PFMI implementation database
This is an online data repository of jurisdictions' implementation measures for the Principles for financial market infrastructures and associated CPMI and IOSCO assessment principle ratings. It complements the Level 2 assessment programme on the extent to which jurisdictions' implementation measures are complete and consistent with the international standards for payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.
Note that authorities may have updated their rules, regulations and policies since the assessment. For current implementation measures, please contact the relevant authority.
TR-CMB
- Principle ID 5.0
- Rating Broadly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI that requires collateral to manage its or its participants’ credit exposure should accept collateral with low credit, liquidity, and market risks. An FMI should also set and enforce appropriately conservative haircuts and concentration limits.
Implementation measures
CMB Policy Statement 10/328 (new) CMB General By-Law on CCI CMB By-Law on Takasbank CCP Services Market Directives (as officially approved by the Board)
Assessment comments (key conclusions and recommendations)
The CMB may consider the measures mentioned under KC 1 and KC 6.
TR-CMB
- Principle ID 5.1
- Rating Broadly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI that requires collateral to manage its or its participants’ credit exposure should accept collateral with low credit, liquidity, and market risks. An FMI should also set and enforce appropriately conservative haircuts and concentration limits.
Implementation measures
• Article 25/A and 34/A(1) of the (new) CMB General By-Law on CCI. • Article 19/(1), (2) and (3) of CMB By-Law on Takasbank CCP Services. • CMB Policy Statement No.10/328
Assessment comments (key conclusions and recommendations)
The CMB may propose in the regulations a definition of "low credit, liquidity and market risk collateral" and revise the list accordingly. The assets accepted as collateral are limited. It seems from the examples provided by the CMB that in practice, collateral accepted in the CCP is stricter than foreseen in the law and subject to strong haircuts when considered not secure enough. Furthermore, there is no definition for the terms “low credit, liquidity or market risk” and no standardised process of evaluation.
TR-CMB
- Principle ID 5.2
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI that requires collateral to manage its or its participants’ credit exposure should accept collateral with low credit, liquidity, and market risks. An FMI should also set and enforce appropriately conservative haircuts and concentration limits.
Implementation measures
• Article 33/(7) and (8) of the (new) CMB General By-Law on CCI. • Article 44 of the CMB By-Law on Takasbank CCP Services. • Market Directives (as officially approved by the Board) • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 5.3
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI that requires collateral to manage its or its participants’ credit exposure should accept collateral with low credit, liquidity, and market risks. An FMI should also set and enforce appropriately conservative haircuts and concentration limits.
Implementation measures
• The last sentence of Paragraph 4 of Article 33 of the (new) CMB General By-Law on CCI • Article 44 of the CMB By-Law on Takasbank CCP Services. • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 5.4
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI that requires collateral to manage its or its participants’ credit exposure should accept collateral with low credit, liquidity, and market risks. An FMI should also set and enforce appropriately conservative haircuts and concentration limits.
Implementation measures
• Article 34/A of the (new) CMB General By-Law on CCI. • CMB By-law on Takasbank CCP services, Article 43 • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 5.5
- Rating Not applicable
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI that requires collateral to manage its or its participants’ credit exposure should accept collateral with low credit, liquidity, and market risks. An FMI should also set and enforce appropriately conservative haircuts and concentration limits.
Implementation measures
Not Applicable
Assessment comments (key conclusions and recommendations)
Takas Istanbul does not accept any security as collateral which is classified as cross-border collateral.
TR-CMB
- Principle ID 5.6
- Rating Broadly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI that requires collateral to manage its or its participants’ credit exposure should accept collateral with low credit, liquidity, and market risks. An FMI should also set and enforce appropriately conservative haircuts and concentration limits.
Implementation measures
(new) CMB General By-law on CCI, Article 25/A • Article 5/10 of the CMB By-Law on Takasbank CCP Services • CMB Policy Statement No.10/328
Assessment comments (key conclusions and recommendations)
The CMB may consider a more precise definition of the requirements applying to the collateral management systems, in the regulations applying to CCPs.
TR-CMB
- Principle ID 6.0
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
A CCP should cover its credit exposures to its participants for all products through an effective margin system that is risk-based and regularly reviewed.
Implementation measures
• CMB By-law on Takasbank CCP Services, Article 5/10, Article 43/1 CMB Policy Statement 10/328 (new) CMB General By-Law on CCI, (Takasbank) OTC Market Directive Takasbank Debt Securities Market Directive Takasbank Securities Lending Market Directive Takasbank Directive on Borsa İstanbul Money Market Takasbank Directive on Borsa Istanbul Equity Market Takasbank Directive on Borsa Istanbul Futures and Options Market Takasbank Directive on Borsa Istanbul Swap Market
TR-CMB
- Principle ID 6.1
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
A CCP should cover its credit exposures to its participants for all products through an effective margin system that is risk-based and regularly reviewed.
Implementation measures
• Article 33 of the (new) CMB General By-Law on CCI. • CMB By-law on Takasbank CCP Services, Article 18, 20 and 21. • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 6.2
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
A CCP should cover its credit exposures to its participants for all products through an effective margin system that is risk-based and regularly reviewed.
Implementation measures
• Article 33, 40/2, 40/3 of the (new) CMB General By-Law on CCI. • Article 18/4 of CMB By-Law on Takasbank CCP Services (Takasbank) OTC Market Directive, Article 27/4, Article 28/4, Article 37/4. • CMB Policy Statement No.10/328
Description of filters
Jurisdiction
This filter limits the search results to selected jurisdictions. The available jurisdictions represent assessments that have been completed to date. The table below provides also a pdf of key conclusions and recommendations for all Principles of a given jurisdiction.
| Jurisdiction and relevant authorities | Assessments and comments |
|---|---|
Australia RBA: Reserve Bank of Australia | |
Brazil BCB: Central Bank of Brazil | |
Canada | |
European Union ESMA: European Securities and Markets Authority | |
Hong Kong SAR HKMA: Hong Kong Monetary Authority | |
Japan | |
Singapore | |
Switzerland FINMA: Swiss Financial Market Supervisory Authority | |
Turkey CMB: Capital Markets Board of Türkiye | |
United Kingdom | |
United States CFTC: Commodity Futures Trading Commission |
FMI type
This filter limits the search results to the selected FMI types. FMIs may be subject to different regulatory, supervisory and oversight regimes depending on their organisation, function and design.
PS: Payment system
A set of instruments, procedures and rules for the transfer of funds between or among participants; the system includes the participants and the entity operating the arrangement.
CSD/SSS: Central securities depository / Securities settlement system
CSDs are entities that provide securities accounts, central safekeeping services and asset services, which may include the administration of corporate actions and redemptions, and play an important role in helping to ensure the integrity of securities issues (that securities are not accidentally or fraudulently created or destroyed or their details changed). The precise activities of a CSD vary based on jurisdiction and market practices.
SSS are entities that enable securities to be transferred and settled by book entry according to a set of predetermined multilateral rules. Such systems allow transfers of securities either free of payment or against payment. Typically, a CSD also operates an SSS.
CCP: Central counterparty
An entity that interposes itself between counterparties to contracts traded in one or more financial markets, becoming the buyer to every seller and the seller to every buyer and thereby ensuring the performance of open contracts.
TR: Trade repository
An entity that maintains a centralised electronic record (database) of transaction data.
Principle or key consideration ID
This filter limits the search results to selected principles and key considerations. Each principle includes a headline standard and a list of key considerations that further explain the headline standard. The principles are listed below. A detailed list of key considerations is available in the CPMI-IOSCO Principles for financial market infrastructures.
Principle rating
This filter limits the search results to selected principle rating(s) used in the L2 assessments. The ratings reflect conditions at the time of the assessment, and are built on key conclusions that reflect CPMI and IOSCO's collective expert judgment regarding the impact of identified gaps and/or shortcomings. Ratings are determined for each principle after the jurisdiction's legislative and regulatory framework, including policy statements, as relevant, was compared against the corresponding content of the PFMI.
The jurisdiction’s regulatory framework is consistent with the Principle. The assessment has identified no gaps or shortcomings, or only a few gaps and/or shortcomings that have no material impact on completeness and/or consistency.
The jurisdiction’s regulatory framework is broadly consistent with the Principle. The assessment has identified gaps and/or shortcomings that have a minor impact on completeness and/or consistency.
The jurisdiction’s regulatory framework is partly consistent with the Principle. The assessment has identified gaps and/or shortcomings that have a significant impact on completeness and/or consistency.
The jurisdiction’s regulatory framework is not consistent with the Principle. The assessment has identified gaps and/or shortcomings that have a major impact on completeness and/or consistency.
This status corresponds to the case where no relevant FMI exists that is within the scope of the Principles. A rating of “NA” will be indicated only if no relevant regulatory measures are being taken and no such FMI is expected to develop within the jurisdiction.