Canada : Financial Sector Assessment Program-Technical Note-Oversight of Financial Market Infrastructures and Fintech Development.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. Monetary and Capital Markets Department.

Series:

IMF Staff Country Reports; Country Report ; No. 2020/022

IMF Staff Country Reports

Language:

English

Subjects (All):

Monetary policy--History.

Monetary policy.

Quantitative easing (Monetary policy).

Physical Description:

1 online resource (37 pages)

Other Title:

Canada

Place of Publication:

Washington, D.C. : International Monetary Fund, 2020.

Summary:

This paper reviews assessment of financial market infrastructures (FMIs) and authorities’ responsibilities in Canada. The report shows that the FMIs have operated normally under a well-established legal and oversight framework that is distinct for Canada. The Bank of Canada (BOC) has issued a Guideline that defines the criteria for identifying FMIs. Recognition of a clearing agency is also required under provincial securities legislation where terms and conditions and the clearing rule would apply. The current oversight approach can benefit from stronger enforcement powers available to the BOC. Provincial securities regulators are encouraged to train FMI oversight staff in advanced quantitative skills to support risk assessment. Further enhancement in managing liquidity and operational risks will help ensure the robust functioning of FMIs. Improvements in cyber resiliency continue in line with international guidance, including industry-wide exercises carried out by FMI operators and participants. However, compliance to endpoint security needs to be tightened by self-attestations and audits of FMI participants. The categorization and reporting of operational incident severity levels could be further coordinated.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

9781513527444

1513527444