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Yellow Books

The Yellow Book series is aimed at providing a systematic and in-depth description of the payments, financial assets and securities clearing and settlement systems in each country, to a reader who has some familiarity with payments and financial market infrastructures issues. The WHF Core Team developed a standard methodology for structuring the Yellow Books, aimed at facilitating cross-country comparisons. The methodology follows the structure of the BIS Red Book. The Yellow Book is updated on demand by national central banks and the WHF Core Team assists the update of each report.

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    Argentina
    AUGUST 2000 Español
    In the mid-1990s, a reform of payment systems was carried out in Argentina as one of the decisions to achieve monetary and financial stability. This reform redefined the regulatory and operational framework for payment and securities clearing and settlement systems and the role of the Banco Central de la República Argentina and other supervisory and regulatory institutions.
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    Bolivia
    DECEMBER 2004 Español
    In the context of a reform of the financial system (1998) of Bolivia, the Law of the Banco Central de Bolivia (BCB) was amended, establishing that the BCB would formulate monetary, exchange and payment systems related policies. This led to a series of transformations that modernized payment systems.
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    Brazil
    SEPTEMBER 2004 English
    As a result of a diagnosis of the situation of payment systems in Brazil, in 2002 the Sistema de Transferencias de Reservas (STR) and four new clearinghouses were established; and as for securities clearing and settlement, five systems were also established, one for derivatives and four for securities.
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    Chile
    DECEMBER 2000 Español
    By 2000, Chile already had a stable and growing financial system, as a result of previous economic reforms, specifically the reform of the financial sector in 1986.
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    Colombia
    DECEMBER 2010 Español
    In 1992, the Banco de la República began a continuous process of infrastructure development for the Colombian financial market in line with the need for more strengthened infrastructures.
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    Costa Rica
    June 2002 Español
    Through the "Organic Law" of the Banco Central de Costa Rica, the Central Bank was assigned with the responsibility to organize and regulate the proper functioning of the Costa Rican Payment System; under this mandate and within the framework of the reforms to the financial system, in the 1990s, the initiative was established to develop a global payment system called the Sistema Interbancario de Negociación y Pagos Electrónicos (SINPE).
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    Ecuador
    DECEMBER 2002 Español
    Ecuador, like other Latin American and Caribbean countries, underwent a process of deep economic transformations throughout the nineties, including the modernization of the National Payments System (NPS).
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    El Salvador
    DECEMBER 2000 Español
    The Banco Central de Reserva de El Salvador raised initiatives for the improvement of payment clearing and settlement processes, which can be summarized in the automation of cheque settlement, the establishment of an automated clearinghouse, the digitization of the securities trading system and the dematerialization of the securities issued by the Central Bank.
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    Guatemala
    JUNE 2004 Español
    In the 1990s, Guatemala implemented a series of stabilization and adjustment measures aimed at achieving greater economic efficiency, with a series of reforms. In the area of payment and settlement systems, given the importance of improving the efficiency and reliability of the payment system, the Payment System Committee, composed of Central Bank senior officials and a task force in charge of the development and implementation of reforms to the payment system, including the implementation of an automated clearinghouse and a real-time gross settlement system (RTGS).
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    México
    MARCH 2003 Español
    In 1994, the Banco de Mexico initiated a comprehensive reform of payment systems to reduce moral hazard and achieve a high degree of safety and operational reliability in the clearing and settlement of payments. A new payment system was designed and developed with mechanisms for risk management and real-time settlement procedures.
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    Perú
    AUGUST 2000 Español
    In 1998, recognizing the importance of improving the efficiency and reliability of payment and clearing and settlement systems, the Banco Central de Reserva del Peru organized an Interbank Payment Systems Commission (CISPA) as the launching point of the change in Payment systems.
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    Dominican Republic
    MARCH 2003 Español
    Between 2000 to 2002, the Securities Market Law (LMV) and the Monetary and Financial Law (LMF) were approved, which determined changes in the country's payments and securities clearing and settlement systems. The LMF establishes that the payment system is a public service exclusively owned by the Banco Central de la República Dominicana (BCRD), which is responsible for acting as supervisor and final settlement agent, as well as for the regulation of its organization and operation, having as fundamental objectives to ensure the intermediation and the good end of the payments in these systems, as well as of the interbank market.
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    Venezuela
    DECEMBER 2002 Español
    The analysis of payment and securities clearing and settlement systems in Venezuela contains a description of the economic context and the financial system and the main trends in payment systems and securities clearing and settlement systems. It describes the role of institutions such as the Banco Central de Venezuela (BCV), institutional aspects regarding payments and securities.
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    Trinidad and Tobago
    DECEMBER 2002 Español
    In the context of liberalization and globalization in the 1990s, new developments in the financial sector took place in Trinidad and Tobago, including updating the legislative framework for the Central Bank and deposit-taking financial institutions. Bank and non-bank laws were updated and merged to allow these institutions to operate more competitively.
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    Eastern Caribbean Monetary Union
    DECEMBER 2003 Español
    Recognizing that a secure, reliable and efficient payment system is indispensable for the stability of the financial system, and convinced that security and efficiency in payment systems of major importance should be public policy objectives, the Central Bank of the Eastern Caribbean ( ECCB) has a leading role in the payments and securities clearing and settlement systems in the countries that composed the monetary union.