As you are all aware, the one crucial segment of infrastructure which functioned effectively during the financial crisis was the payment and settlement system infrastructure. Payment Systems are the channels through which liquidity risks can get exacerbated and could very quickly turn into credit and systemic risks.
In this sphere of payment systems, the measures taken by central banks the world-over in strengthening risk management in payment systems by introducing Real Time Gross Settlement Systems and encouraging the private sector to set up CLS Bank for PvP transactions for settling foreign exchange transactions is indeed laudable.