Principles for Financial Market Infrastructures

In April 2012, the Principles for Financial Market Infrastructures developed jointly by the Bank for International Settlements (BIS) and the International Organization of Securities Commissions (IOSCO) were issued (Committee on Payment and Settlement Systems «Principles for Financial Market Infrastructures», April 2012)1.

The main objective of the Principles for Financial Market Infrastructures is to establish effective internal assessment procedures to maintain financial soundness, business continuity, and appropriate risk management of a financial market infrastructure in the best interests of the financial market infrastructure's owners, participants, clients, and employees.

National Settlement Depository (NSD) is a Russia's financial market infrastructure engaged in a wide range of businesses, including as central securities depository, systemically and nationally important payment system, clearing house, and trade repository. In accordance with Bank of Russia's Order No. OD-2551 dated 5 November 2019 "On Approval of the Methodology of Assessment by the Bank of Russia of Systemically and Socially Important Payment Systems and Systemically Important Financial Market Infrastructures (Central Securities Depository, Central Counterparties, and Trade Repositories)", and the methodology described in the document entitled "Principles for Financial Market Infrastructures: Disclosure Framework and Assessment Methodology" issued by the Committee on Payment and Settlement Systems of the Bank for International Settlements and the Technical Committee of the International Organization of Securities Commissions2, NSD publicly discloses its Assessment Report on Observance by National Settlement Depository of the Principles for Financial Market Infrastructures for the following purposes:

  • to increase transparency of NSD's business as financial market infrastructure;
  • to disclose information on NSD's business (including rules, key procedures, and market data) to existing and prospective clients and counterparties, competent authorities, and the general public; and
  • to ensure that information disclosed is sufficient and of a proper quality to enable existing and prospective clients and counterparties to understand properly and assess their risks of dealing with NSD.

An Assessment Report on Observance by National Settlement Depository of the Principles for Financial Market Infrastructures is disclosed on a regular basis.

Assessment Report on Observance by National Settlement Depository of the Principles for Financial Market Infrastructures (5 June 2020)

1. Original document: http://www.bis.org/cpmi/publ/d101.htm.

The Russian translation of the document is set out in the appendix to Bank of Russia's Letter No. 94-T dated 29 June 2012.

2. Original document: http://www.bis.org/cpmi/publ/d106.htm.

The Russian translation of the document is set out in the appendix to Bank of Russia's Order No. OD-2551 dated 5 November 2019.

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