Some significant changes are expected to occur in the Brazilian Payments System, in view of the Brazilian Central Bank's intent to perfect the country's current payment mechanism. If these modifications take place as predicted, they will lead to alterations in the way the country's financial system operates. The purpose of this report is to make a contribution to the understanding of the nature of these changes, evaluate the probable consequences for the financial market and examine the principal advantages and disadvantages of the new Brazilian Payment System's implementation.
Deferred Net Settlement Systems; Real Time Gross Settlement Systems; Finality; Clearing Houses
