Reforming Payments and Securities Settlement Systems in Latin America and the Caribbean

Cirasino, Massimo; Guadamillas, Mario; García, Juan Gómez; Montes-Negret, Fernando

doi:10.1596/978-0-8213-6635-6

Cited by 1 publication

(1 citation statement)

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“…A CSD supports market development through the provision of a central service for clearing and settlement, thereby supporting trading, capital formation and indirectly liquidity in the market. Cirasino et al (2007) mention that a strong, capitalized, autonomous CSD, with reliable and flexible systems, to expedite settlement of transactions and accessory rights, is crucial for the development of securities markets.…”

Section: Public Function Of a Csdmentioning

confidence: 99%

Organizing Central Securities Depositories in Developing Markets-7 Considerations

Wendt¹,

Katz²,

Zanza³

2018

IMF Working Papers

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Central securities depositories (CSDs) are systemically important entities that are critical for effective implementation of monetary policy, the credibility of a government's debt management program, collateral management, and safe and efficient securities markets. Authorities in developing markets, in particular central banks, may grapple with the following issues: i) whether to pursue a single CSD for all types of securities to increase market efficiencies and benefit from economies of scale; and ii) whether to partake in the governance of the CSD as owner and/or operator. This paper develops seven considerations that authorities may take into account in addressing these issues and finding the best model for their country. These may point to different solutions for different countries, depending in part on the size of markets, strength of private operators and level of market development.

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Section: Public Function Of a Csdmentioning

confidence: 99%