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Start Over Descriptor "SETTLEMENT SYSTEM" Publisher world bank, washington, dc
8 results on '"SETTLEMENT SYSTEM"'

1. Tax Compliance Cost Burden and Tax Perceptions Survey in Ethiopia

Author

World Bank Group

Subjects
SOCIAL INSURANCE FUND, BANK POLICY, GIFTS, TAX COMPLIANCE, TAX RATES, INVESTMENT, VALUATION, TAX, NATIONAL TREASURY, BANKING SYSTEM, TAX LIABILITIES, INVENTORY, PENSION FUND, SHAREHOLDERS, CONSUMPTION TAX, INFLATION, BLACK MARKET, TAX COMPLIANCE COSTS, SALES TAXES, LENDING, INSTRUMENT, REGULATORY PRACTICES, INTERNATIONAL STANDARDS, INFRASTRUCTURE INVESTMENT, MICRO –ENTERPRISES, TRANSITION COUNTRIES, STOCK, TAX AUDITS, PERSONAL INCOME, TAX RETURN, RETURNS, TAX RESEARCH, POVERTY, PENSION, OPTIONS, BONDS, TRANSACTIONS, TAX LAW, ADDED TAX, FRAUD, GOODS, LOANS, CORPORATE TAXES, SETTLEMENT, CHECK, TAX FORMS, BANK ACCOUNTS, BENEFICIARY, TAX LIABILITY, HOLDING, WITHHOLDING TAXES, PAYROLL TAXES, TAX REFORM, DEPOSITS, MARKETS, PROFIT, FINANCE, EXPORTERS, INTERNATIONAL FINANCE, TAX REVENUE, BANK DEPOSITS, TAX POLICY, TAX OFFICES, SMALL BUSINESSES, SMALL” BUSINESSES, DISPUTE RESOLUTION, VALUE ADDED TAX, TAX ACCOUNTING, LIABILITIES, SALES TAX, INCOME TAXES, INSTRUMENTS, SMALL BUSINESS, COMPLIANCE COSTS, TAX RETURNS, TRADE SECTOR, MARKET, TAX BASIS, SETTLEMENT SYSTEM, PROPERTY, EXCISE TAXES, BUSINESS TAX, CASH FLOW, OWNERSHIP STRUCTURE, ECONOMIC DEVELOPMENT, RETURN, TAX RATE, TAX SYSTEMS, INVESTMENT CLIMATE, TRANSITION COUNTRY, BANK ACCOUNT, EMPLOYMENT TAX, TAX REGIMES, WITHHOLDING TAX, TAX REGIME, FOREIGN EXCHANGE, TURNOVER TAX, TAXPAYERS, TAX BASE, EXCHANGE, ACCOUNTING, TAXATION, LEGAL SYSTEM, GOVERNMENT REVENUES, INCOME TAX, MICRO ENTERPRISES, SECURITY, PROPERTY TAX, INTERNATIONAL DEVELOPMENT, USE TAX, INTERNATIONAL TRADE, REGULATORY CONSTRAINTS, DEDUCTIONS, LIABILITY, EXCHANGE RATE, GOOD, PERSONAL INCOME TAXES, TELECOMMUNICATIONS, INSURANCE, REVENUE, TAXABLE INCOME, CURRENCY, TURNOVER, TAXES, EQUITY, PRIVATE BANK, TAX REPORTS, TREASURY, CASH FLOW BENEFITS, PERSONAL INCOME TAX, GOVERNMENT REVENUE, OPTION, PROFITS, MOBILE PHONE, TAX REVENUES, EXPENDITURES, PUBLIC FINANCE, LOSS STATEMENT, DEVELOPING COUNTRIES, MICRO-ENTERPRISES, COMPETITIVE MARKET, TAX LEGISLATION, TAX LAWS, TAX PREPARERS, PROFIT MARGINS, SOCIAL INSURANCE FUNDS, ACCOUNTANT, INTEREST, COMPLIANCE COST, LEGAL FRAMEWORK, BANK BONDS, TAX CREDIT, PROFIT MARGIN, MARKET STRUCTURES, LEVY, REVENUES, CAPACITY BUILDING, TAX ADMINISTRATION, CHECKS, TAX POLICIES, SHARE, TAX REGULATIONS, TAX EVASION, CONVERSIONS, EXPENDITURE, EXCISE TAX, TAX SYSTEM, TRANSACTION
Abstract

This study attempts to estimate tax compliance costs and assess views of taxpayers on aspects of the tax system in Ethiopia. The study uses evidence mainly from a survey of both formal and informal businesses in Addis Ababa and four major cities (Adama, Hawassa, Mekele, and Bahir Dar) in the four largest regional states. The survey covered 1003 formal businesses and 499 informal businesses. Survey questionnaires were informed by the results of four focus group discussions conducted in Addis Ababa and Adama. The findings of the study are expected to offer tax policy makers and tax administrators an opportunity to pinpoint specific problems to help reduce the cost of complying with tax policies and procedures, thus improving the revenue performance and also the efficiency and business-friendliness of the tax system. The report is organized in four sections. The first part presents an overview of the Ethiopian tax system and recent reform initiatives; second section discusses the research objectives and the methods employed. Section three presents results of the survey while section four presents conclusions and recommendations.

Published
2016

2. Financial Sector Assessment Program : Montenegro Financial Infrastructure

Author

World Bank and International Monetary Fund

Subjects
INVESTMENT, PAYMENT SERVICE, SETTLEMENT SYSTEMS, AMOUNT OF CAPITAL, SHAREHOLDERS, DEPOSIT, ACCOUNT HOLDER, MARKET TRADES, MONEY MARKETS, FINANCIAL INFRASTRUCTURE, LENDER OF LAST RESORT, STOCK, RETURNS, PENSION, COLLATERAL, BONDS, SHARES, CLEARING HOUSE, FINANCIAL MARKET, TRANSACTIONS, FRAUD, FINANCIAL SYSTEMS, BROKER, ACCOUNTING STANDARDS, EXCHANGE COMMISSION, TRANSPARENCY, MARKET CAPITALIZATION, BANK ACCOUNTS, PENSIONS, ELECTRONIC AUCTION, BALANCE OF PAYMENTS, HOLDING, BORROWERS, INDIVIDUAL SECURITIES, DEPOSITS, REMITTANCE, MARKETS, PROFIT, AUCTION, BID, CORPORATE GOVERNANCE, PROPERTY RIGHTS, JOINT STOCK COMPANY, MARKET INFRASTRUCTURES, BALANCE SHEET, OUTSTANDING AMOUNT, MONETARY POLICY, SETTLEMENT DATE, LIQUIDITY, CREDIT RISK, CLEARING HOUSES, MARKET, PROPERTY, AUCTIONS, CENTRAL DEPOSITORY, ACCOUNT HOLDERS, SECURITIES EXCHANGE, TREASURY BILLS, PROPERTIES, BANK ACCOUNT, COLLATERAL AMOUNT, TRADING SYSTEM, BANKRUPTCY, LENDERS, LENDER, INCOME TAX, SECURITY, MARKET PARTICIPANTS, CAPITAL MARKETS, SECURITIES MARKETS, REGULATORY FRAMEWORK, FINANCIAL SYSTEM, SECONDARY MARKET, FINANCIAL INSTITUTIONS, SECONDARY MARKET TRANSACTIONS, CENTRAL SECURITIES DEPOSITORY, CURRENCY, BOND, SECURITIES TRANSACTIONS, GOVERNMENT SECURITIES, DEBT SECURITIES, OPTION, LOAN, BANK CREDIT, SECURITIES, MATURITY, FUTURE, REMITTANCE SERVICES, LIEN, SHORT-TERM LIQUIDITY, CENTRAL BANKS, SETTLEMENT OF TRANSACTIONS, ISSUANCE, CONTRACTS, INVESTMENT FUNDS, MARKET INFRASTRUCTURE, CAPITALIZATION, TRADING, BIDS, REVENUES, LIQUIDITY RISK, DEPOSITORS, CASH TRANSFERS, MARKET ECONOMY, LOCAL CURRENCY, PAYMENT OF PRINCIPAL, REGULATORY STANDARDS, TRANSACTION, REMITTANCE SERVICE, VALUATION, TAX, INTERNAL AUDIT, SETTLEMENT OBLIGATIONS, BANKING SYSTEM, INSURANCE COMPANIES, SECURITIES MARKET, CUSTODY, CREDIT CARDS, SETTLEMENT OF TRADES, INTERNATIONAL SETTLEMENTS, MATURITIES, STOCKS, BENEFICIARIES, BOOK ENTRY, INSTRUMENT, INTERNATIONAL STANDARDS, BROKERS, MATURITY DATE, POST OFFICE, GOVERNMENT BONDS, GUARANTEE, RESERVES, LOANS, SETTLEMENT, RISK MANAGEMENT, CHECK, PAYMENT SYSTEM, CREDIT INSTITUTIONS, GUARANTEE FUND, EXCHANGES, TARIFF, BENEFICIARY, PAYMENT SYSTEMS, REGULATORY AUTHORITIES, FINANCE, PAYMENT SERVICES, FINANCIAL STATEMENTS, STOCK EXCHANGES, STOCK EXCHANGE, MARKET TRANSACTIONS, DEBT INSTRUMENTS, DEFAULTS, SECURITIES LAW, T-BILLS, INSTRUMENTS, DEBT, VALUE PAYMENT SYSTEMS, SUPERVISION OF BANKS, AMOUNT OF COLLATERAL, SETTLEMENT SYSTEM, IPO, ECONOMIC DEVELOPMENT, SUPERVISORY AGENCY, CENTRAL BANK, RESERVE REQUIREMENT, COUPON, FINANCIAL INFORMATION, CORPORATE SECURITIES, POST OFFICE NETWORK, CDS, GOVERNANCE ISSUES, COUPON PAYMENTS, EXCHANGE, ACCOUNTING, COMMERCIAL BANK, CONFLICT OF INTEREST, REMITTANCES, TARIFFS, PAYMENT OBLIGATION, RESERVE, FRAUDS, FINANCIAL STABILITY, INTERNATIONAL FINANCIAL INSTITUTIONS, INSURANCE, TURNOVER, CORPORATE BONDS, TAXES, EQUITY, TREASURY, MARKET CONDITIONS, FINANCIAL INSTITUTION, HUMAN RESOURCES, DEFAULT, COMMERCIAL BANKS, MONEY MARKET, DEPOSITARY AGENCY, CONTRACT, MONETARY FUND, PAYMENT ORDERS, INTEREST, LEGAL FRAMEWORK, POST OFFICES, PAYMENT_SERVICE, SHARE, INTEREST RATE, FOREIGN CURRENCY, GROSS SETTLEMENT SYSTEM
Abstract

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; hence, it support the stability of the financial system. This technical note contains the assessment of the national payment and settlement systems (NPS) infrastructure in Montenegro. The assessment was undertaken in the context of the IMF and World Bank (WB) joint Financial Sector Assessment Program (FSAP) mission to Montenegro during September 1-15, 2015. The assessor was Gynedi Srinivas of the World Bank’s Payment Systems Development Group. The assessor will like to thank the counterparts in Montenegro for their excellent cooperation and hospitality during the mission.

Published
2016

3. Securities Lending and Related Standing Facilities : Background Note

Author

World Bank Group

Subjects
REPO TRANSACTION, INVESTMENT, NATIONAL TREASURY, COUPON BONDS, DEPOSIT, INFLATION, DISCOUNT, EMERGING MARKET, MARKET PRACTICES, REPO RATE, T-BOND, SECONDARY MARKET LIQUIDITY, LENDER OF LAST RESORT, PLEDGE, MARKET MAKERS, STOCK, PENSION, INVESTORS, COLLATERAL, BONDS, PLEDGE OF SECURITIES, CLEARING HOUSE, FINANCIAL MARKET, TRANSACTIONS, AUTOMATIC LENDING, REPO TRANSACTIONS, TRANSPARENCY, EMERGING MARKETS, REPO, INSTITUTIONAL INVESTORS, LIQUIDITY POSITION, HOLDING, BORROWERS, MARKETS, PROFIT, AUCTION, LIABILITY SIDE, GOVERNMENT SECURITY, FIXED INCOME, BALANCE SHEET, OUTSTANDING AMOUNT, LIQUIDITY, INTEREST RATES, PUBLIC DEBT, CREDIT RISK, GUARANTEES, MARKET, CASH INFLOW, AUCTIONS, LENDING INSTRUMENTS, PRIMARY DEALER, FINANCING REQUIREMENTS, USE OF REPOS, PRICE TRANSPARENCY, DEBT OUTSTANDING, MARKET MAKER, PORTFOLIO, GOVERNMENT FUNDING, LENDERS, LENDER, SECURITY, MARKET PARTICIPANTS, FIXED INCOME SECURITIES, CAPITAL MARKETS, REPOS, SECONDARY MARKET, MARKET PARTICIPANT, LIABILITY, REPO AGREEMENT, BOND MARKET, CURRENCY, BOND, SECURITIES TRANSACTIONS, GOVERNMENT SECURITIES, OPTION, LOAN, MUTUAL FUNDS, REINVESTMENT, SECURITIES, MATURITY, FIXED RATE BONDS, REPO AUCTION, FUTURE, MARKET SHARE, LENDING LIMITS, PUBLIC DEBT MANAGEMENT, LENDING AGREEMENT, BUY BACK, LIABILITY MANAGEMENT, ISSUANCE, SECURITIES DEALERS, TRADING, GOVERNMENT DEBT MARKET, ILLIQUIDITY, BIDS, T-BILL, SECONDARY MARKET IN GOVERNMENT SECURITIES, CASH TRANSFERS, LOCAL CURRENCY, FINANCIAL INSTRUMENTS, TRANSACTION, VALUATION CHANGE, MARKET-MAKING, VALUATION, INCOME SECURITIES, INVENTORY, LOAN MATURITY, PENSION FUND, NET DEBT, LEGAL OWNERSHIP, BROKERAGE, SECURITIES MARKET, GOVERNMENT DEBT, LENDING INSTRUMENT, BOND MATURITY, OUTSTANDING LOAN, BROKERAGE FIRMS, RISK OF DEFAULT, MATURITIES, LENDING, INSTRUMENT, REPO FACILITY, BOND PORTFOLIO, SECONDARY MARKET PRICE, MATURITY DATE, DEBT MARKET, GOVERNMENT BONDS, GUARANTEE, MARKET LIQUIDITY, RESERVES, GOVERNMENT SECURITIES MARKET, LOANS, MATURE MARKETS, SETTLEMENT RISK, SETTLEMENT, SECURITIES ISSUANCE, GUARANTEE FUND, COLLATERAL POOL, INVENTORIES, BORROWER, PRIMARY DEALERS, MARKET MECHANISM, FINANCE, SECURITIES AS COLLATERAL, LIABILITIES, SAFETY NET, MARKET VALUE, T-BILLS, INSTRUMENTS, DEBT, PUBLIC DEBT MANAGERS, BOND MARKETS, SETTLEMENT SYSTEM, FLOATING RATE, RESERVE BANK, CENTRAL BANK, RETURN, COUPON, NATIONAL BANK, REPO MARKET, PRIMARY MARKET, BANK LENDERS, EXCHANGE, ACCOUNTING, PORTFOLIOS, FINANCES, IMPLICIT GUARANTEE, MARKET DEVELOPMENT, DEBT MARKET DEVELOPMENT, MARKET MAKING, SECONDARY BOND MARKET, BOND PORTFOLIOS, DEBT STOCK, RESERVE, USE OF COLLATERAL, BENCHMARK BONDS, SHORT MATURITY, TURNOVER, HOLDINGS, BENCHMARK BOND, CENTRAL BANK BILLS, TREASURY, GOVERNMENT BOND, MARKET CONDITIONS, MARKET PRICE, OUTSTANDING DEBT, GLOBAL FINANCE, BOND MARKET DEVELOPMENT, DEFAULT, DEBT MANAGEMENT, MONEY MARKET, AMOUNT OF DEBT, REPO MARKETS, CONTRACT, GOVERNMENT BOND MARKETS, INTEREST, OVERNIGHT REPO, SHARE, INTEREST RATE
Abstract

Thesis aim of this draft background note is to provide public debt managers with an overview of the matters that need to be considered by debt management offices planning to provide a securities lending facility to their primary dealers.

Published
2015

4. Tajikistan Economic Update, October 2012 : From Recovery to a Sustainable Growth

Author

World Bank

Subjects
FOREIGN TRADE, MARKET ACCESS, TAX, COST OF IMPORTS, EXPORT COMMODITIES, FOREIGN INVESTORS, BANKING SYSTEM, EXPORT VOLUME, DEVELOPING COUNTRY, VALUE ADDED, ECONOMIC GROWTH, EXTERNAL FACTORS, EXTREME POVERTY, PRIVATE INVESTMENT, WORLD TRADE, GOVERNMENT DEBT, DEPOSIT, COMMODITY, INFLATION, FISCAL BALANCE, EXTERNAL FINANCING, FISCAL DEFICIT, STOCKS, TOTAL REVENUE, FINANCIAL SECTOR, SHORTFALL, DEPOSIT INSURANCE, FAIR, UNEMPLOYMENT, INCOME, RECESSION, COMMODITY EXPORTS, IMPORT, UPWARD PRESSURE, ECONOMIC CRISIS, SALE, COMPETITIVENESS, FOOD PRICES, INFLATION RATE, DEBT SERVICE, CONSUMER PRICE INDEX, IMPORT TARIFFS, NON-PERFORMING LOANS, PUBLIC SPENDING, WITHDRAWAL, SETTLEMENT, WORLD TRADE ORGANIZATION, TRANSPARENCY, SUSTAINABILITY ANALYSIS, CONSUMPTION BASKET, INVESTMENT POLICIES, MACROECONOMIC INDICATORS, RATE OF INFLATION, BALANCE OF PAYMENTS, REMITTANCE, CREDITORS, TOTAL IMPORT, TRADE DEFICIT, GLOBAL ECONOMY, FINANCIAL STATEMENTS, PROPERTY RIGHTS, EXTERNAL DEBT, ANTIDUMPING DUTIES, ECONOMIC ENVIRONMENT, DISPUTE RESOLUTION, WORLD PRICES, BUFFERS, ECONOMIC RISKS, POST-CRISIS PERIOD, MONETARY POLICY, PURCHASING, GOVERNMENT EXPENDITURES, SLOWDOWN, LARGE-SCALE INVESTMENT, PRICE INCREASE, REFORM PROGRAM, CONSUMER PRICE, DEBT SOURCE, POVERTY REDUCTION, PUBLIC DEBT, DEBT, BANKING SECTOR, CUSTOMS DUTIES, NATIONAL CURRENCY, WORKING CAPITAL, SETTLEMENT SYSTEM, CAPITAL ADEQUACY, SUSTAINABLE DEVELOPMENT, BUDGET DEFICIT, CONSUMER PRICE INFLATION, ECONOMIC DEVELOPMENT, FINANCIAL MANAGEMENT, CENTRAL BANK, AGRICULTURE, NATIONAL BANK, GROSS NATIONAL SAVINGS, DOMESTIC DEBT, TARIFF INCREASE, EXTERNAL SHOCKS, INVESTMENT PROJECTS, SURPLUS, WTO, FISCAL DISCIPLINE, GDP, AUDITS, MACROECONOMIC MANAGEMENT, FOREIGN EXCHANGE, TRADE BALANCE, ECONOMIC SLOWDOWN, NATIONAL SAVINGS, REGIONAL TRADE, DEVELOPMENT STRATEGY, BUSINESS ENVIRONMENT, ACCOUNTING, EXPORTS, FINANCIAL SECTOR DEVELOPMENTS, REMITTANCES, ECONOMIC OUTCOMES, CURRENT ACCOUNT BALANCE, FUTURE GROWTH, INTERNATIONAL TRADE, MONETARY AUTHORITIES, SUSTAINABLE GROWTH, INTERNATIONAL RESERVES, REGULATORY FRAMEWORK, SUPPLIERS, FISCAL POLICY, OUTPUT, RESERVE, TELECOMMUNICATIONS, CURRENCY, TURNOVER, FORECASTS, INTELLECTUAL PROPERTY, CURRENT ACCOUNT, TOTAL EXPORTS, TREASURY, DOMESTIC DEMAND, FOREIGN INVESTMENTS, DOMESTIC BANKING SYSTEM, SOCIAL PROTECTION, INTERNATIONAL MARKET, GLOBAL SLOWDOWN, GOVERNMENT REVENUE, DOMESTIC BANKS, PRIVATIZATION, CREDIT FACILITY, LOAN, GROWTH RATE, LOAN CLASSIFICATIONS, NATIONAL INTERESTS, REAL GDP, TRADE REGIME, PUBLIC DEBT MANAGEMENT, RESERVE ACCUMULATION, LEGAL SYSTEMS, BILL, DOMESTIC BANKING, MINIMUM CAPITAL ADEQUACY RATIO, DOMESTIC CONSUMPTION, GROWTH INVESTMENT, ENERGY EXPORTS, FISCAL CONSOLIDATION, HOME MARKET, LOCAL BUSINESS, DEBT BURDEN, ADVERSE EFFECTS, DEBT SUSTAINABILITY, PUBLIC INVESTMENT, STRUCTURAL REFORMS, INVESTMENT SPENDING, DEBT MANAGEMENT POLICY, EXPENDITURE, TAX CODE, INTERNATIONAL PRICES
Abstract

Tajikistan has successfully emerged from the global economic crisis. Economic activity was strong, driven by growth in industrial production and services. Inward remittances remain a key factor in stimulating domestic consumption. Although inflation returned to single digits, it continues to be susceptible to higher global prices of key imports. The country remains vulnerable to a range of external shocks, and economic outcomes depend critically on regional trade, transport, and investment policies. Concerns remain with respect to weaknesses in the financial sector. Structural reforms continue, and transparency has increased. The outlook is generally positive, but chronic risks remain.

Published
2012

5. Financial Sector Assessment : Mongolia

Author

World Bank

Subjects
PENSION FUNDS, CORPORATE LAWS, MOVABLE ASSETS, SHAREHOLDERS, CREDIT GUARANTEE, DEPOSIT, INFLATION, LIQUIDATION, CREDIT CARD, EMERGING MARKET, CAPITAL MARKET DEVELOPMENT, INFORMATION TECHNOLOGY, INVESTOR CONFIDENCE, INSTITUTIONAL INVESTOR, MORTGAGE MARKET, FINANCIAL INFRASTRUCTURE, BENCHMARK MATURITIES, LIQUIDATIONS, SECURITIES REGULATION, DUE DILIGENCE, SECURITIES MARKET LAW, TAX TREATMENT, CREDIT GROWTH, PENSION, CREDIT APPRAISAL, CLEARING HOUSE, FINANCIAL MARKET, BROKER, CONTRACTUAL SAVINGS INSTITUTIONS, MARKET CAPITALIZATION, TRANSPARENCY, MORTGAGE, NPL, PENSIONS, INSTITUTIONAL INVESTORS, CREDIT RISKS, BORROWING CAPACITY, DEPOSITS, CREDITORS, DOMESTIC CAPITAL MARKET, AUCTION, DEBT ISSUANCE STRATEGY, CORPORATE GOVERNANCE, STOCK MARKET CAPITALIZATION, PROPERTY RIGHTS, OUTSTANDING AMOUNT, FOREIGN BANKS, LONG-TERM INVESTMENT, INTEREST RATES, PUBLIC DEBT, CREDIT RISK, GOVERNMENT POLICIES, INVESTOR BASE, SHORT MATURITIES, AUCTIONS, FIXED CAPITAL, PRIMARY DEALER, BANKRUPTCY FRAMEWORK, COLLATERAL REGISTRY, INVESTOR BASES, OPERATIONAL INDEPENDENCE, EMERGING STOCK MARKETS, MARKET INTERMEDIARIES, BANKRUPTCY LEGISLATION, MACROECONOMIC STABILITY, BANKRUPTCY, CREDIT PROGRAM, RISK SHARING, TRADE FINANCING, LENDERS, MARKET PARTICIPANTS, DERIVATIVES, REAL ESTATE INVESTMENT, INSOLVENCY REGIME, CAPITAL MARKETS, CREDIT SCORING, SECURITIES MARKETS, REGULATORY CONSTRAINTS, REGULATORY FRAMEWORK, IMMOVABLE ASSETS, FINANCIAL SYSTEM, FISCAL POLICY, LIABILITY, EXCHANGE RATE, FINANCIAL INSTITUTIONS, CENTRAL SECURITIES DEPOSITORY, CURRENCY, BAILIFF, PRIVATE CREDIT, CREDIT GUARANTEES, EQUITY MARKET, MOBILE PHONE, COMMODITY PRICES, BANK CREDIT, SECURITIES, IMMOVABLE PROPERTY, NONPERFORMING LOANS, MARKET SHARE, LOAN TERMS, MICROFINANCE, REAL PROPERTY, CREDIT RATING, PUBLIC DEBT MANAGEMENT, DEGREE OF TRANSPARENCY, INVESTMENT FUNDS, CAPITALIZATION, TRADING, LEGAL ENVIRONMENT, LENDING REQUIREMENTS, CAPITAL FORMATION, MOVABLE COLLATERAL, CAPITAL MARKETS DEVELOPMENT, GOVERNMENT BOND MARKET, DEBTORS, HOUSING FINANCE, FINANCIAL INSTRUMENTS, TRANSACTION, CAPITAL FLOWS, VALUATION, TAX, BANKING SYSTEM, STOCK MARKET, CREDIT COOPERATIVES, DEBT ISSUANCE, GROSS DOMESTIC PRODUCT, INSURANCE COMPANIES, SECURITIES MARKET, GOVERNMENT DEBT, CREDIT CARDS, CREDITOR, ASSET-LIABILITY MANAGEMENT, AUCTION SYSTEM, PRIMARY DEALER SYSTEM, BANK LENDING, MODERNIZING MARKET INFRASTRUCTURE, BOND ISSUES, BENEFICIARIES, INITIAL PUBLIC OFFERING, INSTRUMENT, INTERNATIONAL STANDARDS, PARTIAL CREDIT, DOMESTIC CAPITAL, SECURITY INTEREST, CREDIT INFORMATION BUREAU, REGISTRATION SYSTEM, SMALL LOAN, GOVERNMENT BONDS, LONG-TERM CAPITAL, ENABLING ENVIRONMENT, MARKET LIQUIDITY, CONSUMER PROTECTION, SETTLEMENT RISK, SETTLEMENT, CONTRACTUAL SAVINGS, RISK MANAGEMENT, BANKING CRISIS, GUARANTEE FUND, BORROWER, REGULATORY AUTHORITIES, OPEN ECONOMY, FINANCIAL STATEMENTS, MICROENTERPRISES, CREDIT BUREAU, STOCK EXCHANGE, LEGISLATIVE FRAMEWORK, DEBT, MORTGAGE-BACKED SECURITIES, MACROECONOMIC ENVIRONMENT, BANKING SECTOR, SETTLEMENT SYSTEM, BANKRUPTCY PROCEDURES, CAPITAL ADEQUACY, CREDIT INFORMATION SYSTEMS, IPO, CENTRAL BANK, FINANCIAL INFORMATION, GROUP LOAN, JUDICIAL CAPACITY, TAX INCENTIVES, LEGAL PROTECTION, CREDIT COOPERATIVE, CREDIT INFORMATION SYSTEM, ACCOUNTING, DERIVATIVES MARKETS, VALUATIONS, MARKET DEVELOPMENT, REMITTANCES, CREDIT INFORMATION, PRICE DISCOVERY, INSURANCE, RESIDENTIAL MORTGAGE, BANKING SECTOR ASSETS, TURNOVER, CORPORATE BONDS, DOMESTIC BOND, GOVERNMENT BOND, LOAN SIZES, FINANCIAL INSTITUTION, DOMESTIC BANKS, DEBT MANAGEMENT, COMMERCIAL BANKS, SECURITY INTERESTS, EQUITY MARKETS, CORPORATE BOND, PRODUCTIVE INVESTMENTS, GOVERNMENT BOND MARKETS, CREDITOR RIGHTS, LEGAL FRAMEWORK, BLUE CHIP, CAPITAL BASE, CAPITAL INFLOWS, FRAMEWORK FOR SECURITIES, CHECKS, TRUST FUNDS, PLEDGE LAW, YIELD CURVE
Abstract

Owing primarily to extensive investment in new mining projects, Mongolia's economy is on a path of very rapid long-term growth. While financial intermediation in Mongolia has been growing fast, access to finance remains a critical constraint for enterprises, and especially for Small and Medium Enterprises (SMEs). Improving access to financial services will require strengthening the legal and regulatory framework and financial infrastructure, including the secured transactions framework, creditor rights and insolvency regime, credit information sharing system, platform for technology-based banking products, regulation and supervision of nonbank financial institutions, and consumer protection in financial services. To realize fully its economic potential, Mongolia needs to build a diversified, efficient and stable financial system, capable of intermediating both on a large scale and in specific market segments. Due to its focus on the development agenda, and specifically on access to finance for the SME sector, capital markets development, and housing finance market development, this report does not address financial sector stability issues. Financial intermediation in Mongolia has grown significantly in recent years; credit and deposit penetration are on par with the average in the East Asia and the Pacific (EAP) region. Access to finance is particularly constrained for SMEs, which are also more sensitive to an unstable macroeconomic environment, characterized by high inflation and exchange rate fluctuations.

Published
2012

6. People's Republic of China Financial Sector Assessment Program : CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties

Author

World Bank and International Monetary Fund

Subjects
WARRANTS, PENSION FUNDS, BOOK ENTRY SYSTEM, TRADING VOLUME, NOMINEE ACCOUNTS, SHAREHOLDERS, DEPOSIT, LIQUIDATION, FLOW OF FUNDS, MONEY MARKETS, INSTITUTIONAL INVESTOR, FINANCIAL INFRASTRUCTURE, T-BOND, CORPORATE BOND ISSUE, COLLATERAL, PENSION, BONDS, CLEARING HOUSE, AUTOMATIC LENDING, BOND BUSINESS, BROKER, BOND TRADING, MARKET CAPITALIZATION, TRANSPARENCY, REPO, FINANCIAL MARKETS, STATUTORY LAW, FOREIGN BROKER, SECURITIES REGISTRATION, HOLDING, COMMODITIES FUTURES, WHOLESALE MARKET, CREDITORS, FUTURES CONTRACTS, FOREIGN INSTITUTIONAL INVESTOR, TRANSFER OF FUNDS, CORPORATE GOVERNANCE, DERIVATIVES EXCHANGE, MARKET EFFICIENCY, FIXED INCOME, INDEBTEDNESS, ASSET MANAGEMENT, SETTLEMENT SERVICES, INVESTOR PROTECTION, INFORMATION SYSTEM, BROKER-DEALER, MARKET SUPERVISION, DEPOSITORY SYSTEM, LIQUIDITY, CLEARING CORPORATION, CREDIT RISK, TRADING VALUE, INTERNAL AUDITS, COLLATERALIZATION, MARKET MAKER, DEPOSIT ACCOUNT, CREDIT RISK EXPOSURES, TRADING SYSTEM, BANKRUPTCY, REAL TIME GROSS SETTLEMENT, MARKET PARTICIPANTS, EXCHANGE MARKET, CAPITAL MARKETS, REGULATORY FRAMEWORK, CONTRACT LAW, LEGAL PROVISIONS, BOND MARKET, EQUIPMENT, CENTRAL SECURITIES DEPOSITORY, BOND, CORPORATE INVESTORS, ISSUANCE OF BONDS, GOVERNMENT SECURITIES, SECURITIES TRANSACTIONS, EXCHANGE SYSTEM, CASH SETTLEMENT, BOND ISSUERS, MUTUAL FUNDS, RISK MANAGEMENT TOOLS, MATURITY, SECURITIES, BANK BOND MARKET, ISSUANCE, INVESTMENT FUNDS, ROLLING SETTLEMENT, TRADING, RESERVE FUND, CASH TRANSFER, SETTLEMENT OF FUNDS, LIQUIDITY RISK, BANK BOND, ASSET BACKED SECURITIES, RISK EXPOSURE, TRANSACTION, TRANSFER OF SECURITIES, WAREHOUSE, TAX, FOREIGN INVESTORS, MARGIN REQUIREMENTS, SETTLEMENT OBLIGATIONS, INDIVIDUAL INVESTORS, GROSS DOMESTIC PRODUCT, INSURANCE COMPANIES, BROKERAGE, SECURITIES MARKET, CUSTODY, COMMODITY, BROKERAGE FIRMS, STOCKS, FINANCIAL SECTOR, SETTLEMENT PROCEDURES, BOND ISSUES, BOOK ENTRY, SETTLEMENT ARRANGEMENTS, INTERNATIONAL STANDARDS, TRADE DATE, FUTURES MARKET, FIXED INCOME MARKET, REGISTRATION SYSTEM, GOVERNMENT BONDS, SAVINGS ACCOUNTS, INTERNATIONAL SECURITIES, RESERVES, SUPERVISORY AUTHORITY, FINANCIAL FUTURES, SETTLEMENT RISK, SETTLEMENT, RISK MANAGEMENT, GUARANTEE FUND, PAPER CERTIFICATES, PAYMENT SYSTEMS, TRADES, MARK TO MARKET, MARKET STRUCTURE, DOMESTIC SECURITIES, CUSTODIAN BANK, FUTURES, FUTURES EXCHANGE, STOCK EXCHANGE, MARKET TRANSACTIONS, PAYMENT OBLIGATIONS, SECURITIES LAW, WAREHOUSE RECEIPTS, DEBT, CREDIT LINE, COMMODITIES FUTURES MARKETS, REGULATORY AUTHORITY, SETTLEMENT SYSTEM, SHARE TRADING, OWNERSHIP STRUCTURE, CENTRAL BANK, RESERVE REQUIREMENT, TRADING PLATFORM, BONDHOLDERS, CORPORATE SECURITIES, COLLATERAL REQUIREMENTS, SAVINGS ACCOUNT, SHARE VALUE, FOREIGN EXCHANGE, LEGAL PROTECTION, ENFORCEABILITY, LIMITED LIABILITY, TRADING ACTIVITY, ACCOUNTING, INFORMATION DISCLOSURES, COMMERCIAL BANK, DEFAULTER, RESERVE, FINANCIAL STABILITY, TREASURY BOND, INSURANCE, TURNOVER, PRICE LIMITS, CENTRAL BANK BILLS, JOINT VENTURE, RISK CONTROL, TREASURY, EXCHANGE TRANSACTIONS, INTERNATIONAL BANK, MONETARY AUTHORITY, COMMERCIAL BANK CREDIT, MONETARY FUND, PRIVATE SECTOR DEVELOPMENT, MARKET RISK, CORPORATE BOND, REGULATORS, DERIVATIVE, TAX RULES, LEGAL FRAMEWORK, DOMESTIC INVESTORS, VALUE PAYMENT SYSTEM, SAVINGS, FRAMEWORK FOR SECURITIES, CHECKS, GROSS SETTLEMENT SYSTEM, BANKRUPTCY LAW
Abstract

The Securities Settlement Systems (SSS) in the People's Republic of China (PRC) are organized around three different types of markets, which are the bond market, the corporate securities market, and the futures market. The China Government Depositary and Clearing Corporation Limited (CCDC) is the SSS as well as the central securities depository (CSD) for bonds. The China Securities Depository and Clearing Corporation Limited (SD and C) is the central counterparty (CCP), SSS, as well as the CSD for all instruments traded on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). The four futures exchanges have their own clearing and settlement departments, which offer the function of a CCP. The CCDC, SD and C, and Shanghai Futures Exchange (SHFE), Dalian Commodities Exchange (DCE), and Zhengzhou Commodities Exchange (ZCE) operate important securities and derivatives settlement systems both, due to the large volume and value of transactions and the fact that they support key financial sector markets (interbank bond market, stock exchanges and futures). The assessment of the bonds market-CCDC system against the Recommendations for Securities Settlement Systems (RSSS) concludes that the system observes (observed or broadly observed) thirteen of the 19 recommendations, being one not applicable. The assessment of the stock exchanges-SD and C system against the RSSS concludes that the system observes (observed or broadly observed) seventeen of the 19 recommendations. The assessment of the commodities futures markets-SHFE system against the Recommendations for Central Counterparties (RCCP) concludes that the system observes (observed or broadly observed) eleven of the 15 recommendations, being one not applicable. The present document is the assessment of securities and derivatives settlement systems in the PRC based on the recommendations of the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) for RSSS and the recommendations of CPSS-IOSCO for Central Counterparties (RCCP). The paper is divided into following five parts: the first part gives general information; the second gives information and methodology used for assessment; the third part is securities and derivatives settlement systems infrastructure overview; the fourth part is main findings from the assessment with international standards; and the fifth part gives authorities' response.

Published
2012

7. People's Republic of China Financial Sector Assessment Program : CPSS Core Principles for Systemically Important Payment Systems

Author

International Monetary Fund and World Bank

Subjects
LOW VALUE PAYMENT SYSTEM, RETAIL INVESTORS, RESERVE REQUIREMENTS, REVOLVING FUND, BANK CARD, PAYMENT SERVICE, SAVINGS BANK, CREDIT COOPERATIVES, GROSS DOMESTIC PRODUCT, RURAL BANKS, ACCOUNT MANAGEMENT, DEPOSIT, ELECTRONIC PAYMENT, INTERNATIONAL SETTLEMENTS, SETTLEMENT PROCEDURES, INFORMATION TECHNOLOGY, CREDIT UNIONS, LEGAL AUTHORITY, RURAL CREDIT, STAKEHOLDERS, INSTRUMENT, FEDERAL RESERVE, INTERNATIONAL STANDARDS, REAL-TIME GROSS SETTLEMENT, EMERGENCY RESPONSE, LETTERS OF CREDIT, ANTI-MONEY LAUNDERING, COLLATERAL, GOVERNMENT BONDS, SERVICE PROVIDERS, ELECTRONIC TRANSACTIONS, MARK-TO-MARKET, CLEARING HOUSE, FINANCIAL MARKET, PAYMENT TRANSACTIONS, POSTAL SAVINGS, RESERVES, INTERNAL CONTROL, PROMISSORY NOTES, MANAGEMENT SYSTEM, CONSUMER PROTECTION, OPPORTUNITY COST, SETTLEMENT RISK, WITHDRAWAL, SETTLEMENT, RISK MANAGEMENT, TRANSPARENCY, SPOT MARKET, INSTITUTIONAL INVESTORS, PAYMENT SYSTEMS, LIQUIDITY POSITION, RETAIL PAYMENT SYSTEMS, SECURITIES REGISTRATION, HOLDING, REMITTANCE, SYSTEM DESIGN, BANKING INSTITUTIONS, MANAGEMENT INFORMATION, FEDERAL RESERVE BANK, LOW VALUE PAYMENT, HIGH VALUE PAYMENT SYSTEM, BILL OF EXCHANGE, DEBIT CARDS, PAYMENTS INSTRUMENTS, STOCK EXCHANGES, BANKING INDUSTRY, PROXY, MARKET MECHANISMS, ELECTRONIC SIGNATURE, OPERATIONAL RISKS, IDENTIFICATION, SETTLEMENT SERVICES, MORAL SUASION, INFORMATION SYSTEM, SECURITIES LAW, SWAP, FOREIGN BANKS, LIQUIDITY, CLEARING CORPORATION, CREDIT RISK, REGULATORY AUTHORITY, BOND MARKETS, PAYMENT APPLICATION, SETTLEMENT SYSTEM, FUND TRANSFER, ELECTRONIC PAYMENT SYSTEM, PAYMENT INSTRUMENT, FINANCIAL SERVICES, MONEY LAUNDERING LAW, CENTRAL DEPOSITORY, CENTRAL BANK, RETURN, MANAGEMENT OF RISKS, COLLATERALIZATION, CORPORATE SECURITIES, RETAIL PAYMENT, BANK REGULATION, RTGS, BANK ACCOUNT, FIXED ASSETS, LARGE VALUE TRANSFER SYSTEMS, FOREIGN EXCHANGE, DEPOSIT ACCOUNT, TRADING SYSTEM, BANKRUPTCY, ACCOUNTING, COMMERCIAL BANK, FINANCIAL RISKS, MARKET PARTICIPANTS, PAYMENT CLEARING, CREDIT INFORMATION, CAPITAL MARKETS, REGULATORY FRAMEWORK, CONTRACT LAW, ATM TERMINALS, SECURITIES SETTLEMENT, DERIVATIVE TRANSACTIONS, FINANCIAL SYSTEM, TELEPHONE BANKING, EXCHANGE RATE, EQUIPMENT, TELECOMMUNICATIONS, CORRESPONDENT BANKS, ELECTRONIC EXCHANGE, TURNOVER, DIRECT DEBITS, BOND, CREDIT TRANSFERS, NATURAL DISASTERS, CENTRAL BANK BILLS, GOVERNMENT SECURITIES, SECURITIES TRANSACTIONS, RISK CONTROL, BILL PAYMENTS, FINANCIAL INSTITUTION, AGRICULTURAL BANK, PAYMENT CARD, BANK BRANCHES, TRANSACTION AUTHORIZATION, LOCAL BANKS, PAPER INSTRUMENTS, DOMESTIC BANKS, PUBLIC POLICY, MONEY SETTLEMENT, RISK PROFILES, RISK MANAGEMENT TOOLS, LEGAL STATUS, SECURITIES, CASH TRANSACTIONS, INTERNATIONAL BANK, MONETARY FUND, REMITTANCE SERVICES, CONSUMER PROTECTION LAW, PAYMENT ORDERS, BANK BOND MARKET, DEVELOPMENT BANK, ISSUANCE, DERIVATIVE, FOREIGN EXCHANGE TRANSACTION, PAYMENTS SYSTEM, TRADING, CURRENCY TRANSACTIONS, LEGAL FRAMEWORK, RESERVE FUND, VALUE PAYMENT SYSTEM, LIQUIDITY RISK, MARKET SHARES, ATM, BANK BOND, CHECKS, CIVIL LAW, SECURITY REQUIREMENTS, ComputingMilieux_COMPUTERSANDSOCIETY, ACCESS TO PAYMENT SERVICES, FOREIGN CURRENCY, INTEREST RATE, LIQUIDITY MANAGEMENT, BANKRUPTCY LAW, CASH PAYMENT, SYSTEM FAILURES, NEGOTIABLE INSTRUMENTS, HUMAN RESOURCE, TRANSACTION
Abstract

People's Bank of China (PBC) has carried out a major and comprehensive reform of the China National Payments System (CNPS). The PBC implemented the China National Advanced Payment System (CNAPS), which consists of the High-Value Payment System (HVPS) and the Bulk Electronic Payment System (BEPS). The HVPS system currently operates in a tiered way with a national processing center (NPC) and 32 local processing centers (LCPs). The HVPS system is interconnected to many trading, payments, and securities settlement systems (SSS) to allow for central bank money settlement. In addition, there is numerous cheque clearing houses around the country administered by the PBC local offices or delegated to banks. China Union Pay (CUP) handles the clearance of cards transactions whose balances are settled in the HVPS. Also automated clearinghouses (ACHs) and other systems handle clearance and settlement for a variety of payment instruments. The HVPS is a systemically important payment system, as it is the backbone of the national payments system in China. The HVPS handled transactions for a value of CY 804 trillion in 2009, approximately 24 times the Gross Domestic Product (GDP) value. Thus, the HVPS is being assessed against the ten Core Principles for Systemically Important Payment Systems (CPSIPS) of the Committee for Payment and Settlement Systems (CPSS) and the four responsibilities of the central banks in applying the CPSIPS. The BEPS is not currently a systemically important payment system. However, its importance for an efficient settlement of the interbank payment system is growing. The present document is the assessment of the systemically important payment systems in the People's Republic of China (PRC) based on the CPSS CPSIPS. The document also contains an analysis of some developmental issues related to the reform of the payments system as a whole. The assessment was conducted in the context of the first field mission of the Financial Sector Assessment Program (FSAP) to the PRC (June 2010).

Published
2012

8. Thailand Financial Sector Assessment Program : CPSS Core Principles for Systemically Important Payment Systems

Author

International Monetary Fund and World Bank

Subjects
LEGAL REQUIREMENTS, TIME ZONES, BOOK ENTRY SYSTEM, SETTLEMENT SYSTEMS, DEPOSIT, LIQUIDATION, EQUITIES, INFORMATION TECHNOLOGY, ELECTRONIC SIGNATURES, EXTERNAL AUDIT, FINANCIAL INFRASTRUCTURE, FOREIGN COURT, ELECTRONIC AUTHORIZATION, COMMERCIAL CODE, COLLATERAL, COLLATERALS, CHECK CLEARING, ELECTRONIC TRANSACTIONS, SETTLEMENT FACILITIES, PUBLIC KEY INFRASTRUCTURE, REPO TRANSACTIONS, EXCHANGE COMMISSION, HARDWARE, TRANSPARENCY, REPO, FINANCIAL MARKETS, CREDIT RISKS, REGULATORY RESPONSIBILITIES, INFORMATION SYSTEMS, PROTECTION OF DATA, LOW VALUE PAYMENT, SETTLEMENTS, TRANSFERS OF VALUE, ID, OUTSTANDING AMOUNT, SETTLEMENT SERVICES, SECURITY POLICIES, ELECTRICAL POWER, MONETARY POLICY, FOREIGN BANKS, COMMUNICATION NETWORK, LIQUIDITY, CREDIT RISK, LEGAL CAPACITY, ENCRYPTION, CLAIM, COLLATERAL ARRANGEMENTS, FUND TRANSFER, REAL TIME INFORMATION, PAYMENT INSTRUMENT, LIQUIDITY RISKS, CONTRACTUAL ARRANGEMENTS, EXTERNAL AUDITS, FOREIGN BANK, HOST COMPUTER, CLASS OF BONDS, RTGS, BUSINESS CONTINUITY, INSOLVENCY, COMMUNICATION TECHNOLOGY, BANKRUPTCY, REAL TIME GROSS SETTLEMENT, ELECTRONIC FINANCIAL SERVICES, RESULT, SECURITIES SETTLEMENT SYSTEM, BACKUP, CAPITAL MARKETS, REPOS, COMMUNICATION NETWORKS, MAKING PAYMENTS, SECURITIES MARKETS, REGULATORY FRAMEWORK, FIREWALLS, WEB, SECURITIES SETTLEMENT, SETTLEMENT NETTING, PUBLIC KEY, FINANCIAL INSTITUTIONS, CURRENCY, INVESTMENT COSTS, SECURITIES TRANSACTIONS, AUTHENTICATION, ALLOCATION OF RIGHTS, EXCHANGE OF INFORMATION, LOAN, MATURITY, SECURITIES, CASH TRANSACTIONS, CONSUMER PROTECTION LAW, REAL-TIME INFORMATION, CENTRAL BANKS, REPAYMENT, SECURITIES SETTLEMENT SYSTEMS, MARKET INFRASTRUCTURE, COURT PROCEEDING, LIQUIDITY RISK, COMPUTER HARDWARE, ELECTRONIC TRANSACTION, FUNDS TRANSFERS, BANKRUPTCY DECISION, INSPECTIONS, DATA COMMUNICATION, SECURITY RISKS, INFORMATION SECURITY, ID NUMBER, LOW-VALUE PAYMENT, ELECTRONIC DATA, INTERNAL AUDIT, RISK ANALYSIS, RECEIVERSHIP, SECURITY RISK, SECURITIES MARKET, FUNDS TRANSFER, TELECOMMUNICATION, ELECTRONIC PAYMENT, OPEN MARKET, LEGAL INSTRUMENTS, BOT, UNSETTLED PAYMENT, APPLICATION SOFTWARE, BOT HOSTS, ELECTRONIC PAYMENTS, BOOK ENTRY, PKI, BANKING LAW, REAL-TIME GROSS SETTLEMENT, INSOLVENT, USE OF CHECK, LEGAL BASIS, BANK BRANCH, GOVERNMENT BONDS, JURISDICTION, DEBTOR, PAYMENT TRANSACTIONS, RESERVES, CONFIDENTIALITY, COURT DECISION, ASSETS, RELIABILITY, PROCUREMENT, PROMISSORY NOTES, CONSUMER PROTECTION, CONFLICTS OF INTEREST, FINAL SETTLEMENT, LEGAL POWER, SETTLEMENT RISK, CAPACITY CONSTRAINTS, RISK MANAGEMENT, PAYMENT SYSTEM, LOW VALUE PAYMENT SYSTEMS, BENEFICIARY, FINANCIAL TELECOMMUNICATIONS, PAYMENT SYSTEMS, LIQUIDITY PROBLEMS, MARKET STRUCTURE, SEARCH, PAYMENT SERVICES, PAYMENT INFRASTRUCTURE, PUBLIC DISCLOSURE, BACK UP, OPERATIONAL RISKS, DEBT INSTRUMENTS, FUNCTIONALITIES, SUPERVISION, COURT ORDER, LOW-VALUE PAYMENTS, PENALTY, DEBT, LEGAL ACTION, SETTLEMENT SYSTEM, OWNERSHIP STRUCTURE, CENTRAL BANK, DISCLOSURE, HOST, JURISDICTIONS, INSUFFICIENT FUNDS, MANAGEMENT OF RISKS, ACCOUNT BALANCE, WORKSTATION, CASE OF BANKRUPTCY, ATM CARDS, TECHNICAL REQUIREMENTS, ELECTRONIC CHECKS, LEGAL PROTECTION, ENFORCEABILITY, BANKRUPT, BILLS OF EXCHANGE, ACCOUNTING, OPEN ACCESS, PUBLIC ADMINISTRATION, FINANCIAL RISKS, LIQUIDITY PROBLEM, FRONT-END, INFORMATION SECURITY REQUIREMENT, USES, USER, SECURITY POLICY, REAL TIME GROSS SETTLEMENT SYSTEM, APPROPRIATE CONTRACTS, FINANCIAL STABILITY, LICENSE, INSURANCE, PRIVATE SECTOR, COMMERCIAL BANKING, FINANCIAL INSTITUTION, BANK BRANCHES, QUALITY OF SERVICES, ACCOUNT BALANCES, ONLINE RETAIL, COMMERCIAL BANKS, INTERNATIONAL BANK, MONETARY FUND, MATERIAL, PRIVATE SECTOR DEVELOPMENT, PAYMENT ORDERS, LEGAL FRAMEWORK, FINANCE COMPANIES, ATM, INTEREST RATE, LIQUIDITY MANAGEMENT, EVENT OF INSOLVENCY, BANKRUPTCY LAW, FUNCTIONALITY
Abstract

This assessment of the payment systems in Thailand was undertaken in the context of the International Monetary Fund (IMF) and the World Bank Financial Sector Assessment Program (FSAP) exercise for Thailand in January 2007. It covers the Bank of Thailand Automated High-value Transfer Network (BAHTNET), which is a real time gross settlement (RTGS) system. The Bank of Thailand (BOT) conducted a comprehensive self-assessment of BAHTNET observance of the Core Principles for Systemically Important Payment Systems (CPSIPS). It was professionally done and was made available to the mission in advance. The Thai authorities were fully cooperative and all relevant documentation to fulfill the assessment of BAHTNET was provided on time and without difficulties. The logistical support and warm hospitality of the officials of the BOT are greatly appreciated.

Published
2008

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