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ACSDA, X GENERAL ASSEMBLY Panama City, Panama; February 21-22, 2008

ACSDA, X GENERAL ASSEMBLY Panama City, Panama; February 21-22, 2008. Lessons from International Standards Assessments Mario Guadamillas, The World Bank. Content. The World Bank Role The Importance of International Standards Main Factors Identified

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ACSDA, X GENERAL ASSEMBLY Panama City, Panama; February 21-22, 2008

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  1. ACSDA, X GENERAL ASSEMBLYPanama City, Panama; February 21-22, 2008 Lessons from International Standards Assessments Mario Guadamillas, The World Bank

  2. Content • The World Bank Role • The Importance of International Standards • Main Factors Identified • Results from FSAP Assessments and Regional Initiatives • 2007 World Bank Global Survey Findings

  3. The World Bank Role • Participation/lead standard setter groups • Diagnostic stage: • Overall assessments through Regional Initiatives (e.g., LAC, AFR, ECA, MENA, ASIA) managed by the Payments System Development Group • Formal assessments through IMF-WB FSAPs • Surveys (e.g., 2007 Global Survey) • Implementation stage • Lending projects to support comprehensive reforms • Technical assistance projects to support comprehensive or ad-hoc reforms • Knowledge dissemination: • Through publications/research, conferences, etc.

  4. The Importance of International Standards • The “Goal” • Minimum standards: e.g., Core Principles for SIPSs, Recommendations for SSSs and CCPs • Best Practices: e.g., G30 Recommendations, regional standards (e.g., business continuity and operational reliability) • The “How” • E.g., General Guidance for the National Payment System Development • The “Concepts” • E.g., Reports on DvP, oversight, etc.

  5. Main Factors Identified in the Standards LEGAL&CUSTODY C&S PROCESSES SETTLEMENT RISK CCP OPERATIONAL REG.&OVERSIGHT ORG. ARRANGEMENTS CROSS-BORDER COST-EFFICIENCY G30 IOSCO G30/ISSA IOSCO IOSCO FIBV ISSA CPSS IOSCO NEWG30 1989 1990 1995 1997 1998 1999 2000 2002 2001

  6. Results from FSAPs and Regional Initiatives • Legal framework (more complex in a global environment) • Protection of custody arrangements • Risks policies and procedures (beyond DvP model) • Operational issues (STP, Resilience and BCPs) • Governance (more complex in a global environment) • Lack of Transparency (procedures/risks) • Access (sometimes to the payment system) • Regulation and oversight (lack of effective cooperation)

  7. Findings from the Global Survey • Legal and Regulatory Framework Source: 2007 World Bank Global Survey on Payment and Securities Settlement Systems • Securities Depositories Source: 2007 World Bank Global Survey on Payment and Securities Settlement Systems

  8. Findings from the Global Survey • Main Settlement Features Source: 2007 World Bank Global Survey on Payment and Securities Settlement Systems

  9. Findings from the Global Survey • Participants and Custody Arrangements Source: 2007 World Bank Global Survey on Payment and Securities Settlement Systems

  10. Findings from the Global Survey • Resilience and Business Continuity Source: 2007 World Bank Global Survey on Payment and Securities Settlement Systems

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