Risks remain for the system

The global payments and settlement system needs to become stronger and more resilient, according to a leading central banker.

Tim Geithner wrapped up the closing plenary of Sibos yesterday with words that poured some cold water on the upbeat mood of many of the delegates. Geithner, the youthful president and CEO of the Federal Reserve Bank of New York, identified some of the major priorities we see over the medium term in strengthening the safety and soundness and the operational resilience of the global payments and settlements system.

He noted how much work had been done over the past 15 years and praised the industry. These are the types of efforts where the return is almost never quantifiable, for the pay off comes in the avoidance of crisis and a better...

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