European Parliament Library

Republic of Moldova :, Financial Sector Assessment Program-Oversight and Supervision of Financial Market Infrastructures (FMIS) and Risk Assessment of Central Securities Depositories-Technical Note

Abstract
Moldova has a modern interbank payment system that lies at the heart of its financial markets. The Automated Interbank Payment System (AIPS) settled on average MDL 2 billion (US$ 214 million) per day, or 2.7 percent of GDP in 2013. It has real-time gross settlement features that help reduce systemic risks, settles large-value and time-critical payments, and is interdependent with two securities settlement systems. This includes the central bank’s Book-Entry System (BES) that handles government securities and central bank certificate settlements, and the National Securities Depository (NSD) that settles private sector securities trades. It largely met international standards in the FSAP Update of 2008. A self-assessment of the BES against the CPSS-IOSCO Principles for Financial Market Infrastructures (PFMIs) has been completed in December 2013 by the NBM. The preliminary results suggest full observance with 11 principles and broad observance with three principles (Principle 1 on Legal Basis, Principle 22 on Communication Procedures and Standards). They are currently under the peer review process by the National Commission for Financial Markets (NCFM)
Table Of Contents
Cover -- CONTENTS -- GLOSSARY -- EXECUTIVE SUMMARY -- INTRODUCTION -- OVERVIEW OF FMIS -- A. Description of Financial Market Infrastructures -- B. Past and Ongoing Reforms -- MAIN ISSUES AT STAKE -- A. Effectiveness of the Oversight and Supervision Framework -- B. Legal Risk -- C. Comprehensive Risk Management Framework -- D. Credit and Liquidity Risk -- E. Central Securities Depository -- F. General Business Risk -- G. Operational Risk -- FIGURE -- 1. Overview of the Trading, Clearing, and Settlement Organization -- TABLES -- 1. Recommendations on FMI Oversight and Supervision -- 2. Average Daily Volume and Value Processed by FMIs in 2013 -- APPENDICES -- I. Responsibilities of Central Banks, Market Regulators, and Other Relevant Authorities -- II. Extracts from the Principles for Financial Market Infrastructures -- III. General Description of CSD, SSS, and Independent Registrars -- IV. Features of CSDs/SSSs -- V. Value of Transactions and Deposits in Book Entry System -- VI. Stock Exchange and Secondary Market Turnover
Language
eng
Literary Form
non fiction
Physical Description
1 online resource (34 pages)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781513507903

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