Republic of Moldova: Financial Sector Assessment Program-Oversight and Supervision of Financial Market Infrastructures (FMIS) and Risk Assessment of Central Securities Depositories-Technical Note
IMF Staff Country Reports, February 29, 2016
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- Republic of Moldova: Financial Sector Assessment Program-Oversight and Supervision of Financial Market Infrastructures (FMIS) and Risk Assessment of Central Securities Depositories-Technical Note
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Bibliographic details
- Published: February 29, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513504322.002
Overview of payment and securities settlement infrastructure
- The Automated Interbank Payment System (AIPS) is described as a modern interbank payment system that lies at the heart of Moldova’s financial markets.
- AIPS settled on average MDL 2 billion (US$ 214 million) per day, or 2.7 percent of GDP in 2013.
- AIPS has real-time gross settlement features to help reduce systemic risks and to settle large-value and time-critical payments.
- AIPS is interdependent with two securities settlement systems:
- The central bank’s Book-Entry System (BES), which handles government securities and central bank certificate settlements.
- The National Securities Depository (NSD), which settles private sector securities trades.
Compliance with international standards and assessment activity
- The systems largely met international standards in the FSAP Update of 2008.
- A self-assessment of the BES against the CPSS-IOSCO Principles for Financial Market Infrastructures (PFMIs) was completed in December 2013 by the NBM.
- Preliminary self-assessment results:
- Full observance with 11 principles.
- Broad observance with three principles: Principle 1 on Legal Basis, Principle 22 on Communication Procedures and Standards.
- The self-assessment results are currently under the peer review process by the National Commission for Financial Markets (NCFM).
Subjects and keywords covered
- Subjects: Central securities depositories, Financial institutions, Financial markets, Payment systems, PFM information systems, Public financial management (PFM), Securities, Securities settlement systems.
- Keywords include: BES business continuity plan, BES participant, Book-Entry System, Central securities depositories, certificate, certificate settlement, CM Law, CR, debit position, financial condition, ISCR, joint stock, NBM Annual Report, NSD rule, Payment systems, PFM information systems, private sector securities trade, Securities, securities debit position, securities holder, securities record, Securities settlement systems, settlement system.
Source: Republic of Moldova: Financial Sector Assessment Program-Oversight and Supervision of Financial Market Infrastructures (FMIS) and Risk Assessment of Central Securities Depositories-Technical Note (IMF Staff Country Report, February 29, 2016).