THE FINANCIAL SECTOR: KEY SUPERVISORY AND REGULATORY INITIATIVES       Content Page Supervision Regulation Risk-based Regulatory Regime Fine-Tuning Regulatory framework Ensuring Sound Market Conduct Innovative Systems for Efficient Payment and Settlement     INNOVATIVE SYSTEMS FOR EFFICIENT PAYMENT AND SETTLEMENT   . Global Settlement System for Foreign Exchange . MAS to Launch New Electronic Payment System . Payment Systems Figures . Box 10 – A Speedier, More Efficient Way of Clearing Cheques         MAS to Launch New Electronic Payment System   MAS will be implementing a new real-time gross settlement system (MEPS+) to replace the existing MEPS in the first half of 2005. The tender to develop and implement MEPS+ was awarded in September 2003 to a consortium comprising IBM, BCSIS and NewGens. Since its implementation in 1998, MEPS has served the industry’s needs well. However there are new commercial and regulatory challenges that demand more efficient liquidity management, improved risk management, and more streamlined payment flows. MEPS+ is thus designed to meet these new challenges and requirements, and support the progressive growth of Singapore as an international financial centre. Key features of MEPS+ include:   • Use of SWIFT message formats and network. • Advanced queue management capabilities. • Automated collateralised intra-day liquidity facilities. • Automated gridlock resolution.