South Africa: Financial Sector Assessment Program-Reforms in the OTC Derivatives Market-Technical Note

International Monetary Fund

No 2015/052, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note analyzes over-the-counter (OTC) derivatives market reforms in South Africa and identifies vulnerabilities that may potentially impact financial stability. South Africa is committed to reform its OTC derivatives market to reduce vulnerabilities and increase transparency. Reforms are being implemented through the Financial Market Act and Regulations for banks, reflecting the Basel III capital requirements. Swift progress on the consultation and issuance of FMA regulations, trade repository regulations, and related notices are warranted to proceed with reforming the OTC derivatives market. Secondary legislation still needs to be finalized and will contain requirements for financial market infrastructures.

Keywords: ISCR; CR; OTC derivative; reform process; market participant; derivatives transaction; derivatives CCP Safcom; OTC derivatives transaction; derivatives reform; local CCP; market conduct authority; Central counterparty clearing house; Derivative markets; Over-the-counter markets; Principles for Financial Market Infrastructures; Payment systems; Global; Africa (search for similar items in EconPapers)
Pages: 44
Date: 2015-03-03
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