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Financial Sector Policies

Virtual : Financial Market Infrastructures: Principles and Practices (FMI-PP)

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Session No.: ST 21.31V

Location: Singapore, Singapore

Date: November 15-19, 2021 (1 week)

Primary Language: English

    Target Audience

    Mid- to senior-level officials working in the payment systems policy, oversight/supervision or operations departments of central banks and in positions with similar responsibilities.

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    Qualifications

    Participants should have experience in the operations and/or oversight of financial market infrastructures (FMI), such as payment systems, securities settlement systems, and central securities depositories.

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    Course Description

    This course, presented by the IMF's Monetary and Capital Markets Department, focuses on the Principles for Financial Market Infrastructures (PFMI), which aim to enhance safety and efficiency in payments, clearing, settlement, and recording arrangements, and more broadly, to limit systemic risk and foster transparency and financial stability. The course is designed to be interactive by using a combination of lectures, case studies, self-assessment exercises, and group discussions. Lectures focus on the 24 principles and 5 responsibilities for authorities under the PFMI, the Disclosure Framework, and Assessment Methodology, and emerging issues on cyber resiliency, distributed ledger technology, stablecoin arrangements, and digital innovations. Mini-case studies and polls on compliance levels of FMIs and authorities’ responsibilities would be used after each lecture to reinforce participants’ understanding of the standards. These case studies and self-assessment exercises would be based on targeted principles and responsibilities, and participants would be able to exchange views during the sessions.

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    Course Objectives

    Upon completion of this course, participants should be able to:

    • Establish the required level of proficiency of the PFMI.
    • Apply hands-on experience with self-assessments of FMIs against international standards.
    • Identify issues of concern, gaps, or shortcomings in compliance, and the recommended actions.
    • Recognize recent developments, particularly from cyber risk, distributed ledger technologies, stablecoin arrangements, and their impact on FMIs, regulation, and financial stability.

     

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