Spain: Oversight and Supervision of Financial Market Infrastructures Technical Note

International Monetary Fund

No 2012/144, IMF Staff Country Reports from International Monetary Fund

Abstract: This technical note focuses on financial market infrastructures (FMIs) in Spain. The way Spanish authorities supervise and oversee FMIs is an essential issue in promoting and maintaining domestic financial stability. Although systemically important payments systems are European or international based, there are currently four domestic securities settlement systems and three domestic central counterparties in Spain. Overall, authorities’ responsibilities with respect to FMIs are clearly defined in the law, but further transparency on Banco de España’s (BdE) responsibilities with respect to FMIs other than payments systems is recommended.

Keywords: ISCR; CR; payment system; oversight responsibility; settlement system; oversight team; market condition; repo market closing; market liquidity condition; registry system; Payment systems; PFM information systems; Central counterparty clearing house; Securities; Clearing and settlement systems; Europe; Global (search for similar items in EconPapers)
Pages: 33
Date: 2012-06-11
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