2008年-世界发展银行全球_Thailand_Financial_Sector_Assessment_Program___Thailand_Securities_Depository_of_the_CPSSIOSCO_Recommendations_for_Securities_Settlement_Systems_21页_853kb

报告摘要

Thailand Securities Depository (TSD) Financial Sector Assessment Summary

Core Content

This document is part of the Financial Sector Assessment Program (FSAP) and provides a detailed assessment of the observance of the CPSS/IOSCO recommendations for securities settlement systems in Thailand. It outlines the legal, operational, and supervisory framework governing the TSD and evaluates its compliance with international standards for securities settlement systems.

Main Recommendations and Observance

Recommendation	Observance Status	Key Points
1. Legal Basis for Securities Settlement Systems	Broadly observed	- TSD operates under a well-defined legal framework including the Civil and Commercial Code, Securities and Exchange Act, and other regulations. <br> - Contractual arrangements are enforceable under the law. <br> - Customer assets are segregated from intermediaries' assets. <br> - No explicit legislation for dematerialization of securities.
2. Trade Confirmation	Observed	- Direct participants confirm trades on T+0. <br> - Indirect participants confirm between T+0 and T+3. <br> - TSD has mechanisms to settle transactions if confirmation is not received.
3. Rolling Settlement	Observed	- Equities and government bonds settle on T+3 and T+2 respectively. <br> - OTC trades are settled on T+2. <br> - Settlement failures are minimal and have decreased since the introduction of the Government Pension Fund as a lender of last resort.
4. Central Counterparty (CCP) for Bonds	Broadly observed	- TSD acts as CCP for equities but not for bonds. <br> - No cost-benefit analysis has been conducted for bonds. <br> - CCP functions should be subject to SEC regulation and supervision.
5. Securities Lending and Borrowing	Observed	- TSD has established an automated securities lending facility. <br> - The Government Pension Fund acts as a lender of last resort. <br> - SEC regulates and supervises securities lending activities. <br> - Restrictions on non-resident investors may limit market development.
6. Dematerialization and Book Entry Transfer	Observed	- Approximately 74% of listed securities and 70% of government bonds are immobilized. <br> - Physical transfer still occurs, increasing settlement costs and risks. <br> - SEC and BOT should consider developing a regulatory framework for dematerialized securities.
7. Delivery versus Payment (DVP) Mechanism	Observed	- TSD provides real-time and intra-day finality for DVP settlements. <br> - RTGS and Net Settlement are both based on DVP. <br> - Settlement of cash and securities occurs simultaneously.
8. Intraday Finality	Observed	- TSD provides real-time and intraday finality. <br> - Settlement is carried out by RTGS for same-day transactions. <br> - No unilateral revocation of unsettled transactions is allowed.
9. Risk Controls for Settlement	Non-observed	- Debit balances in equities still exist, though they are minimal. <br> - The CCP and CSD functions are integrated within TSD, which may expose the CSD to risks from CCP activities. <br> - Recommendation to separate CCP and CSD functions into distinct legal entities.
10. Credit Risk in Cash Settlement	Observed	- Cash settlement is based on a multi-tiered structure involving settlement banks. <br> - Settlement banks are subject to prudential supervision by the BOT. <br> - No specific rules for settlement agents' financial soundness.
11. Operational Risk Management	Observed	- TSD has identified and managed operational risks through risk management policies and procedures. <br> - Contingency plans and disaster recovery systems are in place. <br> - All procedures, databases, and messages are duplicated for system redundancy.

Key Information

Legal Framework: The TSD operates under a robust legal foundation, including the Civil and Commercial Code, Securities and Exchange Act, and various regulations issued by the SET, SEC, and BOT.
Settlement Mechanisms: TSD uses both RTGS and Net Settlement systems, both based on DVP principles. Settlement finality is achieved either at the end of the day or intraday, depending on the system.
Operational Risk Management: TSD has developed contingency plans and backup facilities to ensure the continuity of operations. The system is designed with redundancy and disaster recovery measures.
Collateral and Risk Control: TSD applies settlement caps, early warning systems, and requires collateral for members exceeding limits. The clearing fund and reserve fund are also used to manage multiple failures.
Securities Lending: TSD has a centralized securities lending facility. The Government Pension Fund has been designated as a lender of last resort since February 2007.
Dematerialization: While immobilization is encouraged, dematerialization is not explicitly legislated. Physical transfer still occurs, which increases settlement costs and risks.
Cross-Border Participation: There is currently no cross-border participation in TSD.
Bankruptcy and Finality: There is no explicit legal protection for settlement finality in the event of a participant's insolvency. Court decisions may reverse settlements, posing a risk to the system.

Conclusion and Recommendations

The TSD broadly complies with most of the CPSS/IOSCO recommendations, particularly in legal and operational frameworks. However, certain areas require improvement:

Legal Protection for Settlement Finality: Explicit legal provisions are needed to protect transactions in the event of insolvency.
Dematerialization: A legal framework for dematerialization should be developed to enhance efficiency and reduce settlement costs.
CCP for Bonds: A cost-benefit analysis should be conducted to assess the introduction of a CCP for government bonds.
Separation of CCP and CSD Functions: To protect the CSD from risks associated with CCP activities, the functions should be separated into distinct legal entities.

These recommendations aim to strengthen the resilience, efficiency, and legal protection of Thailand's securities settlement system in line with international best practices.

展开完整摘要