Chile has fairly developed payment,clearing, and settlement infrastructures. Sistemaliquidación bruta en tiempo real (real time gross settlement(LBTR) is largely compliant with the principles forfinancial market infrastructures (PFMI), and is sound froman operations perspective. ComBanc has been also assessed assound from a (financial, operational) risk managementperspective. Additional steps to improve compliance ofComBanc with the PFMI are warranted, especially with regardto governance arrangements and management of investmentsrisk. Total of five FMIs were assessed as part of review ofstandards and codes (ROSC), although one of these operatesboth as a central counterparty (CCP) and as a securitiessettlement system (SSS) for different segments of theexchange-traded securities market, and as a result a totalof 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).The World Bank Group (WBG) and local teams also met with anumber of users of these FMIs, including two largecommercial banks and two brokers-dealers that are not partof local bank-lead conglomerates.
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