United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of the Depository Trust Company’s Observance of the CPSS-IOSCO Recommendations for Securities Settlement Systems

International Monetary Fund

No 2010/128, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key findings of the Detailed Assessment of Observance of the Depository Trust Company’s Observance of the Committee on Payment and Settlement Systems/International Organization of Securities Commissions (CPSS–IOSCO) Recommendations for Securities Settlement Systems for the United States. The assessment reveals that the legal framework provides a high degree of legal assurance that transactions are enforceable. The membership agreement into which participants enter is enforceable under New York State law. The assessment recommends that securities settlement systems should have a well-founded, clear, and transparent legal basis in the relevant jurisdictions.

Keywords: ISCR; CR; DTC participant; risk management control; DTC rule; settlement system; cash settlement; net debit cap; DTC omnibus account; DTCS settlement service; liquidity resource; risk assessment; offer s; DTC member; Securities; Securities settlement systems; Central securities depositories; Collateral; Operational risk; Europe; Global (search for similar items in EconPapers)
Pages: 42
Date: 2010-05-14
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