MAS: Annual report 2006 / 2007
CONTENTS
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TEAMWORK - Our Partners
SINGAPORE 2006 INTERNATIONAL MONETARY FUND AND WORLD BANK GROUP ANNUAL MEETINGS
WORKING WITH INDUSTRY
FINANCIAL COOPERATION
WORKING WITH INDUSTRY 46
Dialogues with Professional Associations 46
Singapore Investment Banking Association Equity  
  Derivatives & Structured Products Taskforce 47
Industry Work Group On Securities And  
  Futures Act / Financial Advisers Act Amendments 47
Representative Notification Framework 47
Survey On Compliance Costs 47
Box 11 - MoneySENSE - Taking On A Much Higher Profile 48
Box 12 - Sixth International Advisory Panel Meeting 49
Box 13 - MEPS+: Improving The Efficiency Of Payment  
  Systems And Its Impact On Our Customers 50
Building A World Class Talent Pool for Singapore’s Financial Sector 50
Building A Quality Workforce 51
Attra cting Financial Talent 51
Financial Research 51
Box 14 - Overseas Outreach Efforts 52
 
Box 13
MEPS+: IMPROVING THE EFFICIENCY OF PAYMENT SYSTEMS AND ITS IMPACT ON OUR CUSTOMERS
MAS Electronic Payment System (MEPS), the real-time gross and government securities settlement system, was successfully replaced by MEPS+ on 9 December 2006 after nine years of operation. MEPS+ provides several improved features over MEPS, including:
• use of SWIFT message formats and network;
• advanced queue management capabilities;
• automated collateralised intra-day liquidity facilities; and
• automated gridlock resolution.

The new features improve the efficiency of MEPS+ in several ways. For example, the use of common SWIFT standards for both domestic and international payments allows for greater straight-through processing and cost savings by banks. Participants are also able to better manage their settlement risk using the advanced queue management capabilities. Gridlock resolution and intra-day liquidity facilities reduce the number and duration of queued transactions, resulting in faster settlement.

The benefits of MEPS+ extend beyond the direct participants of the system. MAS' clients, such as International Financial Institutions and other central banks, are now able to hold and settle Singapore Government Securities in MEPS+ on a delivery versus payment basis.

The financial institutions have worked closely with MAS during the development and implementation of MEPS+.
Overall, settlement risk for both direct and indirect participants of the system has been reduced.

All smiles at the MEPS+ post launch debrief on 15 December 2006.