Bosnia and Herzegovina: Financial Sector Assessment Program-Detailed Assessment of Observance of the CPMI-IOSCO Principles for Financial Market Infrastructures

International Monetary Fund

No 2015/217, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key findings and recommendations of the Detailed Assessment of Observance of the CPMI–IOSCO (Committee on Payments and Market Infrastructures–International Organization of Securities Commissions) Principles for Financial Market Infrastructures in Bosnia and Herzegovina. Major achievements have been made in modernizing the payment system. Resiliency of the interbank payment system was demonstrated against the severe floods of May 2014. The currency board arrangement has helped protect the payment system from credit risks. The formal assessment of the real-time gross settlement system suggests that many of the standards are observed. The legal basis is relatively sound, but finality and netting arrangements require greater legal certainty and protection at the law level.

Keywords: ISCR; CR; RTGS system; CBBH RTGS; central bank; reserve account; RTGS participant; CBBH Management; CBBH instruction; CBBH website; Real time gross settlement systems; Payment systems; Commercial banks; Operational risk; Principles for Financial Market Infrastructures; Global (search for similar items in EconPapers)
Pages: 75
Date: 2015-08-03
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