United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of the Depository Trust Company’s Observance of the CPSS-IOSCO Recommendations for Securities Settlement Systems
IMF Staff Country Reports, May 14, 2010
Source details
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- United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of the Depository Trust Company’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/10.5089/9781455206704.002
Summary and key findings
- The paper discusses key findings of the Detailed Assessment of Observance of the Depository Trust Company’s 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.
- The assessment reveals that the legal framework provides a high degree of legal assurance that transactions are enforceable.
- The membership agreement into which participants enter is enforceable under New York State law.
- The assessment recommends that securities settlement systems should have a well-founded, clear, and transparent legal basis in the relevant jurisdictions.
Legal framework observations
- High degree of legal assurance that transactions are enforceable.
- Enforceability of the membership agreement under New York State law is explicitly noted.
Policy recommendations
- Securities settlement systems should have a well-founded, clear, and transparent legal basis in the relevant jurisdictions.
Subjects and keywords (as listed)
- Subjects: Banking, Central securities depositories, Collateral, Financial institutions, Financial markets, Financial regulation and supervision, Operational risk, Securities, Securities settlement systems
- Keywords: cash settlement, Central securities depositories, Collateral, CR, DTC member, DTC omnibus account, DTC participant, DTC rule, DTCS settlement service, Europe, Global, ISCR, liquidity resource, net debit cap, offer s, Operational risk, risk assessment, risk management control, Securities, Securities settlement systems, settlement system