Belgium : Financial Sector Assessment Program-Detailed Assessment of Observance-Assessment of the CPSS–IOSCO Principles for Financial Market Infrastructures Euroclear Bank.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. Monetary and Capital Markets Department.

Series:

IMF Staff Country Reports; Country Report ; No. 2023/394

IMF Staff Country Reports

Language:

English

Physical Description:

1 online resource (243 pages)

Other Title:

Belgium

Place of Publication:

Washington, D.C. : International Monetary Fund, 2023.

Summary:

This paper on Belgium focuses on detailed assessment of observance of the International Organization of Securities Commissions (CPSS-IOSCO) principles for financial market infrastructures. While improvements have been made since the onboarding of the current Chief Information Security Officer, in particular to Euroclear’s cyber posture, there remain critical deficiencies in the management of key operational risk elements, which will require substantial efforts to address. Beyond relying on direct participant disclosure, Euroclear Bank (EB) should develop capacity for increasing the transparency with respect to the business of its direct participants’ clients. EB should also improve the breadth and rigor of its business continuity and default management testing by conducting simulation exercises based on well-defined scenarios. The report suggests that the National Bank of Belgium (NBB)—as the National Resolution Authority—should ensure that the resolution plan for EB is fully operationalized. Action to seize frozen assets at Euroclear because of international sanctions imposed following the Russian invasion of Ukraine could have unintended consequences for EB and the Euroclear Group more broadly.

Notes:

Description based on print version record.

ISBN:

9798400262616