Front Matter Page
© 2013 International Monetary Fund
June 2013
IMF Country Report No. 13/183
France: Financial Sector Assessment Program—Detailed Assessment of Observance of CPSS/IOSCO Recommendations for Securities Settlement Systems and for Central Counterparties
This paper was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed in June 2013. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of France or the Executive Board of the IMF.
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Front Matter Page
Financial Sector Assessment Program
France
LCH.Clearnet SA Observance of the CPSS-IOSCO Recommendations for Central Counterparties
Detailed Assessment of Observance
June 2013
International Monetary Fund
Monetary and Financial Systems Department
Contents
Glossary
I. Executive Summary
II. Information and Methodology Used for Assessment
III. Institutional and Market Structure
IV. Regulatory Structure
V. Main Findings
VI. Authorities’ Response To The Assessment
Tables
1. Key Statistics of LCH.Clearnet SA, 2008–2011
2. Summary of MOUs Between Involved Domestic and Foreign Authorities
3. Collection of Assessment Results of LCH.Clearnet SA by Assessment Category
4. Detailed Assessment of Observance of the LCH.Clearnet SA of the CPSS-IOSCO Recommendations for Central Counterparties
5. Actions to Improve Compliance
6. Further Recommended Actions
Figure
1. LCH.Clearnet Group Structure
Glossary
| ACP |
Autorité du Contrôle Prudentiel |
| AMF |
Autorité des Marchés Financiers |
| BCP |
Business Continuity Plan |
| BCM |
Business Continuity Management Policy |
| BDF |
Banque de France |
| BDP |
Banco de Portugal |
| CC&G |
Cassa di Compensazione e Garanzia |
| CCP |
Central Counterparty |
| CDS |
Credit Default Swap |
| CEBS |
Committee of European Banking Supervisors |
| CESR |
Committee of European Securities Regulators |
| CFTC |
United States Commodities Futures Trading Commission |
| CMVM |
Comissão do Mercado de Valores Mobiliários |
| CPSS |
Committee on Payment and Settlement Systems |
| CRB |
Clearing Rule Book |
| CRD |
Capital requirements directive |
| CSD |
Central securities depository |
| CVaR |
Conditional value at risk |
| DCM |
Direct Clearing Member |
| DVP |
Delivery-versus-payment |
| DTCC |
Depository Trust and Clearing Corporation (DTCC) |
| EACH |
European Association of CCP Clearinghouses |
| EC |
European Commission |
| EEA |
European Economic Area |
| EEC |
European Commodity Clearing |
| ESCB |
European System of Central Banks |
| EUR |
Euro |
| MFC |
Monetary and Financial Code |
| FSA |
Financial Service Authority |
| FX |
Foreign Exchange |
| GCM |
General Clearing Member |
| GBP |
British pound |
| ICSDs |
International Central Securities Depositories |
| IMF |
International Monetary Fund |
| IOSCO |
International Organization of Securities Commission |
| MOF |
Ministry of Finance |
| MOJ |
Ministry of Justice |
| MOU |
Memorandum of Understanding |
| OTC |
Over-the-counter |
| RBM |
Risk-based margining |
| RCCP |
Recommendation for Central Counterparties |
| ROCH |
Recognized Overseas Clearinghouse |
| RSSS |
Recommendation for Securities Settlement Systems |
| SEC |
United States Securities and Exchange Commission |
| SSS |
Securities settlement systems |
| U.K. |
United Kingdom |