Singapore: Financial Sector Assessment Program; Detailed Assessment Of Observance-CPSS-IOSCO Principles for Financial Market Infrastructures

International Monetary Fund

No 2019/225, IMF Staff Country Reports from International Monetary Fund

Abstract: This Detailed Assessment of Observance on the Committee on Payment and Settlement Systems-International Organization of Securities Commissions Principles for Financial Market Infrastructures on Singapore discusses that the Monetary Authority of Singapore (MAS) has taken important steps to address the recommendations made for capital market financial market infrastructures (FMIs). MAS has led efforts to develop international guidance on the cyber resilience for FMIs and moved swiftly to strengthen Singapore’s governance and resiliency of the payment system. The assessment of New MAS Electronic Payment and Book-Entry System (MEPS+) finds that most of the principles are observed, however, also identifies opportunities for further improvement relative to international best practices. One of the several observations is that the legal basis is sound with further enhancements made for insolvency protection, designation criteria, and administrative powers for MAS. Also, governance arrangements are clear and transparent and should continue to ensure the independence of the oversight and supervisory functions for MEPS+.

Keywords: ISCR; CR; MEPS; financial market; MAS staff; MAS monitor; empowers MAS; MAS Bills; MAS responsibility; settlement system; MAS bill; central bank; MEPS+ operation; risk management framework; user manual; contingency arrangement; application change process; system design; Payment systems; Operational risk; Securities; Principles for Financial Market Infrastructures; Collateral; Asia and Pacific (search for similar items in EconPapers)
Pages: 130
Date: 2019-07-15
New Economics Papers: this item is included in nep-sea
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