The arrangements for settlements of securities transactions and the potential risks associated with these arrangements have been the subject of considerable work of both the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO). This work has consistently emphasised the need for market participants to have a clear understanding of the rights, obligations and exposures associated with their participation in securities settlement systems.
The Disclosure Framework for Securities Settlement Systems built on the earlier work of the CPSS and IOSCO by providing a protocol for the review of a securities settlement system's operation and its allocation of risks. It is intended as a tool for system operators and participants to use in discussing the risks associated with securities settlement arrangements.
Please note that a list of securities settlement systems that have completed the Disclosure Framework is no longer maintained.