A recent CPMI report on interlinking payment systems published last July provides a comprehensive overview of the many legal frictions; they range from currency regulations to the increased legal risks borne by interconnected systems, especially in terms of participant default, settlement finality, netting, novation and collateral enforcement provisions.
Benjamin E Diokno: UBS conference call opening statement Opening statement by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), of the UBS conference call, 24 April 2020.