Luxembourg: Financial Sector Assessment Program: Detailed Assessment of Observance-Assessment of Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures: Clearstream Banking Luxembourg

August 28, 2017

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Format: Chicago

Luxembourg: Financial Sector Assessment Program: Detailed Assessment of Observance-Assessment of Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures: Clearstream Banking Luxembourg, (USA: International Monetary Fund, 2017) accessed December 21, 2024

Summary

This report assesses the risk management practices of Clearstream Banking Luxembourg (CBL) based on the Committee on Payment and Settlement Systems–International Organization of Securities Commissions (CPSS-IOSCO) Principles for Financial Market Infrastructures. The findings reveal that a range of principles are in broad observance. A key priority is to reduce CBL dependence on commercial banks in its daily operations. There is significant dependence on a limited number of depository and cash correspondent banks, in particular for the US and UK markets. This dependence could be actively mitigated through an increase in the number of contracted banks or, where possible, the establishment of direct links with local central securities depositories and central banks.

Subject: Banking, Credit, Currencies, Financial institutions, Financial regulation and supervision, Money, Operational risk, Securities

Keywords: CBL finality rule, CBL participant, CBL securities settlement system, CBL securities settlement system rule, CR, Credit, Credit risk, Currencies, Default management procedure, Due diligence, Finality rule, Global, ISCR, Letter of credit, Liquidity provider, Operational risk, Risk management, Risk management function, Securities, Securities settlement system rule

Publication Details

Pages:

161
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/260
Stock No:

1LUXEA2017009
ISBN:

9781484316825
ISSN:

1934-7685

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