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You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Banks and Banking x
  • Financial risk management x
  • Banks; Depository Institutions; Micro Finance Institutions; Mortgages x
  • Business and Economics x
  • Clearing of securities x
  • Financial services law & regulation x
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Cover FinTech Notes
Distributed Ledger Technology Experiments in Payments and Settlements
Mr. Ghiath Shabsigh, Mr. Tanai Khiaonarong, and Mr. Harry Leinonen
Major transformations in payment and settlements have occurred in generations. The first generation was paper-based. Delivery times for payment instruments took several days domestically and weeks internationally. The second generation involved computerization with batch processing. Links between payment systems were made through manual or file-based interfaces. The change-over period between technologies was long and still some paper-based instruments like checks and cash remain in use. The third generation, which has been emerging, involves electronic and mobile payment schemes that enable integrated, immediate, and end-to-end payment and settlement transfers. For example, real-time gross settlement systems have been available in almost all countries. DLT has been viewed as a potential platform for the next generation of payment systems, enhancing the integration and the reconciliation of settlement accounts and their ledgers. So far, experiments with DLT experimentations point to the potential for financial infrastructures to move towards real-time settlement, flatter structures, continuous operations, and global reach. Testing in large-value payments and securities settlement systems have partly demonstrated the technical feasibility of DLT for this new environment. The projects examined analyzed issues associated with operational capacity, resiliency, liquidity savings, settlement finality, and privacy. DLT-based solutions can also facilitate delivery versus payment of securities, payment versus payment of foreign exchange transactions, and efficient cross-border payments.
Keywords:
FTN; distributed ledger technology; transaction; market; counterparty; settlement system; DLT payment transaction; permissioned DLT network; DLT implementation; DLT prototype; DLT solution; Blockchain and DLT; Payment systems; Liquidity; Credit risk; Securities settlement systems; Global
Cover IMF Staff Country Reports
Turkey: Financial Sector Assessment Program: detailed assessment of Observance-Assessment of Observance of the CPMI-IOSCO Principles for Financial Market Infrastructure
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of observance of the CPMI–IOSCO (Committee on Payments and Market Infrastructures–International Organization for Securities Commissions) principles for financial market infrastructures in Turkey. The electronic funds transfer system in Turkey broadly observes the risk management framework and liquidity risk management, default management, and operational risk management principles. It partially observes the tiered participation principle. The rest are observed or not applicable. The electronic securities transfer system broadly observes the risk management framework, liquidity, default management, and operational risk principles; the rest are observed or not applicable.
Keywords:
ISCR; CR; EFT system; CBRT payment; central bank; CBRT law; payment system; liquidity support; management system; Securities settlement systems; Payment systems; Central counterparty clearing house; Operational risk; Central securities depositories; Global
Cover IMF Staff Country Reports
Saudi Arabia: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the CPSS Core Principles for Systemically Important Payment Systems
International Monetary Fund. Monetary and Capital Markets Department
This paper highlights the Saudi Arabia’s Detailed Assessment of Observance of the Committee on Payment and Settlement Systems Core Principles for systemically important payment systems. The Saudi Arabian Monetary Agency (SAMA) is working to establish its payment system oversight function from an operational perspective. The power of SAMA to oversee the payment systems is stated in the central bank and banking laws. The powers of the central bank to operate, regulate, and oversee the payment systems are not detailed in the law and could be also covered by the proposed Payment System Law. Many critical aspects relating to the payment and securities settlement systems are covered in the legal framework.
Keywords:
ISCR; CR; payment system; SARIE system; central bank; gateway application; SAMA oversight authority; cheque clearing process; direct debit; SARIE participant; automated teller machine; SARIE operation; oversight function; payment card; SPAN system; SARIE system place; SIPS Saudi Arabian Riyal Inter-bank Express; Payment systems; Securities; Securities settlement systems; Real time gross settlement systems; Operational risk; Global
Cover IMF Staff Country Reports
United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of the Depository Trust Company’s Observance of the CPSS-IOSCO Recommendations for Securities Settlement Systems
International Monetary Fund
This paper discusses key findings of the Detailed Assessment of Observance of the Depository Trust Company’s Observance of the Committee on Payment and Settlement Systems/International Organization of Securities Commissions (CPSS–IOSCO) Recommendations for Securities Settlement Systems for the United States. The assessment reveals that the legal framework provides a high degree of legal assurance that transactions are enforceable. The membership agreement into which participants enter is enforceable under New York State law. The assessment recommends that securities settlement systems should have a well-founded, clear, and transparent legal basis in the relevant jurisdictions.
Keywords:
ISCR; CR; DTC participant; risk management control; DTC rule; settlement system; cash settlement; net debit cap; DTC omnibus account; DTCS settlement service; liquidity resource; risk assessment; offer s; DTC member; Securities; Securities settlement systems; Central securities depositories; Collateral; Operational risk; Europe; Global