Financial infrastructure is theunderlying foundation of a country’s financial system. Itcomprises all institutions, the rules, and standards of allthe systems which enable financial intermediation. Thequality of a country’s financial infrastructure determinesthe efficiency of intermediation, the ability of lenders toevaluate risk and of borrowers to obtain credit, insurance,and other financial products at competitive terms. Forinstance, the efficient and smooth functioning of thepayment, and securities settlement systems facilitates thedischarge of financial obligations and the safe transfer offunds across distances and institutions and retailcustomers, supporting the stability of the financial system.This technical note contains the assessment of the nationalpayment and settlement systems (NPS) infrastructure inRussia using the framework of international standards6 andthe experience and previous work of the World Bank onpayment systems development7 in several countries around theworld. The assessment was undertaken in the context of theIMF and World Bank (WB) joint Financial Sector AssessmentProgram (FSAP) mission to Russia during March 15-30, 2016.The assessor was Gynedi Srinivas of the World Bank’s PaymentSystems Development Group. The assessor will like to thankthe counterparts in Russia for their excellent cooperationand hospitality during the mission. The technical noteassesses the NPS infrastructure in Russia under four broadthemes. These are: (i) Legal and regulatory framework; (ii)Payment system landscape; (iii) Systems for post-tradeclearing and settlement - Central Securities Depository andsettlement depository and Central counterparty; and (iv)Oversight. It does not provide a detailed assessment ofindividual payment and settlement systems in the form of aReport on Observance of Standards and Codes (ROSC).
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