Jurisdictions make progress in developing standards for payment, clearing and settlement
Number of nations making good progress in implementation of international payment standards.
Number of nations making good progress in implementation of international payment standards.
The Basel Committee has released an update that suggests progress is being made by jurisdictions towards implementing international standards for payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.
An update to the Level 1 information made available by the Basel Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO), suggests that certain countries are moving forward with implementation.
Notably, Korea and South Africa have completed the process of adopting measures that will enable them to implement the PFMI for all FMI types. Argentina, Chile and Indonesia have also reported progress in adopting measures that will facilitate their implementation of the PFMI, although additional progress is needed to achieve the highest rating for all FMI types. That means 23 of the 28 jurisdictions that participate in the implementation monitoring programme have adopted measures for all FMI types.
CPMI and IOSCO jointly released updated information on this progress through the Level 1 assessments online tracker, which is accessible on the CPMI and IOSCO websites. The online tracker does not require the publication of a Level 1 assessment report, thereby permitting jurisdictions to update their information more quickly.
The last update, issued in July 2018, had highlighted how some participating jurisdictions had not completely adopted their implementation measures at the time.
The Level 1 implementation monitoring is based on self-assessments by individual jurisdictions of how they have adopted measures to implement the 24 Principles for financial market infrastructures (PFMI) and four of the five Responsibilities for authorities that are included in the PFMI.
The CPMI and IOSCO encourage jurisdictions to continue to adopt measures that will enable them to implement the PFMI. To support future progress, the two bodies will continue to update the information on the Level 1 assessments through the online tracker, based on progress reported by participating jurisdictions.