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Payments and Securities Clearance and Settlement Systems in Brazil

This Report is based on the findings of a mission that visited Brazil in November 2000, and which was comprised of two teams who worked on a coordinated basis in the payments and securities clearance and settlement area. The team leaders were Massimo Cirasino and Robert Keppler from the World Bank. Other members of the international team were Ferdinando Sasso (Banca d’Italia), José Manuel Rodrigues (Bank of Portugal), Sonsoles Gallego (World Bank), and Ester Saverson (US Securities and Exchange Commission). Both international teams worked closely with the local team formed by Emanuel Di Stefano B. Freire and Luciano Andrade Frois, from the Central Bank of Brazil (Banco Central do Brasil, BCB), and Jorge Rojas, from the Brazilian Securities Commission (Comissão de Valores Mobiliários, CVM). The report also benefited from updated information on latest developments of the Brazilian payment system gathered during Financial Sector Assessment Program (FSAP) missions to Brazil on March and May 2002. This report was prepared by Massimo Cirasino, Emanuel Di Stefano B. Freire and José Antonio García (CEMLA and WGPS-LAC), and benefited from comments by Mario Guadamillas (World Bank) and by the BCB team lead by José Antonio Marciano.