Russian Federation Financial Sector Assessment Program : Financial Infrastructure Technical Note
Financial infrastructure is the underlying foundation of a country’s financial system. It comprises all institutions, the rules, and standards of all the systems which enable financial intermediation. The quality of a country’s financial infrastruc...
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| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/2016/08/26739043/russian-federation-financial-sector-assessment-program-fsap-financial-infrastructure-technical-note http://hdl.handle.net/10986/25066 |
| Summary: | Financial infrastructure is the
underlying foundation of a country’s financial system. It
comprises all institutions, the rules, and standards of all
the systems which enable financial intermediation. The
quality of a country’s financial infrastructure determines
the efficiency of intermediation, the ability of lenders to
evaluate risk and of borrowers to obtain credit, insurance,
and other financial products at competitive terms. For
instance, the efficient and smooth functioning of the
payment, and securities settlement systems facilitates the
discharge of financial obligations and the safe transfer of
funds across distances and institutions and retail
customers, supporting the stability of the financial system.
This technical note contains the assessment of the national
payment and settlement systems (NPS) infrastructure in
Russia using the framework of international standards6 and
the experience and previous work of the World Bank on
payment systems development7 in several countries around the
world. The assessment was undertaken in the context of the
IMF and World Bank (WB) joint Financial Sector Assessment
Program (FSAP) mission to Russia during March 15-30, 2016.
The assessor was Gynedi Srinivas of the World Bank’s Payment
Systems Development Group. The assessor will like to thank
the counterparts in Russia for their excellent cooperation
and hospitality during the mission. The technical note
assesses the NPS infrastructure in Russia under four broad
themes. These are: (i) Legal and regulatory framework; (ii)
Payment system landscape; (iii) Systems for post-trade
clearing and settlement - Central Securities Depository and
settlement depository and Central counterparty; and (iv)
Oversight. It does not provide a detailed assessment of
individual payment and settlement systems in the form of a
Report on Observance of Standards and Codes (ROSC). |
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