2013年-IMF国际货币组织全球_European_Union_Publication_of_Financial_Sector_Assessment_Program_DocumentationTechnical_Note_on_Cross_24页_738kb

Summary of the European Union: Financial Sector Assessment Program Documentation—Technical Note on Cross-Border Issues, Central Counterparties, and Central Securities Depositories

Core Content

This document is a technical note prepared by the International Monetary Fund (IMF) as part of the Financial Sector Assessment Program (FSAP) for the European Union (EU). It aims to assess cross-border risks related to Central Counterparties (CCPs) and Central Securities Depositories (CSDs) in the EU and provides recommendations to enhance the safety, efficiency, and stability of financial market infrastructures.

Main Viewpoints and Key Information

1. Regulatory and Legislative Framework

• The EU has adopted the European Market Infrastructure Regulation (EMIR), which provides a regulatory and supervisory framework for CCPs, aiming to ensure a level playing field and reduce systemic risks.
• The draft CSD Regulation is under negotiation and is expected to be adopted in 2013. It seeks to harmonize settlement practices and improve efficiency across CSDs.
• The Single Supervisory Mechanism (SSM) is being developed to oversee CCPs and CSDs, with the two international CSDs (Euroclear Bank and Clearstream Banking Luxembourg) being encouraged to be among the first to be included under this mechanism due to their systemic importance.

2. Supervision and Oversight

• National competent authorities retain primary supervisory roles for CCPs and CSDs.
• ESMA (European Securities and Markets Authority) plays a key role in developing binding technical standards and coordinating oversight across member states.
• The European System of Central Banks (ESCB) is involved in oversight and will need to enhance its coordination with national central banks and the European Central Bank (ECB) to ensure macro-level stability.

3. Crisis Management

• Crisis management arrangements between EU authorities are essential to address the risks associated with CCPs and CSDs in times of financial distress.
• The Settlement Finality Directive (SFD)'s notification scheme has proven insufficient during recent defaults (e.g., Lehman Brothers, MF Global), and its functioning should be reviewed.
• A crisis management framework should be established to allow for immediate information sharing between all relevant authorities, CCPs, CSDs, and market participants.

4. Cross-Border Risks and Cooperation

• The cross-border nature of CCPs and CSDs in the EU increases the need for cooperation between national authorities.
• Current cooperation between EU authorities is considered insufficient, and a cooperation framework should be developed for CSDs as well.
• The EU should work to ensure that regulatory frameworks in the EU, U.S., and other regions are aligned to avoid conflicts and inconsistencies, especially in the context of OTC derivatives clearing.

5. Interoperability and Integration

• The TARGET2Securities (T2S) project aims to centralize securities settlement on a pan-European platform, reducing cross-border settlement costs and improving efficiency.
• T2S is expected to be operational in 2015, with 24 national CSDs already signed up, although the central banks of the U.K., Czech Republic, and Sweden have opted not to participate.

6. Recommendations

• The Commission should develop EU legislation for the recovery and resolution of CCPs and CSDs to ensure cross-border effectiveness.
• ESMA should be adequately resourced to fulfill its supervisory and oversight responsibilities.
• A cooperation framework should be established for national supervisors of CSDs.
• Regulatory coordination between the EU and other regions is crucial to reduce conflicts and improve the safety and efficiency of OTC derivatives clearing.
• The ESCB should continue developing information-sharing mechanisms and evaluate their effectiveness.

Key Reforms and Developments

• EMIR introduces common rules for CCPs, a passport regime, and obligations for clearing and reporting.
• CSD Regulation aims to harmonize settlement practices and introduce a passport regime for CSDs.
• T2S is a key initiative for integrating securities settlement in the EU, with a focus on reducing costs and increasing efficiency.

Conclusion

The EU is working to enhance the safety and efficiency of its financial market infrastructures by implementing EMIR and the draft CSD Regulation. These reforms aim to reduce cross-border risks and promote a level playing field. However, challenges remain in terms of regulatory consistency, cooperation between authorities, and the adequacy of crisis management frameworks. The IMF recommends strengthening the role of ESMA, improving coordination with third countries, and ensuring that the EU has robust legal and operational frameworks for the recovery and resolution of CCPs and CSDs.