However, best practices in this area are well developed in the form of recommendations by the Committee on Payment and Settlement Systems (CPSS), the International Organisation of Securities Commission (IOSCO) and the G 30 Action Plan towards enhancing the interoperability of settlement systems.
Thus, the challenge does not lie in determining what goals to set but rather in bringing existing rules and regulations into line with best practices, while giving due regard to a country’ s specific circumstances. Regional cooperation in building market infrastructure can also be an effective way of strengthening clearing and settlement systems.