Moldova Financial Sector Assessment Program : Oversight and Supervision of Financial Market Infrastructures and Risk Assessment of Central Securities Depositories

International Monetary Fund

Washington, DC

关键词: MONETARY POLICY;    WITHDRAWAL;    HOLDING;    DERIVATIVE SECURITIES;    CHECKS;   

RP-ID  :  100199

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The approach taken by authorities in theoversight and supervision of FMIs is important in promotingand maintaining financial stability in Moldova. Whilewell-functioning FMIs can greatly improve the efficiency,transparency, and safety of financial systems, they can alsoconcentrate systemic risk, which requires effectiveoversight and supervision to achieve public policyobjectives. In the context of Moldova, the authorities areconfronted with a national decision to create a single CSDthat has good governance, robust risk management practices,and financial soundness. Vulnerabilities in FMIs couldpotentially undermine the implementation of monetary policy,or generate systemic disruptions in the financial markets,and more widely across the economy. A problem may beinitiated by the inability of a participant to settle itsobligations, or by operational failures of the system as awhole. The resulting default may be passed on to otherparticipants, and get transmitted across financial systemsand markets, threatening their stability. This note reviewsthe oversight and supervisory framework for FMIs in Moldova.In this note, FMIs cover payment systems, central securitiesdepositories, and securities settlement systems. Paymentsystems were assessed in the 2008 Republic of Moldova FSAPUpdate and are not covered in this note. Securitiesregistrars, which play a key role in the capital markets,are not FMIs and are assessed under principle 11 on CSDs ofthe PFMIs. The analysis was based on the authorities’answers to the IMF’s questionnaire, IMF and World Banktechnical assistance reports, and background documentation.The mission met with representatives from the NBM, NCFM,MSE, NSD, and independent registrars. This note was preparedbased on the information available in February 2014. Thenote includes (i) an overview of the FMIs and description ofpast and ongoing reforms, and (ii) an assessment of the mainissues at stake.