Since the end of the 1980’s, efforts were made at international level to define the requirements and core principles to be used as universal standards in respect of the operation of payment systems. In 1990 the Lámfalussy Committee established by the central banks of the Group of Tens defined six normative requirements in relation to the net settlement systems in its report. This report represented the starting point of the 10 requirements published in January 2001 with title “Core Principles for Systemically Important Payment Systems”.
Due to development of the capital markets, increase of the stock exchange trading and clearing activity, the increased spreading of the function of Central Counterparty (CCP) assuming settlement guarantee for both the buyer and seller of the transaction, also the importance of the safe, efficient and smooth operation of the securities clearing and settlement systems, the risk management by the Central Counterparty has come to the force as from the second half of the 1990’s. With regard to the critical role of these systems in ensuring and maintaining stability of the money and capital markets, the Committee of Payment and Settlement Systems (CPSS) referred to earlier and working within the BIS established an action group in December 1999 together with the Technical Committee of the International Organization of Securities Commissions (TC-IOSCO) for elaboration of a requirements to be applied for the securities settlement systems internationally in a single way. In February 2003, the action group received a further task, this time to elaborate the requirements in respect of Central Counterparties.
As a result of the work of the Action Group, in November 2001 the BIS CPSS-IOSCO issued his publication with title "Recommendations for securities settlement systems" in which it summarized the requirements that the securities settlement systems have to comply with in the course of their operation, in 19 points.
In November 2004 the publication with title "Recommendations for Central Counterparties" came out, defining the requirements in respect of the Central Counterparty in 15 points.