How to Organize Central Securities Depositories in Developing Markets
How to Organize Central Securities Depositories in Developing Markets

Author: Ms.Froukelien Wendt

Publisher: International Monetary Fund

Published: 2019-02-04

Total Pages: 27

ISBN-13: 1484397436

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The key objective of this note is to support authorities in their decision making about the optimal organization of central securities depositories (CSDs) in their country. For the purpose of this note, a CSD is defined as an entity that provides securities accounts, a securities settlement system, and central safekeeping services to market participants, which can be banks and other financial institutions. Authorities in developing markets, in particular central banks, may grapple with two questions: (1) whether to pursue a single CSD to increase market efficiencies and benefit from economies of scale and scope and (2) whether to partake in the governance of the CSD as owner or operator. This note presents seven considerations for authorities to take into account when answering these questions and determining the best model for their country.

Organizing Central Securities Depositories in Developing Markets—7 Considerations
Organizing Central Securities Depositories in Developing Markets—7 Considerations

Author: Froukelien Wendt

Publisher: International Monetary Fund

Published: 2018-03-20

Total Pages: 40

ISBN-13: 1484345274

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Central securities depositories (CSDs) are systemically important entities that are critical for effective implementation of monetary policy, the credibility of a government’s debt management program, collateral management, and safe and efficient securities markets. Authorities in developing markets, in particular central banks, may grapple with the following issues: i) whether to pursue a single CSD for all types of securities to increase market efficiencies and benefit from economies of scale; and ii) whether to partake in the governance of the CSD as owner and/or operator. This paper develops seven considerations that authorities may take into account in addressing these issues and finding the best model for their country. These may point to different solutions for different countries, depending in part on the size of markets, strength of private operators and level of market development.

Guidance Note For Developing Government Local Currency Bond Markets
Guidance Note For Developing Government Local Currency Bond Markets

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2021-03-12

Total Pages: 157

ISBN-13: 1513573926

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This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

The Microstructure of Government Securities Markets
The Microstructure of Government Securities Markets

Author: Mr.Peter Dattels

Publisher: International Monetary Fund

Published: 1995-11

Total Pages: 106

ISBN-13:

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This paper applies the “market microstructure” literature to the specific features of government securities markets and draws implications for the strategy to develop government securities markets. It argues for an active role of the authorities in fostering the development of efficient market structures.

Clearing and Settlement
Clearing and Settlement

Author: Dermot Turing

Publisher: Bloomsbury Publishing

Published: 2021-02-12

Total Pages: 900

ISBN-13: 1526514974

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The post-trading industry is one in which financial firms make money and one in which risk issues need careful management. Reliable payment, clearing and settlement structures are perceived to be essential to enable financial firms to withstand shocks. A great deal of the cost of trading and cross-border investment is attributed to the very complex process of clearing and settlement. This book describes and explains: 1. what happens in clearing and settlement, and the roles of (and risks assumed by) the various participants in the post-trade marketplace 2. the law applicable to infrastructures, how they are are regulated, and the other topographical features of their legal landscape 3. the legal and practical aspects of risk management and operations of infrastructures 4. the risks faced by participants in payment, clearing and settlement systems - the agent banks - along with practical and operational issues which they face in their roles. Fully revised, updates for the 3rd edition include: - Implications and impact of Brexit - CPMI and IOSCO paper on central counterparty default (CCP) management auctions - cyber-security and the resilience of financial market infrastructures (FMIs) and the wider market ecosystem.

Private Capital Flows to Developing Countries
Private Capital Flows to Developing Countries

Author:

Publisher: World Bank Publications

Published: 1997

Total Pages: 432

ISBN-13: 9780195211160

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This book analyzes the process of international financial integration and the structural forces driving private capital to developing countries. Against this background, it details the potential benefits of integration and the implications of fast-moving global capital flows for emerging economics. Examining the experience of countries that have attracted substantial private capital flows, the book provides invaluable guidance as to what works and what doesn't during the transition to financial integration. It will be of compelling interest to policymakers and also to international investors and bankers, financial analysts, and researchers.

Developing the Domestic Government Debt Market
Developing the Domestic Government Debt Market

Author: World Bank

Publisher: World Bank Publications

Published: 2007

Total Pages: 130

ISBN-13:

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Domestic government debt markets play a critical role in managing public debt effectively and reducing the vulnerability of developing countries to financial crises. Many aspects of debt markets -- money, primary, and secondary markets; a diversified investor base; and sound securities custody and settlement systems and regulation interact in complex ways and are affected by previous policies and developments. This book draws insights from 12 developing and emerging market country case studies on moving from country diagnostics to reform implementation.

The Federal Reserve System Purposes and Functions
The Federal Reserve System Purposes and Functions

Author: Board of Governors of the Federal Reserve System

Publisher:

Published: 2002

Total Pages: 0

ISBN-13: 9780894991967

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Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Fintech and Financial Services
Fintech and Financial Services

Author: Mr.Dong He

Publisher: International Monetary Fund

Published: 2017-06-19

Total Pages: 49

ISBN-13: 1484303776

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A new wave of technological innovations, often called “fintech,” is accelerating change in the financial sector. What impact might fintech have on financial services, and how should regulation respond? This paper sets out an economic framework for thinking through the channels by which fintech might provide solutions that respond to consumer needs for trust, security, privacy, and better services, change the competitive landscape, and affect regulation. It combines a broad discussion of trends across financial services with a focus on cross-border payments and especially the impact of distributed ledger technology. Overall, the paper finds that boundaries among different types of service providers are blurring; barriers to entry are changing; and improvements in cross-border payments are likely. It argues that regulatory authorities need to balance carefully efficiency and stability trade-offs in the face of rapid changes, and ensure that trust is maintained in an evolving financial system. It also highlights the importance of international cooperation.

Securitization in India
Securitization in India

Author: Jennifer Romero-Torres

Publisher: Asian Development Bank

Published: 2017-11-01

Total Pages: 130

ISBN-13: 9292579843

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India needs to spend close to Rs43 trillion (about $646 billion) on infrastructure through to 2022. Such a staggering requirement cannot be met though traditional sources such as public sector bank loans. India must immediately explore and quickly ramp up financing from alternative investment sources. This report provides an overview of infrastructure financing in India, sheds light on the challenges faced by the country's banking sector, suggests an optimal mechanism for securitizing the infrastructure assets of public sector banks, and outlines a range of scenarios and factors that must be in place for this mechanism to be successfully realized.