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Europe > Switzerland

You are looking at 1 - 9 of 9 items for :

  • Type: Journal Issue x
  • Clearinghouses; Banking x
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Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program; Technical Note-Supervision and Oversight of Financial Market Infrastructures
International Monetary Fund. Monetary and Capital Markets Department
Financial Sector Assessment Program; Technical Note-Supervision and Oversight of Financial Market Infrastructures
Keywords:
ISCR; CR; risk management; governance arrangement; emergency FMI liquidity facility; assessment letter; business process; FMI board; resolution planning; risk matter; SNB oversight unit; resolution framework; FMI supervision; FMI resolution; financial market; recovery plan; FMI risk management; PFM information systems; Principles for Financial Market Infrastructures; Financial market infrastructure; Central counterparty clearing house; Cyber risk
Cover IMF Staff Country Reports
Germany: Financial Sector Assessment Program-Detailed Assessment of Observance on the Eurex Clearing AG Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures
International Monetary Fund. Monetary and Capital Markets Department
This paper provides a detailed assessment of observance on the Eurex Clearing AG observance of the Committee on Payment and Settlement Systems-International Organization of Securities Commissions principles for financial market infrastructures. Eurex Clearing is a global central counterparty clearing house that clears a broad range of both listed and over-the-counter (OTC) products. It offers fully automated and straight-through post trade services to the derivatives markets Eurex Deutschland and Eurex Zürich, the Frankfurt Stock Exchange, the multilateral trading systems of Eurex Bonds GmbH and Eurex Repo GmbH, the Irish Stock Exchange as well as clearing services for OTC interest rate derivatives (Eurex OTC Clear), as well as clearing services for transactions in cash equities, bonds, repos, derivatives, secure funding, securities financing, and transactions.
Keywords:
ISCR; CR; risk management; central bank; investment strategy; business strategy; Fund contribution; conditions of Eurex Clearing; BCM Policy; internal audit; default management process; credit risk; initial margin; Members transaction; risk model; Risk framework; recovery plan; Collateral; Central counterparty clearing house; Operational risk; Securities; Credit; Global
Cover IMF Staff Country Reports
United Kingdom: Financial Sector Assessment Program-Supervision and Systemic Risk Management of Financial Market Infrastructures-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
The main objective of this technical note is to analyze the supervision and systemic risk management of financial market infrastructures (FMIs) in the United Kingdom. It focuses on the supervision of FMIs, including the regulatory framework, supervisory practices, available resources, transparency, adoption of international standards and coordination and cooperation mechanisms among authorities, both domestically and cross-border; identification and management of interdependencies among FMIs, clearing members and markets, as well as other mechanisms for monitoring of system-wide risks that may exacerbate a crisis and impact financial stability in the United Kingdom and worldwide; and recovery and resolution of FMIs as relatively new instruments to sustain critical operations and services.
Keywords:
ISCR; CR; payment system; BoE monitor; BoE's perspective; U.K. FMIs; BoE work stream; PFM information systems; Payment systems; Central counterparty clearing house; Real time gross settlement systems; Principles for Financial Market Infrastructures; Europe; Global
Cover IMF Working Papers
Limiting Taxpayer "Puts" - An Example from Central Counterparties
Mr. Manmohan Singh
Nonbanks such as central counterparties (CCPs) are a useful lens to see how regulators view the role of the lender-of-last-resort (LOLR). This paper explores the avenues available when a nonbank failure is likely, specifically by considering the options of keeping CCPs afloat. It is argued that CCPs have, by regulatory fiat, become “too important to fail,” and thus the imperative should be greater loss-sharing by all participants that better align the distribution of risks and rewards of CCPs, the clearing members and derivative end-users. In the context of LOLR, the proposed variation margin gains haircut (VMGH) is discussed as a way of limiting the taxpayer put.
Keywords:
WP; central counterparty; central bank; variation margin; market; Lender-of-last-resort; central counterparties; variation margin gains haircut; allocation option; CCP rule; risk management practice; CCP insolvent; CCP credit risk; allocation choices arise; CCP failure; Central counterparty clearing house; Liquidity; Global
Cover Current Developments in Monetary and Financial Law, Volume 2
Current Developments in Monetary and Financial Law, Volume 2
International Monetary Fund

Abstract

The papers published in this volume are based on an IMF seminar held in 2000 that covered a broad range of topics on monetary and financial law, such as the liberalization of capital movements, data dissemination, responsibilities of central banks, and the IMF’s goals in financial surveillance and architecture. Participants addressed recent issues in the financial sector, including those related to payment systems and supervision of financial institutions. Updates dealt with Internet banking, bank secrecy, and currency arrangements-including dollarization. Participants discussed the recent activities of the other international financial institutions, which included the European Central Bank and the International Finance Corporation. Prevention of financial crises was also discussed, with reference to the distinct roles of the IMF and the private sector.

Keywords:
SEM; central bank; country; bank; government; bank regulator; unit of account; bank restructuring agency; home currency rule; fund arrangement; Currencies; Payment systems; Legal support in revenue administration; Credit risk; Bank supervision; Global; Europe; East Asia; Baltics; Caribbean; South America; Central America
Cover IMF Policy Discussion Papers
The Payment System and Monetary Policy
Mr. Omotunde E. G. Johnson
Achieving the primary objective of price stability without unduly compromising the operational efficiency of the payment system constitutes a major problem for central banks. Routine monetary policy presumes a given institutional and technological framework, including aspects of the payment system. Such a monetary policy concerns itself with intraday and interday credit for payments settlements and with float. Liquidity shocks and panics sometimes pose an additional challenge. In recent years, major and rapid institutional and technological changes in the payment system (mainly to lower risks and augment operational efficiency) have affected the monetary policy decision-making process, particularly in the short run.
Keywords:
PDP; central bank; payment system; monetary policy; payment; market; credit facilities; market operation; A. central bank credit Policy; money multiplier; payment settlement; settlement purpose; central bank credit policy; routine monetary policy; monetary policy point of view; monetary policy transmission mechanism; payments organization; payment system reform; Payment systems; Credit; Central bank credit; Monetary operations; Large value payment systems; Global
Cover IMF Working Papers
Wholesale Payments and Financial Discipline, Efficiency, and Liquidity
Mr. D. F. I. Folkerts-Landau
Properly designed wholesale payments system can make a significant contribution to enhancing market discipline in the financial sector, reducing the risk of systemic disturbance and permitting a less extensive safety net for financial institutions. The objective of these reforms has been to achieve a reduction of the credit risk associated with the growth in intraday credit exposures that arises in net settlement systems and in real-time gross systems when the central bank provides daylight overdrafts. Intraday payments-related credit in net settlement systems has been reduced by restructuring payment systems into real-time gross settlement systems with collateralized overdrafts, while in the existing real-time gross settlement systems, the risk-abatement program currently in effect has taken the form of caps and charges on uncollateralized daylight credit.
Keywords:
WP; payment system; government securities; Treasury security liquidity; daylight overdraft; securities transaction; treasury securities; Payment Systems; Monetary Policy; Banking; payments problem; reform effort; overdraft charge; Fed from Treasury security trading; payment system charge; credit exposure; wholesale payment system; interbank payment; payment traffic; Real time gross settlement systems; Securities; Liquidity; Europe; Global
Cover The Payment System
The Payment System
Design, Management, and Supervision
Mr. Bruce J. Summers

Abstract

This book, edited by Bruce J. Summers, makes a practical contribution to increased understanding of payment system design and management and of the relationship between the payment system and monetary policy. the authors of the 12 papers included in the book are central banking experts from around the world who draw on their experiences in providing technical assistance to the cental banks of the countries of the former U.S.S.R.

Keywords:
BOOK; payment; central bank; bank; payment order; value
Cover The Payment System
The Payment System
Design, Management, and Supervision
Mr. Bruce J. Summers

Abstract

This book makes a practical contribution to increased understanding of payment system design and management and of the relationship between the payment system and monetary policy. The authors of the twelve papers included in the book are central banking experts from around the world who draw on their experiences in providing technical assistance to the central banks of the countries of the former U.S.S.R.

Keywords:
BOOK; payment; central bank; bank; payment order; value; payment service; payment obligation; funds transfer; bank X; Payment systems; Commercial banks; Monetary base; Credit; Large value payment systems; Europe; Central and Eastern Europe; North America; Global; Northern Europe