South Africa: Financial Sector Assessment Program-Reforms in the OTC Derivatives Market-Technical Note

March 3, 2015

Summary

This Technical Note analyzes over-the-counter (OTC) derivatives market reforms in South Africa and identifies vulnerabilities that may potentially impact financial stability. South Africa is committed to reform its OTC derivatives market to reduce vulnerabilities and increase transparency. Reforms are being implemented through the Financial Market Act and Regulations for banks, reflecting the Basel III capital requirements. Swift progress on the consultation and issuance of FMA regulations, trade repository regulations, and related notices are warranted to proceed with reforming the OTC derivatives market. Secondary legislation still needs to be finalized and will contain requirements for financial market infrastructures.

Subject: Banking, Central counterparty clearing house, Derivative markets, Financial markets, Financial regulation and supervision, Over-the-counter markets, Payment systems, Principles for Financial Market Infrastructures

Keywords: Africa, Central counterparty clearing house, CR, Derivative markets, derivatives CCP Safcom, derivatives reform, derivatives transaction, Global, ISCR, local CCP, market conduct authority, market participant, OTC derivative, OTC derivatives transaction, Over-the-counter markets, Payment systems, Principles for Financial Market Infrastructures, reform process

Pages:
44
Volume:
2015
DOI:
https://doi.org/10.5089/9781498393287.002
Issue:
052
Series:
Country Report No. 2015/052
Stock No:
1ZAFEA2015002
ISBN:
9781498393287
ISSN:
1934-7685

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