Front Matter Page
© 2011 International Monetary Fund
July 2011
IMF Country Report No. 11/236
United Kingdom: Observance by CREST of the CPSS-IOSCO Recommendations for Securities Settlement Systems Detailed Assessment of Observance
This paper was prepared based on the information available at the time it was completed on July 11, 2011. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of the United Kingdom or the Executive Board of the IMF.
The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.
Copies of this report are available to the public from
International Monetary Fund • Publication Services
700 19th Street, N.W. • Washington, D.C. 20431
Telephone: (202) 623-7430 • Telefax: (202) 623-7201
E-mail: publications@imf.org • Internet: http://www.imf.org
International Monetary Fund
Washington, D.C.
Front Matter Page
Financial Sector Assessment Program Update
United Kingdom
Observance by CREST of the CPSS-IOSCO
Recommendations for Securities Settlement Systems
Detailed Assessment of Observance
July 2011
International Monetary Fund
Monetary and Capital Markets Department
Contents
Glossary
I. Summary, Key Findings, and Recommendations
A. introduction
B. Information and Methodology Used for Assessment
C. Institutional and Market Structure—Overview
D. Regulatory Framework—Overview
E. Main Findings
F. Recommended Action Plan and Authorities’ Response
II. Detailed Assessment
Tables
1. Collation of Assessment Results by Assessment Category
2. summary observance
3. Recommended Action Plan to Improve Observance
4. Additional Action Plan
5. Detailed Assessment of Observance
Figures
1. Euroclear Group Structure
2. Exchanges, MTFs, and CCPs settling in CREST
Glossary
| AIM |
Alternative, Junior Equities Market |
| BCP |
Business Continuity and Disaster Recovery Plans |
| BANK |
Bank of England |
| CASS |
Client Assets sourcebook |
| CDI |
Dematerialized depository receipts |
| CMA |
Cash Memorandum Accounts |
| CREST |
Crest Securities Settlement System |
| CSD |
Central Securities Depository |
| DBV |
Delivery by Value |
| DIs |
Depository interests |
| DTCC |
Depository Trust & Clearing Corporation |
| DvP |
Delivery versus Payment |
| ETT |
Electronic Transfer of Title’ |
| EUI |
Euroclear U.K. & Ireland Limited |
| Euroclear |
Euroclear SA/NV Group |
| FSMA |
Financial Services Authority |
| FSA |
Financial Services and Markets Act |
| HMT |
Her Majesty’s Treasury |
| ICSD |
International Central Securities Depository |
| MAC |
Message Authentication Code |
| MiFid |
Markets in Financial Instruments Directive |
| MMI |
Money market instrument |
| MSCRA |
Master Self-Collateralizing Repurchase Agreement |
| MTF |
Multilateral Trading Facilities |
| MOU |
Memorandum of Understanding |
| RCH |
Recognized Clearing House |
| RSSS |
Recommendations For Securities Settlement Systems |
| RUR |
Register Update Request |
| RTGS |
Real Time Gross Settlement |
| SFD |
Settlement Finality Directive |
| SFR |
Settlement Finality Regulations |
| SIS |
SegaInterSettle |
| SLO |
Stock loan |
| SSS |
Securities settlement system |
| USRS |
Uncertificated Securities Regulations 2001 |