Chile Financial Sector Assessment Program : Detailed Assessment Report of LBTR, Sistema de Liquidacion Bruta en Tiempo Real
Chile has fairly developed payment, clearing, and settlement infrastructures. Sistema liquidación bruta en tiempo real (real time gross settlement) (LBTR) is largely compliant with the principles for financial market infrastructures (PFMI), and is...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/873121481018634552/Chile-Financial-sector-assessment-program http://hdl.handle.net/10986/25717 |
| Summary: | Chile has fairly developed payment,
clearing, and settlement infrastructures. Sistema
liquidación bruta en tiempo real (real time gross
settlement) (LBTR) is largely compliant with the principles
for financial market infrastructures (PFMI), and is sound
from an operations perspective. ComBanc has been also
assessed as sound from a (financial, operational) risk
management perspective. Additional steps to improve
compliance of ComBanc with the PFMI are warranted,
especially with regard to governance arrangements and
management of investments risk. A total of five financial
market infrastructures (FMIs) were assessed as part of
review of standards and codes (ROSC), although one of these
operates both as a central counterparty (CCP) and as a
securities settlement system (SSS) for different segments of
the exchange-traded securities market, and as a result a
total of six FMI assessments were produced by the team. In
addition, the responsibilities of authorities for FMIs were
assessed. The main tool used by the assessment was the
CPSS-IOSCO assessment methodology for the principles for
financial market infrastructure and the responsibilities of
authorities. In addition to the self-assessments, other
sources of information included the applicable laws and
regulations, as well as each FMI’s main policies and
internal documents (for example, detailed policies, and
processes and procedures for certain key areas) which were
shared by the FMIs with the assessors, and other information
available at each FMI’s website (for example, statistics). |
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