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Faster Payments Objectives - 2012 - Federal Reserve Bank of ...

Faster Payments Objectives - 2012 - Federal Reserve Bank of ...

Settlement Deferred

Settlement Deferred Multi-lateral Net Settlement across accounts held by FPS Members at the Bank of England. Settlement 3 times per working day (07:15, 13:00 and 15:45) but configurable. Next Settlement cycle begins before previous cycle settles. Net Sender Caps and Liquidity Loss Sharing Agreement (LLSA) If a Member is unable to settle its obligations at Bank of England, the failed Member is blocked in the next cycle, the failed cycle is manually settled and the surviving Members recompensed over time from failed Member’s Collateral under the LLSA. 10

Lessons Learnt FPS was designed and built over 2006/7 i.e. before the global financial crisis. It was designed and built to a tight timescale set by the regulator and so re-used existing concepts and proven components wherever practical. Hence Deferred Multi-lateral Net Settlement, Net Sender Caps and the Liquidity and Loss Sharing Agreement. If we had our time over again, which you still have, we would probably look much closer at “tiering” within the overall architecture and collateralizing or pre-funding positions before paying away for second tier participants. 11

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