Electronic Finance: A New Perspective and Challenges
Social Science Research Network
This publication is available on the BIS website (www.bis.org). Foreword A workshop on electronic finance 1 was convened by the BIS on 2-3 July 2001. The internet and related technology has begun to have a profound effect on how financial services are delivered. Discussion about e-finance is widespread within the financial community, covering both its potential to improve efficiency but also possible challenges it poses to financial and monetary stability. Rapid innovation and the paucity of
... iable data are creating considerable uncertainty about the nature and size of these challenges. The workshop brought together a diverse group of experts (listed on pages iii-vi) from a range of economies, backgrounds and sectors; including practitioners, academics and central bankers. It focused on current and potential changes in trading systems and exchanges, payment systems and financial institutions. This volume starts with an overview based on the presentations given during the workshop, some of which are also included in the volume, and the ensuing discussions. The individual papers cover, inter alia, trading in wholesale financial markets, emerging competition in the payment system and the progress of virtual banks. Implications for financial supervision and monetary policy are also specifically addressed in separate papers. As there are a plethora of technical terms associated with the subject, a glossary is included at the end of this volume.