Canada: Financial Sector Assessment Program: Detailed Assessment of Observance of the CPSS/IOSCO Recommendations for Securities Settlement Systems

International Monetary Fund

No 2008/060, IMF Staff Country Reports from International Monetary Fund

Abstract: The Canadian Depository for Securities (CDS) is the operator of the securities settlement system. The design and operations of the CDS are covered by a solid legal basis. The regulatory framework is clear and transparent to market participants. The risk management procedures of the CDS as a Central Counterparty (CCP) have not yet been assessed against the Committee on Payments and Settlements Systems Recommendations for CCP. The CDS should explicitly assess the benefits and costs of acting as a CCP for trade-for-trade (TFT) transactions.

Keywords: ISCR; CR; security interest; replacement cost; cash settlement; commercial paper; BOC securities transaction; CDS participant; CDS settlement agent; financial risk; CDS settlement bank; CDS website; clearing house; nominee name; risk-control procedure; securities clearing; settlement account; Credit default swap; Securities; Central counterparty clearing house; Securities settlement systems; Collateral; Global (search for similar items in EconPapers)
Pages: 41
Date: 2008-02-13
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