Reform is a very complex process that surpasses operational issues and implies important changes in the legal, regulatory, governance, and oversight framework. In addition, the scope of the reform tends to be comprehensive, including aspects such as foreign exchange, cross-border and securities settlement.

To help policymakers and market participants address these challenges, the World Bank and the U.S. Federal Reserve Board are co-organizing a global course Reforming Payment and Securities Settlement Systems, which will take place in Washington, November 3-7, 2003.

The course aims to:

• Present cutting-edge information and guidance on the reform of payments and securities settlement systems;

• Offer methodological tools to design and manage the reform effort;

• Enable participants to better communicate the benefits of reform initiatives within and outside their institution; and

• Explore in depth some elements that are considered key for successful reform.

Participants will apply the concepts that are discussed during an interactive exercise in which they will simulate a reform effort under the guidance of leading experts.

Speakers will include senior payment systems experts with extensive reform experience (from international institutions, national authorities and financial institutions), and leading scholars with experience in applied research. The course is designed for policymakers and practitioners involved in the reform of payments and securities settlement systems. Participants will include representatives of central banks, securities regulators, other regulators and government, commercial banks and other financial institutions, and system operators.