Chile Financial Sector Assessment Program : Detailed Assessment Report of CCLV (CCP), Contraparte Central, S.A.
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 s...
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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/937131481019427523/Chile-Financial-sector-assessment-program http://hdl.handle.net/10986/25718 |
| 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. Total of five 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).
The World Bank Group (WBG) and local teams also met with a
number of users of these FMIs, including two large
commercial banks and two brokers-dealers that are not part
of local bank-lead conglomerates. |
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