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Business and Economics > Finance: General

You are looking at 1 - 10 of 40 items for :

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Cover FinTech Notes
Private Law Aspects of Token-Based Central Bank Digital Currencies
Marianne Bechara
,
Wouter Bossu
,
Amira Rasekh
,
Chia Yi Tan
, and
Akihiro Yoshinaga
In designing central bank digital currencies (CBDCs), it is imperative that central banks carefully consider its legal foundations. As with any form of money, CBDCs require a solid basis under public and private law to provide it with the necessary legal certainty and political support that will underpin its wide circulation. This Fintech Note examines the private law aspects of token-based CBDC primarily intended for retail use. It follows a previous IMF working paper that examines the legal foundations of CBDC under central bank law and its treatment under monetary law—the main public law aspects of CBDC.
Keywords:
Token-Based CBDC; Private Law; Central Bank Digital Currencies; Legal Framework; Ownership Rights; Transfer Mechanisms; Financial Intermediaries; private law aspect; TokenBased central bank digital currencies; CBDC holder; IMF Library; IMF Fintech Note 2025/003; Currencies; Securities; Commercial banks; Global
Cover IMF Staff Country Reports
Kingdom of the Netherlands-The Netherlands: Financial Sector Assessment Program- Technical Note on Securities Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This paper describes a technical note on securities regulation and supervision in The Netherlands. Regulation of securities and derivatives markets in the European Union (EU) has changed materially since the last Netherlands Financial Sector Assessment Program (FSAP), with further reforms underway. The securities market landscape in the Netherlands has also changed markedly since the last FSAP, largely in response to Brexit. The Netherlands is now of EU-wide significance in relation to the trading of securities, particularly equities, which has brought challenges for the national authorities. Further enhancements of its approach and a continuing focus on trading system operational resilience are now needed. The established venues are growing and diversifying their offerings, and ‘fintech’ new entrants with business models combining trading and post-trading operations in new ways are on the horizon. Enhancements to the legislative framework are now needed to ensure that the Autoriteit Financiële Markten can continue to supervise efficiently and effectively an expanded and more diverse market, and to engage credibly with international counterparts.
Keywords:
trading venue; managers directive; markets authority; trading obligation; money market funds; Financial Sector Assessment Program; Liquidity management; Liquidity; Liquidity risk; Financial derivatives; Europe; Global
Cover IMF Working Papers
Emerging Market Securities Access to Global Plumbing
Gongpil Choi
,
Federico Ortega
, and
Mr. Manmohan Singh
What are the constraints that have stalled EMs efforts to reuse their securities in international financial centers? We discuss the economics of collateral re-use and the present institutional structure in Asian and Latin American countries. Our empirical investigation suggests pledgeability enhances financial stability and reduces dollar funding risk. We also explain the Eurozone collateral pool to incentivize EMs, and why many securities (e.g., BTPs, Italy) are acceptable in London but not EM securities. Looking forward, EMs liaison with International Central Securities Depositories (ICSDs), and global banks’ balance sheet capacity to intermediate cross-border collateral will be crucial for this market to develop.
Keywords:
EM securities; global plumbing; collateral markets; Asia; Latin America; Eurozone; emerging market securities access; EMs effort; collateral market; finance market; Collateral; Securities; Financial statements; Financial sector stability; Securities markets; Global; Asia and Pacific; Europe; Caribbean
Cover IMF Working Papers
The Morning After--The Impact on Collateral Supply After a Major Default
Dermot Turing
and
Mr. Manmohan Singh
Changes to the regulatory system introduced after the financial crisis include not only mandatory clearing of OTC derivatives at central counterparties and margining of uncleared derivatives, but also prudential measures, including notably a “Liquidity Coverage Ratio” which obliges firms to set aside high-quality liquid assets (HQLA) as a stopgap against anticipated cash outflows. We examine factors which may affect the demand for HQLA in a severely stressed market following a hypothetical default of a major clearing member. Immediately following a major default, the amount of HQLA demanded by the whole market would spike. We estimate the size of the spike and draw conclusions as to whether the depth of the market is adequate to absorb it.
Keywords:
WP; U.S. dollar; liquidity coverage requirement; class clearing members; derivative trade; initial margin increase; market participant; unreceived variation margin due; variation margin amount; HQLA; clearing; liquidity; derivatives; default; CCPs; liquidity coverage ratio; VMGH; initial margin hike; capital requirement; overall-market impact; default fund contribution; B. initial margin; Collateral; Central counterparty clearing house; Liquidity requirements; Currencies; Global; Europe
Cover IMF Working Papers
The Insolvency Regime for Large Enterprises in Italy: An Economic and Legal Assessment
Nazim Belhocine
,
Mr. Daniel Garcia-Macia
, and
Jose M Garrido
The modernization of Italy’s insolvency framework has been the subject of much interest in recent years, related not least to its role in potentially facilitating an efficient allocation of resources. A unique feature of Italy’s insolvency framework is a special regime for large enterprises known as “extraordinary administration”. This paper evaluates the merits of this special regime by assessing its efficacy and success in achieving its stated goals and comparing its features to international standards and best practices. It finds that the special regime tends to impose large costs on creditors and the state. The regime results, in most cases, in the sale of parts of the group, followed by a liquidation phase of the remaining assets which can take longer than the general regime, hindering legal certainty for creditors and more generally economic efficiency, investment and job creation. Based on international best practices and experience, consideration should be given to folding the special regime into the general insolvency regime, possibly with provisions to allow for state intervention in specific well-defined circumstances.
Keywords:
special insolvency regime; extraordinary administration; bankruptcy of large enterprises; insolvency regime; State aid; company group level; enterprise court; competition authorities; Marzano firm; large enterprise; business activity; aid support; State guarantee; restructuring company; Administration in revenue administration; Solvency; Special resolution regime; Corporate insolvency; Employment; Europe
Cover IMF Working Papers
Central Counterparties Resolution—An Unresolved Problem
Mr. Manmohan Singh
and
Dermot Turing
Recovery and resolution regimes are being developed for central counterparties (CCPs). We analyse current resolution tools in the context of policy, which is to restore the critical functions of a failed CCP. We conclude that the toolkit is insufficient to avoid the costs of resolution being borne by taxpayers, and propose alternative policy suggestions for addressing the problem of a failed CCP.
Keywords:
WP; risk model; CCP resolution; reserves policy; parent company; CCP default; CCP resolution and recovery; VMGH; collateral; NCWO; FSB; ISDA; waterfall resource; variation margin; bridge CCP; CCP difficulty; CCP failure; transferee CCP; CCP market; Central counterparty clearing house; Bank resolution framework; Crisis resolution; Bank resolution; Europe; Global
Cover IMF Working Papers
Resolving China’s Corporate Debt Problem
Wojciech Maliszewski
,
Mr. Serkan Arslanalp
,
Mr. John C Caparusso
,
Jose M Garrido
,
Mr. Si Guo
,
Mr. Joong S Kang
,
Mr. Waikei R Lam
,
Daniel Law
,
Wei Liao
,
Ms. Nadia Rendak
,
Mr. Philippe Wingender
,
Jiangyan Yu
, and
Ms. Longmei Zhang
Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.
Keywords:
WP; construction boom; bond market; credit growth; People's Bank of China; coverage ratio; market forces; Corporate Debt Overhang; Credit; Restructuring; Hardening Budget Constraints; credit boom; credit efficiency; credit financing; shadow credit product; Loans; Credit booms; Solvency; Government liabilities; Global
Cover IMF Staff Country Reports
Russian Federation: Financial Assessment Program: Detailed Assessment of Implementation: IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund. European Dept.
This paper assesses the level of implementation of the International Organization of Securities Commissions objectives and principles of securities regulation in the Russian Federation. The findings reveal that there is much that the Central Bank of Russia needs to accomplish if it is to approach good international practice as a securities regulator. Some of the most recent regulatory changes, such as those on credit rating agencies, are clearly based on international standards. In other areas, further initiatives will be required. These include identification of conflict of interest and improving management standards of professional market participants.
Keywords:
ISCR; CR; financial market; investment funds; joint stock; beneficial owner; insider dealing; general obligation; active market; CBR regulation; bond issue; CBR employee; supervision CBR; risk assessment; management company; CBR staff; Correspondent banking; Mutual funds; Securities regulation; Securities; Securities markets; Global
Cover IMF Staff Country Reports
Ukraine: Technical Assistance Report-Regulation of Market Abuse and Issuer Disclosure Requirements
International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance report examines regulation of market abuse and issuer disclosure requirements in Ukraine. The Ukrainian regulatory framework for market abuse and issuer disclosure requirements has significant gaps, whose impact is compounded by the National Securities and Stock Market Commission’s (NSSMC) lack of sufficient supervisory, investigative, and enforcement powers. This has contributed to overall lack of transparency and widespread misconduct in the market, including through issuance and trading of “fictitious” securities. To address the current challenges, the Ukrainian legislation needs to be aligned with the international standards to provide the NSSMC with sufficient means to require enhanced disclosures and combat market abuse.
Keywords:
ISCR; CR; IOSCO principle; Eu legislation; NSSMC regulation; draft legislation; MAR law; insider dealing; Securities; Securities markets; Securities regulation; Stock markets
Cover IMF Staff Country Reports
Russian Federation: Report on the Observance of Standards and Codes-IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of the level of implementation of the IOSCO (International Organization of Securities Commissions) objectives and principles in the Russian Federation. Some of the most recent regulatory changes in the Russian Federation are clearly based on international standards. In other areas, further initiatives will be required. These include conflicts of interest identification and improving standards of management in professional market participants. It will also require the creation of legal gateways which will enable supervisors with the necessary skills sets to provide guidance as to what the Central Bank of the Russian Federation’s (CBR) reasonable expectations are on a range of issues. CBR also faces a major challenge in enforcing the regulatory regime and will need additional resources.
Keywords:
ISCR; CR; financial market; central bank; CBR Law; risk management; CBR inspector; supervision CBR; beneficial owner; CBR member; joint stock; CBR power; general obligation; CBR staff; CBR discretion; Correspondent banking; Securities markets; Securities; Securities regulation; Legal support in revenue administration; Global