Payment, clearing and settlement systems in Canada
Payment, clearing and settlement systems in
Canada
CPSS ? Red Book ? 2011
103
Contents
Canada
List of abbreviations..............................................................................................................107 Introduction ...........................................................................................................................109 1. Institutional aspects.....................................................................................................111
1.1 The general institutional framework ...................................................................111 1.1.1 The legal and regulatory framework .........................................................111
1.2 The role of the central bank ...............................................................................114 1.2.1 Operational roles.......................................................................................114 1.2.2 Oversight...................................................................................................115 1.2.3 Cooperation with other institutions............................................................116
1.3 The role of other private and public bodies ........................................................117 1.3.1 Department of Finance .............................................................................117 1.3.2 The Canadian Payments Association .......................................................117 1.3.3 Provincial regulators .................................................................................118
2. Payment media used by non-banks ............................................................................118 2.1 Cash...................................................................................................................118 2.2 Non-cash payments ...........................................................................................119 2.2.1 Paper-based payments.............................................................................119 2.2.2 Electronic transfers ...................................................................................120 2.2.3 Payment cards ..........................................................................................121 2.2.4 Automated teller machines (ATMs)...........................................................124 2.3 Recent developments ........................................................................................124 Contactless and mobile phone payments ..........................................................124 Online debit card payments ...............................................................................125 Other recent developments................................................................................125
3. Payment systems ........................................................................................................126 3.1 General overview ...............................................................................................126 3.2 The Large Value Transfer System .....................................................................126 3.2.1 Institutional framework ..............................................................................126 3.2.2 Participation ..............................................................................................127 3.2.3 Types of transactions................................................................................127 3.2.4 Operation of the system and settlement procedures ................................128 3.2.5 Risk management .....................................................................................128 3.2.6 Pricing .......................................................................................................129 3.2.7 Major ongoing and future projects ............................................................130
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Canada
3.3 Retail payment systems ? the Automated Clearing Settlement System ........... 130 3.3.1 Institutional framework ............................................................................. 130 3.3.2 Participation ............................................................................................. 130 3.3.3 Types of transactions ............................................................................... 131 3.3.4 Operation: the transaction processing environment and settlement ........ 131 3.3.5 Risk management .................................................................................... 132 3.3.6 Pricing ...................................................................................................... 133 3.3.7 Future developments ............................................................................... 133
3.4 Offshore payment systems ? CLS Bank............................................................ 133 3.5 Other cross-border payment arrangements ...................................................... 134 4. Systems for post-trade processing, clearing and securities settlement...................... 135 4.1 General overview .............................................................................................. 135 4.2 Post-trade processing systems ......................................................................... 135 4.3 Central counterparties and clearing systems .................................................... 135
4.3.1 Canadian Derivatives Clearing Corporation............................................. 135 4.3.2 CDS Clearing and Depository Services Inc (CDS) .................................. 137 4.3.3 Natural Gas Exchange Inc ....................................................................... 137 4.3.4 ICE Clear Canada .................................................................................... 138 4.4 Securities settlement systems ........................................................................... 138 4.4.1 CDS Clearing and Depository Services Inc ............................................. 138 4.5 The use of securities infrastructure by the central bank .................................... 142 4.5.1 Collateral management ............................................................................ 142 4.5.2 Monetary policy ........................................................................................ 143 4.5.3 Government debt administration .............................................................. 143 4.5.4 Client services.......................................................................................... 143
106
CPSS ? Red Book ? 2011
ACSS ACV AMF ASO ATM BNDS BoC CCP CDCC CDS CLS CP Act CPA CPSS CSA CUCC DTCC DVP EDI EFTPOS FCAC ICE IDP IIAC IIROC IMN LVTS MX MFDA NGX OSC OSFI PAC PCSA PIN POS SAC SCD USBE
List of abbreviations
Canada
Automated Clearing Settlement System Aggregate Collateral Value Autorit? des march?s financiers additional settlement obligation automated teller machine Bank Note Distribution System Bank of Canada central counterparty Canadian Derivatives Clearing Corporation CDS Clearing and Depository Services Inc Continuous Linked Settlement Canadian Payments Act Canadian Payments Association Committee on Payment and Settlement Systems Canadian Securities Administrators Credit Union Central of Canada Depository Trust and Clearing Corporation delivery versus payment electronic data interchange electronic funds transfer at the point of sale Financial Consumer Agency of Canada Intercontinental Exchange Interac Direct Payment Investment Industry Association Canada Investment Industry Regulatory Organization of Canada Inter-Member Network Large Value Transfer System Montr?al Exchange Mutual Fund Dealers Association of Canada Natural Gas Exchange Inc. Ontario Securities Commission Office of the Superintendent of Financial Institutions Payment Advisory Committee Payment Clearing and Settlement Act personal identification number point of sale Stakeholder Advisory Council Shared Cash Dispensing US Bulk Exchange
CPSS ? Red Book ? 2011
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