement systems
- Real-time gross settlement (RTGS) systems
Cross-border messaging and settlement主要分为：
- SWIFT (The Society for Worldwide Inter-bank Financial Telecommunications)
- TARGET2
- The European Banking Association (EBA)
- Continuous linked settlement (CLS)
etc。
TARGET2
Was originally introduced in 1999 to provide a real-time gross settlement system for the euro.
The European Banking Association (EBA)
Was founded in 1985 to promote the European Currency Unit (ECU)
Continuous linked settlement (CLS)
A number of the world’s largest foreign exchange banks have joined together in 2002 to form a company: CLS Services Limited.
They are not allowed to compete for US domestic banking business. CLS Bank is regulated by the Federal Reserve Bank, the US Central Bank, and can handle transactions denominated in 17 currencies: GBP, USD, JPY, EUR, CHF, CAD, AUD, DKK, NOK, SEK, SGD, HKD, NZD, KRW, ZAR, MXN and ILS.
has the ability to eliminate Herstatt risk (Payment vs Payment)
CLS in details
CLS is a Payment versus Payment (PvP) settlement system.
Reduces the gross intraday liquidity required to settle individual FX transactions
but introduce a time specific intraday liquidity position, the pay-in/pay-out time for each currency – which in many instances is outside ‘normal’ settlement times.
The consequences of Herstatt Risk
This type of risk is named after Bank Herstatt that failed in 1974 and refers to risks that span more than one market – usually involving foreign exchange or securities instruments.
In the case of Bank Herstatt, the bank had entered into a number of foreign exchange deals and received payment from its European counterparts, but went into liquidation before it delivered the counter-value to its non European counterparts.
The only way to eliminate settlement exposure of this nature entirely is to settle both the debit and credit transaction at the same time using real-time gross settlement (RTGS) processes.
Today (2018) around 50% of cross-border FX transactions are processed via CLS
There has been historically a lack of transparency related to the status of payments.
some national payment systems (e.g. Fedwire and CHIPS in US, the Australian, Swiss and Japanese RTGS systems) do not use SWIFT messages.
Reference
https://wiki.treasurers.org/wiki/Payments_and_payment_systems
https://swiftinstitute.org/wp-content/uploads/2018/10/SIWP-2017-001-The-Future-of-Correspondent-Banking_FINALv2.pdf