Controlling Risk in Payment Systems
分析了过去二十年金融一体化、新金融工具和计算机技术发展导致的大额银行间支付系统交易量和日内透支激增，以及由此引发的风险，并介绍了国际清算银行和欧共体对此的研究报告。
OVER THE PAST TWENTY YEARS the growing integration of financial markets, the development of new financial instruments, and the advance of computer technology have all contributed to a remarkable growth of financial activity in the main industrialized countries. One of the most significant consequences of this growth has been the unprecedented increase in the volume of trade on the largevalue interbank payment systems (see Table 1) which itself has resulted in a massive increase in intraday overdrafts on those systems (see Table 2). The central banks of the large industrialized countries, concerned with the risks that this growth was creating for their banking systems, have been studying the risks on interbank payment systems, work that has borne fruit with the Angell report (Bank for International Settlements [BIS] 1989) and the Lamfalussy report (BIS 1990) both under the aegis of the BIS, and the Padoa-Schioppa report (European Community 1992) under the aegis of the EEC. Of particular concern is the organization of interbank large-value transfer systems. Banks have traditionally concluded among themselves multilateral netting arrangements which settle at discrete time intervals. This is the modern form of clearinghouses, which still operate for small-value transfers. These arrangements