During the past decade a number of countries, inside as well as outside the Group of Ten, have introduced real-time gross settlement (RTGS) systems for large­value funds transfers. Nearly all G­10 countries plan to have RTGS systems in operation in the course of 1997 and many other countries are also considering introducing such systems.

RTGS systems effect final settlement of interbank funds transfers on a continuous, transaction­by­transaction basis throughout the processing day. Because of the growing importance of RTGS, the CPSS set up a Study Group to identify and analyse the major issues related to the operation of such systems. The Group, which was chaired by Mr. Yvon Lucas of the Bank of France, has produced the present analytical report. The report is intended to provide information on the important features of RTGS systems to a broad audience, including operators of and participants in clearing and settlement systems for securities, derivatives and foreign exchange that make or intend to make use of RTGS systems, and the various supervisory authorities and industry groups interested in the enhancement of risk controls in payment and settlement systems. The report might also be particularly helpful to the many countries currently in the process of introducing or developing RTGS systems.

Mr. Lucas and the members of the Study Group are to be commended for the in­depth analysis which they have carried out. The active contribution which the CPSS Secretariat at the BIS has made to drafting the report is acknowledged, as well as the able assistance provided by the BIS in editing and publishing the report.

William J. McDonough, Chairman, Committee on Payment and Settlement Systems and President, Federal Reserve Bank of New York

Chairman Mr. Yvon Lucas Bank of France
National Bank of Belgium	Mr. Alfons Vaes
Bank of Canada	Mr. Clyde Goodlet
Bank of England	Mr. Terry J. Allen
Bank of France	Mr. Jérôme Lachand
Deutsche Bundesbank	Mr. Ulrich Möker
Bank of Italy	Ms. Paola Masi
Bank of Japan	Mr. Sawaichiro Kamata
Netherlands Bank	Mr. Pim Claassen
Bank of Sweden	Ms. Johanna Lybeck
Swiss National Bank	Ms. Katharina Bibus
Board of Governors of the Federal Reserve System	Mr. Jeff Stehm
Federal Reserve Bank of New York	Mr. Darryll Hendricks
Bank for International Settlements	Mr. Paul Van den Bergh Mr. Junichi Iwabuchi Mr. Robert Lindley

Significant contributions were also made by Charles Freedman and James Dingle (Bank of Canada); Marc Fasquelle (Bank of France); Tsutomu Watanabe and Ryuichi Shogan (Bank of Japan); Henny van der Wielen and Sierd de Wilde (Netherlands Bank); Hans Bäckström, Martin Andersson and Svante Bågstam (Bank of Sweden); Georg Zeerleder (Swiss National Bank); Craig Furfine (Board of Governors of the Federal Reserve System); and John Wenninger, Kurt Wulfekuhler, Adam Gilbert, Mayra Gonzalez and Maria Baird (Federal Reserve Bank of New York).