People’s Republic of China-Hong Kong Special Administrative Region: Financial Sector Assessment Program-Oversight and Supervision of Financial Market Infrastructures-Technical Note

International Monetary Fund

No 2014/208, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note on Oversight and Supervision of Financial Market Infrastructures has been prepared in the context of the Financial Sector Assessment Program for the People’s Republic of China–Hong Kong Special Administrative Region (HKSAR). Nine financial market infrastructures (FMIs) operate in HKSAR; the effectiveness of their supervision and oversight is critical in maintaining financial stability. In order to support their objective of consolidating Hong Kong’s position as an international financial center, the Hong Kong authorities have fostered the development of sophisticated and multicurrency FMIs. The risks associated with domestic and overseas linkages appear to be adequately managed. Extensive domestic and overseas system linkages have been implemented making HKSAR a regional settlement hub. The legal framework should be amended to explicitly prohibit a domestic clearing house from operating in HKSAR without being recognized as such. The respective legal framework and policy mandate determines the actions of the Hong Kong Monetary Authority and the Securities and Futures Commission as the two regulatory, oversight and supervision authorities for FMIs in HKSAR.

Keywords: ISCR; CR; FMIs; HKMA; University Officers' Training Corps; HKSCC; authority; Hong Kong FMIs; OTC clear; market regulator; HKSAR OTC derivative; OTC derivative transaction; clearing house; OTC derivatives reform; trade FMIs; OTC derivatives reforms in the United States; Hong Kong dollar; market participant; way HKSAR authorities supervise; PFM information systems; Central counterparty clearing house; Clearing and settlement systems; Principles for Financial Market Infrastructures; Securities; Global (search for similar items in EconPapers)
Pages: 38
Date: 2014-07-16
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