BIS Review 122/2006  1  Back in the early 1990s, central banks focussed on large-value netting systems where the safety concerns were more evident.
Gradually, however, the focus of oversight has been extended, to varying degrees in different countries, to: •  real-time gross settlement systems,  •  retail payment systems,  •  payment instruments such as payment cards, direct debits and credit transfers,  •  third-party service providers,  •  central counterparties, and  •  securities clearing and settlement systems.