{
  "title": "Organizing Central Securities Depositories in Developing Markets—7 Considerations",
  "publication": "IMF Working Papers, March 20, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2018/03/20/organizing-central-securities-depositories-in-developing-markets-7-considerations-45687",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2018/03/20/organizing-central-securities-depositories-in-developing-markets-7-considerations-45687",
  "overlayPath": "/en/publications/wp/issues/2018/03/20/organizing-central-securities-depositories-in-developing-markets-7-considerations-45687/index.md",
  "summary": "Central securities depositories (CSDs) are systemically important entities that are critical for effective implementation of monetary policy, the credibility of a government’s debt management program, collateral management, and safe and efficient securities markets.",
  "sections": [
    {
      "heading": "Core premise and scope",
      "content": "- Central securities depositories (CSDs) are systemically important entities critical for:\n  - effective implementation of monetary policy;\n  - the credibility of a government’s debt management program;\n  - collateral management;\n  - safe and efficient securities markets.\n- Authorities in developing markets, in particular central banks, face two central issues:\n  - whether to pursue a single CSD for all types of securities to increase market efficiencies and benefit from economies of scale;\n  - whether to partake in the governance of the CSD as owner and/or operator.\n- The paper develops seven considerations to help authorities address these issues and find the best model for their country."
    },
    {
      "heading": "Key analytical takeaway",
      "content": "- The seven considerations may point to different solutions for different countries depending on:\n  - the size of markets;\n  - strength of private operators;\n  - level of market development."
    },
    {
      "heading": "Subjects and keywords (as provided)",
      "content": "- Subjects: Central securities depositories, Financial institutions, Financial markets, Government securities, Securities, Securities markets, Stock markets\n- Keywords: BNR authorities, Central securities depositories, clearing, CSD function, CSD operation, CSD operator, CSD technology, Europe, financial market, financial market development, fixed cost, Global, government securities, Government securities, government securities market, ownership structure, private sector, securities, Securities markets, securities transaction, settlement system, single CSD, Stock markets, WP\n\n---\n\n Content in this bundle\n\n- wp1866\n  - wp1866 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp1866 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2018/03/20/organizing-central-securities-depositories-in-developing-markets-7-considerations-45687"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2018/03/20/organizing-central-securities-depositories-in-developing-markets-7-considerations-45687/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2018/03/20/organizing-central-securities-depositories-in-developing-markets-7-considerations-45687/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2018/03/20/organizing-central-securities-depositories-in-developing-markets-7-considerations-45687/bundle-manifest.json)",
    "Authors: Froukelien Wendt, Peter Katz, Alice Zanza",
    "Published: March 20, 2018",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484345276.001",
    "Central securities depositories (CSDs) are systemically important entities critical for:",
    "Authorities in developing markets, in particular central banks, face two central issues:",
    "The paper develops seven considerations to help authorities address these issues and find the best model for their country.",
    "The seven considerations may point to different solutions for different countries depending on:",
    "Subjects: Central securities depositories, Financial institutions, Financial markets, Government securities, Securities, Securities markets, Stock markets",
    "Keywords: BNR authorities, Central securities depositories, clearing, CSD function, CSD operation, CSD operator, CSD technology, Europe, financial market, financial market development, fixed cost, Global, government securities, Government securities, government securities market, ownership structure, private sector, securities, Securities markets, securities transaction, settlement system, single CSD, Stock markets, WP",
    "**wp1866**"
  ],
  "related": [
    {
      "title": "wp1866",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/wp/2018/wp1866.pdf",
      "summary": {
        "path": "/-/media/files/publications/wp/2018/wp1866.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/wp/2018/wp1866.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2018/03/20/organizing-central-securities-depositories-in-developing-markets-7-considerations-45687/index.md",
    "json": "/en/publications/wp/issues/2018/03/20/organizing-central-securities-depositories-in-developing-markets-7-considerations-45687/index.json",
    "bundleManifest": "/en/publications/wp/issues/2018/03/20/organizing-central-securities-depositories-in-developing-markets-7-considerations-45687/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-18T13:10:57.036Z"
}