European Union: Publication of Financial Sector Assessment Program Documentation—Technical Note on Cross-Border Issues, Central Counterparties, and Central Securities Depositories
IMF Staff Country Reports, March 15, 2013
Source details
- Canonical URL
- European Union: Publication of Financial Sector Assessment Program Documentation—Technical Note on Cross-Border Issues, Central Counterparties, and Central Securities Depositories
Other formats
Bibliographic details
- Published: March 15, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475548679.002
Executive summary
- Focus: Effectiveness of the regulatory, supervisory, and oversight frameworks for central counterparties (CCPs) and central securities depositories (CSDs) in the European Union (EU).
- Central premise: CCPs and CSDs are essential for financial stability, and cooperation between authorities within and outside the EU is critical to reduce risks related to the cross-border nature of clearing and settlement within the EU.
- Crisis management emphasis: Crisis management arrangements among EU authorities are of key importance to adequately fulfill the various responsibilities that authorities may have in relation to CCPs and CSDs in crisis situations.
Major findings
- Regulatory and supervisory frameworks for CCPs and CSDs are central to maintaining financial stability in the EU.
- Cross-border nature of clearing and settlement within the EU generates risks that require coordinated action.
- Cooperation between authorities both within the EU and with non-EU authorities is critical to risk reduction.
- Crisis management arrangements among EU authorities play a key role in ensuring authorities can fulfill responsibilities related to CCPs and CSDs during crises.
Policy recommendations and implications
- Strengthen cooperation mechanisms among EU authorities to address cross-border clearing and settlement risks.
- Enhance crisis management arrangements among EU authorities to clarify responsibilities and enable effective responses in crisis situations involving CCPs and CSDs.
- Ensure oversight frameworks are capable of addressing the cross-border dimensions of CCPs and CSDs and support financial stability.
Subject classification and keywords (as provided)
- Subject: Banking, Central counterparty clearing house, Central securities depositories, Crisis management framework, Education, Financial crises, Financial institutions, Financial instruments, Financial markets, Securities
- Keywords: authority, CCPs EMCF, Central counterparty clearing house, Central securities depositories, CR, Crisis management framework, CSD, CSD regulation, CSDs, CSDs in the EU, ESMA resource, ESMA website, EU interest, EU legislation, EU regulation, Europe, Global, ISCR, member state, Securities, Supervisory College CCPs