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Following up on the international debate, in 2002 the Working Group on Payment System Issues of Latin America and the Caribbean (WGPS-LAC) promoted among its members carrying out a self assessment exercise of the region's systematically important systems (SIPS) versus the committee on payment and resettlement systems (CPSS) core principals (CPs). The purpose of this document is to present the outcome of this effort, to which a total of 15 central banks in the Latin American region contributed. The first section describes the motivations behind this exercise and the value that is expected from its completion. In the second section the main outcomes are described and analyzed, based on the self-assessment exercises delivered by 15 central banks. Results are presented in an aggregate manner, highlighting the major strengths and weaknesses for each of the 10 CPs. Several references to the four …