Chile Financial Sector Assessment Program : Detailed Assessment Report of LBTR, Sistema de Liquidacion Bruta en Tiempo Real

World Bank Group

World Bank, Washington, DC

关键词: clearing and settlement;    financial oversight;    financial regulation;    risks;   

RP-ID  :  110703

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Chile has fairly developed payment,clearing, and settlement infrastructures. Sistemaliquidación bruta en tiempo real (real time grosssettlement) (LBTR) is largely compliant with the principlesfor financial market infrastructures (PFMI), and is soundfrom an operations perspective. ComBanc has been alsoassessed as sound from a (financial, operational) riskmanagement perspective. Additional steps to improvecompliance of ComBanc with the PFMI are warranted,especially with regard to governance arrangements andmanagement of investments risk. A total of five financialmarket infrastructures (FMIs) were assessed as part ofreview of standards and codes (ROSC), although one of theseoperates both as a central counterparty (CCP) and as asecurities settlement system (SSS) for different segments ofthe exchange-traded securities market, and as a result atotal of six FMI assessments were produced by the team. Inaddition, the responsibilities of authorities for FMIs wereassessed. The main tool used by the assessment was theCPSS-IOSCO assessment methodology for the principles forfinancial market infrastructure and the responsibilities ofauthorities. In addition to the self-assessments, othersources of information included the applicable laws andregulations, as well as each FMI’s main policies andinternal documents (for example, detailed policies, andprocesses and procedures for certain key areas) which wereshared by the FMIs with the assessors, and other informationavailable at each FMI’s website (for example, statistics).