2012年-IMF国际货币组织全球_Spain_Oversight_and_Supervision_of_Financial_Market_Infrastructures_Technical_Note_33页_571kb

Summary of Spain: Oversight and Supervision of Financial Market Infrastructures (FMI) Technical Note (May 2012)

Core Content

This technical note provides an analysis of the oversight and supervision framework for financial market infrastructures (FMIs) in Spain, focusing on the effectiveness of supervision, cooperation between domestic authorities, financial risk management, and crisis management of systemically important FMIs (SIFMIs), particularly central counterparties (CCPs).

Main FMIs in Spain

Payment Systems

• TARGET2-Banco de España: The Spanish component of the TARGET2 system, a real-time gross settlement (RTGS) system operated by the Eurosystem. It replaced the previous RTGS system (SLBE) in May 2008 and processes a significant portion of euro transactions.
• EURO1: A private sector alternative to TARGET2 for large-value euro payments, operated by the Euro Banking Association (EBA). It processes cross-border and domestic transactions with a daily average value of €249 billion.
• CLS (Continuous Linked Settlement): A global foreign exchange (FX) settlement system that settles FX transactions in 17 currencies, including the euro, using a payment-versus-payment (PVP) model to mitigate FX settlement risk. The euro is the second most important currency after the U.S. dollar.
• SNCE (National Electronic Clearing System): A Spanish interbank payment system for small-value transactions, managed by Iberpay. It settles transactions through TARGET2 and had an average daily value of €6.3 billion in 2011.

Securities Settlement Systems (SSS)

• IBERCLEAR: The main SSS in Spain, settling all securities traded on the four Spanish stock exchanges, the public debt book-entry market, and the private fixed-income securities market (AIAF). It operates under the name IBERCLEAR and is the fourth largest SSS in Europe by transaction value.
• Regional SSSs: Three regional SSSs handle securities listed only regionally (mainly public debt of the Autonomous Communities). Their activity has decreased by 33% since 2006, and they settled €64 billion in 2010.

Central Counterparties (CCPs)

• MEFF (Spanish Financial Futures Market): A CCP for futures and options on market indices (IBEX-35), equities, and energy derivatives. It cleared 70.2 million contracts in 2010 with a notional value of €789 billion.
• MEFFClear: A CCP for public debt repos, established in 2003. It provides clearing services for transactions in SENAF (an MTF for repos on Spanish public debt) and bilateral repos. Its activity increased significantly in 2010, with a daily average value of €278 billion in repo trades.
• MFAO: An exchange and CCP for olive oil futures. It is unique in the world and not considered systemically important. It cleared 75,023 contracts in 2011 with a notional value of €124 million.

Oversight and Supervision Framework

Regulatory Responsibility

• The Government, through the Ministry of Economy and Competitiveness (MEC), holds primary responsibility for regulating and authorizing FMIs.
• The Banco de España (BdE) oversees payment systems within the European System of Central Banks (ESCB) and has additional responsibilities for securities and derivatives systems through the Securities Markets Act (SMA).
• The Comisión Nacional del Mercado de Valores (CNMV) supervises all other FMIs except the local SSSs, which are supervised by regional governments.

Cooperation Between Authorities

• There is general cooperation between the BdE and CNMV, although some ambiguity remains regarding the central bank's oversight role.
• A Memorandum of Understanding (MoU) between the BdE and CNMV should be revised and published for greater transparency.

Key Issues and Recommendations

Effectiveness of Oversight

• Regular assessments against CPSS/IOSCO standards should be conducted for all FMIs, not just payment systems.
• The securities clearing, settlement, and registration reform should follow the agreed timetable, with implementation planned by end-2014.

Risk Management and Corporate Governance

• Liquidity stress-tests and access to central bank liquidity are recommended to improve liquidity risk management for CCPs.
• The governance structure of MEFF should be reformed to include independent members on the board and a separate risk committee to comply with the CPSS/IOSCO Recommendations for CCPs (RCCP 13).

Crisis Management

• Regular default management stress-testing exercises should be conducted annually, involving participants and public authorities.
• Coordinated contingency plans should be developed to address potential CCP failures, aligning with international standards.

Conclusion

Spain has a well-functioning FMI system, but it faces challenges in adapting to the European regulatory framework and ensuring full compliance with international standards. The reform of the securities and derivatives system is essential for greater integration and robustness. The roles of the BdE and CNMV need clarification, and the MoU between them should be updated. Additionally, the orderly exit of the BdE from BME's capital is recommended to avoid conflicts of interest and reputational risks.

Key Recommendations Summary