89 90 0
1
1998 Directive of Settlement Finality 1 2
2 3
4
/ ISP ASP format) 5
/ / 6
3 7
8
9
A B B A 10
5 11
7 rule 12
13
14
(trilogy) 15
1 2 ( ) (ownership) central bank-owned systems) 16
RTGS DNS 1997 10 (FSA) 17
1999 12 : / (RTGS)( ) 56 86 100 6 14 0 38 0 0 (DNS)( ) 6 44 47 44 44 37 50 12 16 ( ) 50 77 70 25 23 21 25 0 9 Source: 18
(payment float) (debit float) (credit float) (interest-free loan) ( ) (giro) (fund s availability schedule) 19
(liquidity policy) (pre-warning signals) CPSS 8 8 20
(universal banking) (book entries) ( ) (incomplete 21
contract) (default rules) 22
GDP 8.2 3 GDP 3 120 1997 9 1.Fedwire 1.Currency 1.Fedwire 1.DTCC 2.CHIPS 2.Checks 2.CHIPS 2.NSCC 3.Commercial banks 3.Commercial banks 3.FXNet 3.FRS securities 9 ACH: Automated Clearing 4.Credit Houses card 4.CLS 4.GSCC ATM: Automated Teller 5.ATM/POS Machine 5.Correspondent 5.Clearinghouse for POS: Point of Sale CHIPS: Clearing House Inter-bank Networks Payment System banks Futures exchanges DTCC: Depository Trust 6.ACH and Clearing Corporation 6.Commercial banks NSCC: National Securities Clearing Corporation FRS security: Federal Reserve 7.E-commerce Service Securities system GSCC: Government Securities Clearing Corporation 23
5200 65 ATM POS 33 98 1 Fedwire CHIPS DTC NSCC FRS 1 98 1997 ( ),392 24
b. Frd. N.Y. Payment System Course,. NSCC Fedwire CHIPS Fedwire Fedwire RTGS E J UCC2B UCC3 UCC4A UCC8 (BIS) RTGS 25
Monetary Control Act, 1980) 1996 BHCs) 26
1/3 2/5 ( ) 1996 BHCs ( ) (1) ` 62.4 44.5 9.5 6.8 10.2 7.3 7.9 5.6-0.08-0.06 23.8 17.0 10.9 7.8 (2) 181.2 129. (3) 94.2 67.2 (4) =(2)-(3) 87.0 62.0 (5) 9.2 6.5 (6) =(4)-(5) 77.8 55.5 (7) =(1)+(6) 140.2 100.0 : 2686.0 Federal Reserve Bank, New York. ( ) (1) (2) (3) 27
(4) (5) (tradeoff) (1) (2) (3) (4) (5) 28
financial (e-bank) (e-bill) (1) ( ) ( ) ( ACH) (2) 29
10 11 E J CC UCC 1998 8 UCC2B 1992 UCC4A 12 (choice of law) (conflict of law) (DNS) (RTGS) DNS (hybrid) 10. 11. 12 30
CHIPS 2001 DNS Hybrid RTGS (intraday finality) DNS (low liquidity demand) 1996 G-10 (Allsopp Reports) 13 (Continuous Linkage System CLS) 1997 CLS 2001 (payment-vs-payment) CLS RTGS Fedwire SWIFT 13 Allsopp Report G-10, 31
T+1 (replacement cost) FRS (Delivery-vs-Payment) BIS RTGS T+3 32
UCC UCC4A (Funds Transfers) 1990 (deposit accounts) 14 (consumer accounts) 4A-108 (consumer exclusion) (Electronic Funds Transfer Act 1978 EFTA) E UCC4A (credit transfer) (payment order) (sender) (beneficiary) UCC4A UCC3 UCC4A UNCITRAL Model Law, 1992 14 33
UCC4A UCC4 UCC4A ( ) ( ) 15 ( ) ( ) (book entry) ( Fedwire CHIPS) 15 34
( ) UCC4A (acceptance) (execution) (payment) (creditor process) ( ) UCC4A Fedwire CHIPS SWIFT telex book (automatic clearinghouse) (rules) UCC4A (1) 35
(a) ( ) (b) (c) ( ) ( 4A-103, 4A-106) ( ) ( 4A-405,406) ( ) 4A-403) ( 4A-202,302) ( 4A-403) : (2) 36
(originator) UCC4A (Credit Transfer) #1 #2 #3 # #1 #2 #1 #1 #2 #3 #2 #3 #4 37
(originator s bank) (intermediary bank) (4A-302,403) (beneficiary s bank) (4A-404,405) (4A-406) UCC4A ( ) (4A- 38
205,207,208) ( )(4A-303) (4A-210,211) (4A-304) (4A-305) wire transfer) (finality) (closeout) netting) (creditor process) 39
? 16 (open position) 1998 (settlement finality directive) 17 16 17 40
41
UCC4A 42
ATM POS ( ) 18 19 NII 43
ATM POS (Girovertrag) 21 UCC4A booking) 21 44
45
1998 Settlement Finality Directive 46
Fedwire E J (1) (2) 47
(3) (4) (5) (1) (p-v-p) (2) (d-v-p) (3) RTGS (4) 48
UCC4A 1998 UCC2B 1998 49
Thomas C. Baxter, Jr. and Stephanie Heller, The ABCs of the UCC, Article 4A : Funds Transfer, American Bar Ass n 1997. 2 Joseph H. Somer, A Law of Financial Accounts : Modern Payment and Securities Transfer Law 53, The Business Lawyer 1998. 3 Maxwell J. Fry, Isaack Kilato, Sandra Roger and et., Payment System in Global Perspective, Routledge Int l Study in Money and Bank 1999. 4 Omotunde E.G. Johnson, Richard K. Abrams and et., Payment System, Monetary Policy, and therole of Central Bank, IMF 1998 5 Bruce J. Summers, The Payment System : Design, Management, and Supervision, IMF 1994. 6 CPSS, The Core Principles for Systemically Important Payment System Part 2, The Implementation, BIS Basel 2001. 50
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