Brazil: Financial Sector Assessment Program-Technical Note on Supervision and Oversight of Financial Market Infrastructures
IMF Staff Country Reports, November 30, 2018
Source details
- Canonical URL
- Brazil: Financial Sector Assessment Program-Technical Note on Supervision and Oversight of Financial Market Infrastructures
Other formats
Bibliographic details
- Published: November 30, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484387535.002
Overview
- There are sixteen financial market infrastructures2 (FMIs) operating in the Brazilian payment system (SPB).
- Out of these sixteen FMIs, nine3 are systemically important.
- Four FMIs belong to the top twenty FMIs in the world4.
- Brazilian FMIs are described as among the top twenty worldwide and are highly relevant for domestic financial stability.
Role and systemic importance of specific FMIs
- STR (Reserves Transfer System - Sistema de Transferência de Reservas), the Brazilian Real Time Gross Settlement system (RTGS), is the backbone of the SPB and belongs to the top ten large value payment systems worldwide.
- SELIC is among the top ten central securities depository/securities settlement systems (CSD/SSSs).
- CETIP is among the top twenty SSSs.
- BM&FBOVESPA Clearinghouse, the largest central counterparty (CCP) in Latin America, belongs to the top ten.
Functions and integration
- FMIs facilitate the clearing, settlement, and recording of monetary and other financial transactions, such as:
- payments,
- securities,
- derivatives contracts (including derivatives contracts for commodities).
- Brazilian post-trading services are integrated.
- Entities providing securities settlement services also provide other post-trade processing, acting both as:
- a clearing house and a CSD, or
- a trade repository (TR).
Subject areas and risks highlighted
- Subject: Central counterparty clearing house, Financial markets, Financial regulation and supervision, Liquidity risk, Operational risk, PFM information systems, Principles for Financial Market Infrastructures, Public financial management (PFM).
- Keywords include: BCB statement, BM&FBOVESPA clearinghouse, Central counterparty clearing house, concentrate risk, CR, FMIs specificity, Global, information security framework, ISCR, liquidity risk, Liquidity risk, market regulator, Operational risk, PFM information systems, Principles for Financial Market Infrastructures, risk management.
Source: Brazil: Financial Sector Assessment Program-Technical Note on Supervision and Oversight of Financial Market Infrastructures
Content in this bundle
- Country Report