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International Monetary Fund
This paper focuses on a detailed assessment of observance of the Committee on Payment and Settlement Systems (CPSS) core principles for systemically important payment systems in Thailand. This assessment covers the Bank of Thailand Automated High-Value Transfer Network (BAHTNET), which is a real-time gross settlement (RTGS) system. The assessment reveals that there is no explicit legislation for payment systems in Thailand. However, the legal basis for BAHTNET and payment transfers executed in this system is defined by a set of laws, regulations, and contractual arrangements.
International Monetary Fund
This paper discusses the assessment of observance of Thailand Securities Depository (TSD) of the Committee of Payments and Settlement Systems (CPSS)/International Organization of Securities Commissions (IOSCO) recommendations for securities settlement systems for Thailand. On the basis of the assessment, it is recommended that securities settlement systems should have a well-founded, clear, and transparent legal basis in the relevant jurisdiction. Confirmation of trades between market participants should occur as soon as possible after trade execution, but no later than the trade date (T+0).
Mr. Omotunde E. G. Johnson
Achieving the primary objective of price stability without unduly compromising the operational efficiency of the payment system constitutes a major problem for central banks. Routine monetary policy presumes a given institutional and technological framework, including aspects of the payment system. Such a monetary policy concerns itself with intraday and interday credit for payments settlements and with float. Liquidity shocks and panics sometimes pose an additional challenge. In recent years, major and rapid institutional and technological changes in the payment system (mainly to lower risks and augment operational efficiency) have affected the monetary policy decision-making process, particularly in the short run.