Mark Manning joined the Financial Stability Directorate of the Bank of England in 2002, after several years working as a fund manager in the City of London. Since joining the Bank, Mark has specialised in policy and research in payments, clearing and settlement, co-authoring several research papers and articles in this area and participating in various international policy and working groups. Mark is currently on secondment from the Bank of England at the Reserve Bank of Australia, where he heads the Payments System Stability section of the Payments Policy Department. Mark holds Masters degrees in Economics and Finance, from University College London and London Business School, respectively.Dr Erlend Nier holds a PhD in Economics from the London School of Economics. He joined the Bank of England in 2001 and held a position as Research Manager in the Bank's Financial Stability Directorate. During his time at the Bank, Erlend Nier has led research and policy work on a range of financial stability issues, including capital and liquidity standards for banking firms, payment system design, and linkages between financial stability and monetary operations. Erlend Nier's current position is as Senior Financial Sector Expert with the IMF's Monetary and Capital Market's Department, on secondment from the Bank of England. Dr Jochen Schanz holds a PhD in Economics from the European University Institute. He has worked as an economist for an investment bank before joining the Bank of England as an economist in 2005. During his time at the Bank, he has worked on market infrastructure questions, focussing on the link between system design, banks' short-term liquidity management, and systemic risk. His interests include regulation of financial markets and governance of firms providing infrastructure services.

• MONEY, BANKING AND PAYMENTS: HISTORICAL EVOLUTION AND THE ROLE OF THE CENTRAL BANK ; 1. The Foundations of Money and Payments ; 2. Payments and monetary and financial stability ; SOURCES OF SYSTEMIC RISK IN PAYMENT AND SETTLEMENT SYSTEMS ; 3. System design and sources of credit risk in large-value payment and settlement systems ; 4. Liquidity risk in large value payment systems ; 5. Managing systemic risk in the clearance and settlement of foreign exchange, securities and derivatives transactions ; 6. Other sources of systemic risk: operational and business risk ; PUBLIC POLICY INTERVENTION IN PAYMENT AND SETTLEMENT SYSTEMS ; 7. Market failures in payment and settlement systems ; 8. Ownership, governance and regulation of payment systems ; 9. Central bank oversight of payment and settlement systems in practice ; FUTURE POLICY CHALLENGES FOR CENTRAL BANKS ; 10. Banks providing infrastructure services ; 11. The evolving infrastructure landscape and challenges for central banks

Mark Manning joined the Financial Stability Directorate of the Bank of England in 2002, after several years working as a fund manager in the City of London. Since joining the Bank, Mark has specialised in policy and research in payments, clearing and settlement, co-authoring several research papers and articles in this area and participating in various international policy and working groups. Mark is currently on secondment from the Bank of England at the Reserve Bank of Australia, where he heads the Payments System Stability section of the Payments Policy Department. Mark holds Masters degrees in Economics and Finance, from University College London and London Business School, respectively.Dr Erlend Nier holds a PhD in Economics from the London School of Economics. He joined the Bank of England in 2001 and held a position as Research Manager in the Bank's Financial Stability Directorate. During his time at the Bank, Erlend Nier has led research and policy work on a range of financial stability issues, including capital and liquidity standards for banking firms, payment system design, and linkages between financial stability and monetary operations. Erlend Nier's current position is as Senior Financial Sector Expert with the IMF's Monetary and Capital Market's Department, on secondment from the Bank of England. Dr Jochen Schanz holds a PhD in Economics from the European University Institute. He has worked as an economist for an investment bank before joining the Bank of England as an economist in 2005. During his time at the Bank, he has worked on market infrastructure questions, focussing on the link between system design, banks' short-term liquidity management, and systemic risk. His interests include regulation of financial markets and governance of firms providing infrastructure services.

• MONEY, BANKING AND PAYMENTS: HISTORICAL EVOLUTION AND THE ROLE OF THE CENTRAL BANK ; 1. The Foundations of Money and Payments ; 2. Payments and monetary and financial stability ; SOURCES OF SYSTEMIC RISK IN PAYMENT AND SETTLEMENT SYSTEMS ; 3. System design and sources of credit risk in large-value payment and settlement systems ; 4. Liquidity risk in large value payment systems ; 5. Managing systemic risk in the clearance and settlement of foreign exchange, securities and derivatives transactions ; 6. Other sources of systemic risk: operational and business risk ; PUBLIC POLICY INTERVENTION IN PAYMENT AND SETTLEMENT SYSTEMS ; 7. Market failures in payment and settlement systems ; 8. Ownership, governance and regulation of payment systems ; 9. Central bank oversight of payment and settlement systems in practice ; FUTURE POLICY CHALLENGES FOR CENTRAL BANKS ; 10. Banks providing infrastructure services ; 11. The evolving infrastructure landscape and challenges for central banks

Mark Manning joined the Financial Stability Directorate of the Bank of England in 2002, after several years working as a fund manager in the City of London. Since joining the Bank, Mark has specialised in policy and research in payments, clearing and settlement, co-authoring several research papers and articles in this area and participating in various international policy and working groups. Mark is currently on secondment from the Bank of England at the Reserve Bank of Australia, where he heads the Payments System Stability section of the Payments Policy Department. Mark holds Masters degrees in Economics and Finance, from University College London and London Business School, respectively.Dr Erlend Nier holds a PhD in Economics from the London School of Economics. He joined the Bank of England in 2001 and held a position as Research Manager in the Bank's Financial Stability Directorate. During his time at the Bank, Erlend Nier has led research and policy work on a range of financial stability issues, including capital and liquidity standards for banking firms, payment system design, and linkages between financial stability and monetary operations. Erlend Nier's current position is as Senior Financial Sector Expert with the IMF's Monetary and Capital Market's Department, on secondment from the Bank of England. Dr Jochen Schanz holds a PhD in Economics from the European University Institute. He has worked as an economist for an investment bank before joining the Bank of England as an economist in 2005. During his time at the Bank, he has worked on market infrastructure questions, focussing on the link between system design, banks' short-term liquidity management, and systemic risk. His interests include regulation of financial markets and governance of firms providing infrastructure services.

• MONEY, BANKING AND PAYMENTS: HISTORICAL EVOLUTION AND THE ROLE OF THE CENTRAL BANK ; 1. The Foundations of Money and Payments ; 2. Payments and monetary and financial stability ; SOURCES OF SYSTEMIC RISK IN PAYMENT AND SETTLEMENT SYSTEMS ; 3. System design and sources of credit risk in large-value payment and settlement systems ; 4. Liquidity risk in large value payment systems ; 5. Managing systemic risk in the clearance and settlement of foreign exchange, securities and derivatives transactions ; 6. Other sources of systemic risk: operational and business risk ; PUBLIC POLICY INTERVENTION IN PAYMENT AND SETTLEMENT SYSTEMS ; 7. Market failures in payment and settlement systems ; 8. Ownership, governance and regulation of payment systems ; 9. Central bank oversight of payment and settlement systems in practice ; FUTURE POLICY CHALLENGES FOR CENTRAL BANKS ; 10. Banks providing infrastructure services ; 11. The evolving infrastructure landscape and challenges for central banks