United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of the Fedwire Securities Service’s Observance of the CPSS-IOSCO Recommendations for Securities Settlement Systems
IMF Staff Country Reports, May 14, 2010
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- United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of the Fedwire Securities Service’s Observance of the CPSS-IOSCO Recommendations for Securities Settlement Systems
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Bibliographic details
- Published: May 14, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455206698.002
Summary and purpose
- Discusses key findings of the Detailed Assessment of Observance of the Fedwire Securities Service’s (FSS) Observance of the Committee on Payment and Settlement Systems/International Organization of Securities Commissions (CPSS–IOSCO) Recommendations for Securities Settlement Systems for the United States.
- Notes that laws, regulations, rules, procedures, and contractual provisions governing the operations and activities of the FSS are public and readily accessible to system participants.
- Emphasizes the assessment recommendation that securities settlement systems should have a well-founded, clear, and transparent legal basis in the relevant jurisdictions.
Key findings
- Laws, regulations, rules, procedures, and contractual provisions governing the operations and activities of the FSS are public and readily accessible to system participants.
- The assessment underscores the importance of a well-founded, clear, and transparent legal basis for securities settlement systems in the relevant jurisdictions.
Policy recommendations and implications
- Securities settlement systems should have a well-founded, clear, and transparent legal basis in the relevant jurisdictions.
- Enhanced legal clarity and transparency are implied as necessary to support observance of the CPSS–IOSCO Recommendations for Securities Settlement Systems.
Subjects and keywords
- Subjects: Banking, Collateral, Credit, Financial institutions, Financial markets, Legal support in revenue administration, Money, Revenue administration, Securities, Securities settlement systems
- Keywords: Collateral, CR, Credit, daylight overdraft, discount window, Fedwire securities application, FRB staff, Global, intraday credit, ISCR, Legal support in revenue administration, net debit cap, PSR policy, Securities, securities account, securities intermediary, securities lending, Securities settlement systems, securities transfer, security interest