The central banks of Argentina, Indonesia and Spain are joining the Committee on Payments and Market Infrastructures (CPMI), the global standard setter for the payment, clearing and settlement systems that underpin global financial markets.
CPMI membership is now better aligned with the global regulatory framework and other standard setters. The Committee covers 86% of the world economy and 63% of its population.
Governors of the Global Economy Meeting (GEM), convening in Buenos Aires, approved the expansion of the membership, the first since 2009. The Committee now includes all Group of 20 countries, and more than 40% of members are from emerging market economies.
"The CPMI's work to deliver secure, resilient and efficient payment, clearing and settlement infrastructure is of global importance. With its expanded membership, the CPMI will be better placed to deliver infrastructure that supports the real economy at a time of enormous technological change," GEM chair Mark Carney said.
CPMI chair Benoît Cœuré said he looks forward to working with the new members.
"The expanded membership will help us tackle the big issues of the day such as digital innovation, cyber-security and financial inclusion. It broadens the Committee's global footprint and gives us a wider range of experiences to draw on when deciding policy," he added.
Following the expansion, the CPMI consists of representatives from Argentina, Australia, Belgium, Brazil, Canada, China, the ECB, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States.