The latest report from June 2016, published by the Bank for International Settlements (BIS), focusing on monitoring of the formation of legislative framework for developed and emerging financial markets, showed that Russian Federation has the best financial market infrastructure (FMI).
According to the report, Russian FMI climbed to the 4th level rating, what is the highest possible in fact, together with FMIs of Germany, France, Great Britain, Hong Kong, Singapore, etc. Within its complex analysis, the BIS was moniroting the legislative framework of the Russian CSD’s, repositories’, and central counterparties’ operations, providing the possibility to observe the CPMI-IOSCO Principles for Financial Market Infrastructures in Russian national market.
This report proves that Russia has made huge steps toward transparency and reliability globally and such rating from the BIS reflects the qualitative changes in the Russian FMI, reached during the previous years.
Bis has highlighted sophisticated changes and innovations within the legislative and regulatory frame, what helped the implementation of the best international practices in managing the central securities depository of the Russian Federation like strict corporate governance principles, the role of customer committees in the CSD development, and newest risk management and business continuity standards. Furthermore, the BIS sees these positive changes related to the introduction of the repository service as crucial according to the global financial community, which assesses the quality of the national FMI.
As Eddie Astanin, Chairman of the Executive Board, NSD, stated:
“The BIS rating is an official recognition of the changes that made it possible to develop the world-class financial market infrastructure in Russia. Our team in close collaboration with the Bank of Russia is actively engaged in a process of elaboration of the legislative and regulatory framework for the market development. We are particularly pleased that our positive efforts to develop repository operations allowing to form the largest systemically important repository on the basis of NSD were recognized.”
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