2019年-IMF国际货币组织全球_How_to_Organize_Central_Securities_Depositories_in_Developing_Markets_Key_Considerations_27页_3mb

Summary: How to Organize Central Securities Depositories in Developing Markets—Key Considerations

Core Content

This document provides guidance for policymakers in developing markets on how to organize central securities depositories (CSDs). It outlines key considerations and decision-making frameworks to determine whether a single CSD or multiple CSDs are more suitable for a country's financial infrastructure.

Main Objectives

• To assist authorities in making informed decisions about the organization of CSDs.
• To highlight the balance between efficiency and safety in securities market operations.
• To emphasize the public function of CSDs, particularly in supporting government securities, monetary policy, and financial stability.

Key Considerations

The document outlines seven key considerations that should guide the organization of CSDs:

1. Efficiencies through a single CSD
   Consolidating CSD services into one entity can lead to economies of scale and scope, reducing costs and increasing innovation. However, the potential for efficiency must be assessed before deciding on a single CSD model.

2. Efficiencies through links between CSDs
   While links between multiple CSDs can enhance market efficiency, they are generally not cost-effective for smaller or developing markets due to high fixed IT costs.

3. Efficiencies through competition among CSDs
   In large, developed markets, competition among CSDs can improve efficiency, but this is not practical for smaller or less developed markets.

4. Promotion of public interests
   CSDs should support financial stability, market development, and public policy objectives, such as government debt management and monetary policy implementation.

5. Sufficient financial and human resources
   The operator of a CSD must have adequate resources to ensure reliable and sustainable operations.

6. Compliance with international standards
   CSDs should comply with international standards, such as the CPSS-IOSCO Principles for Financial Market Infrastructures (PFMI), to ensure robustness and interoperability.

7. Good reputation and integrity
   The CSD operator must have a reputation for reliability and integrity, which is crucial for maintaining investor confidence and market trust.

Three Cornerstones for CSD Operations

• Sound legal framework: A clear and robust legal structure is essential to support the CSD's operations and its role in the financial system.
• Effective supervision and oversight: Ensuring that CSDs are monitored and regulated to maintain safety and soundness.
• Cooperation and coordination among stakeholders: Both public and private actors must work together to enhance the effectiveness of CSDs.

International Practices and Trends

• Single CSD models are more common in Europe (especially the euro area), while South Asia prefers two CSDs (one for government securities, one for equities).
• Central banks often operate CSDs that handle only government securities, due to their role in monetary policy and collateral management.
• Private sector-operated CSDs are dominant in high-income countries, where markets are more developed and CSDs are outsourced after initial setup.

Efficiency and Safety Considerations

• Efficiency considerations include cost savings, innovation, and improved service levels through consolidation or integration.
• Safety considerations involve the reputation, risk profile, and ability to manage systemic risks.
• The decision should be made based on the country's specific market conditions, including size, development level, and the strength of private operators.

Conclusion

The optimal CSD model depends on the country's circumstances and market development. Authorities should weigh efficiency and safety carefully and ensure that the CSD model supports the public interest and financial stability. International standards and best practices should guide the legal, supervisory, and operational framework of CSDs. The document also includes decision trees and case studies to help authorities evaluate the most appropriate structure for their markets.