France: Financial Sector Assessment Program—Detailed Assessment of Observance of CPSS/IOSCO Recommendations for Securities Settlement Systems and for Central Counterparties

International Monetary Fund

No 2013/183, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key findings of the Detailed Assessment of LCH.Clearnet SA Observance of the Committee on Payment and Settlement Systems/International Organization of Securities Commission (CPSS–IOSCO) Recommendations for Central Counterparties. The findings reveal that LCH.Clearnet SA displays a high level of observance of the CPSS/IOSCO recommendations. It has a sound, coherent, and transparent legal basis. It has developed an adequate risk-management framework to address financial and operational risks. LCH.Clearnet SA governance arrangements and composition of Boards and management are well defined and adequately staffed.

Keywords: ISCR; CR; risk management; margin call; central bank; holding company; initial margin; event of default; commercial bank; U.S. dollar; participation requirement; Banque Centrale de Compensation; British pound; Central counterparty clearing house; Operational risk; Currencies; Credit default swap; Legal support in revenue administration; Global (search for similar items in EconPapers)
Pages: 60
Date: 2013-07-01
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