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 6.3
- 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 5/10, Articles 18, 20 and 21. • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 6.4
- 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 33/2 of the (new) CMB General By-Law on CCI. • Article 18/3-4, Article 21 of the CMB By-Law on Takasbank CCP services. • Takasbank Debt Securities Market Directive - Article 31 • Takasbank Securities Lending Market Directive - Article 22 • Takasbank Directive on Borsa İstanbul Money Market - Article 20 • Takasbank Directive on Borsa Istanbul Equity Market- Article 32/4 • Takasbank Directive on Borsa Istanbul Futures And Options Market - Article 23/2 • Takasbank Directive on Borsa Istanbul Swap Market - Article 22 • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 6.5
- 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 5/10 and Par 5 and 6 of Article 20 of the CMB By-Law on Takasbank CCP Services. • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 6.6
- 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. • Article 5/10 and Article 45 of CMB By-Law on Takasbank CCP services. • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 6.7
- 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
• Par 6 of Article 33 of the (new) CMB General By-law on CCI. • Article 40 of CMB By-law on Takasbank CCP Services. • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 7.0
- Rating Broadly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI should effectively measure, monitor, and manage its liquidity risk. An FMI should maintain sufficient liquid resources in all relevant currencies to effect same-day and, where appropriate, intraday and multiday settlement of payment obligations with a high degree of confidence under a wide range of potential stress scenarios that should include, but not be limited to, the default of the participant and its affiliates that would generate the largest aggregate liquidity obligation for the FMI in extreme but plausible market conditions.
Implementation measures
CMB Policy Statement 10/328 CML No.6362 (new) CMB General By-Law on CCI CMB By-Law on Takasbank CCP Services Takasbank Borsa Istanbul Debt Securities Market Directive Takasbank Securities Lending Market Directive Takasbank Borsa İstanbul Money Market Directive Takasbank Borsa Istanbul Equity Market Directive Takasbank Borsa Istanbul Futures and Options Market Directive Takasbank Swap Market Directive CMB Board Decision 31/1221 Directive of the Central Bank of the Republic of Turkey (CBRT) on Turkish Lira Transactions- whole document regulates the rules regarding lines of credit in CBRT (available only in Turkish) CMB By-Law on Takasbank Clearing Services
Assessment comments (key conclusions and recommendations)
The CMB may consider strengthening and clarifying the framework applying to liquidity stress testing. Takasbank is a bank with access to the central bank, however having a banking licence is not an explicit requirement for a CCP to operate in Turkey (although the CMB has indicated that there is no possibility of having a new national CCP in the near/medium term).
TR-CMB
- Principle ID 7.1
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI should effectively measure, monitor, and manage its liquidity risk. An FMI should maintain sufficient liquid resources in all relevant currencies to effect same-day and, where appropriate, intraday and multiday settlement of payment obligations with a high degree of confidence under a wide range of potential stress scenarios that should include, but not be limited to, the default of the participant and its affiliates that would generate the largest aggregate liquidity obligation for the FMI in extreme but plausible market conditions.
Implementation measures
•Par 3 of Article 16/C of the (new) CMB General By-Law on CCI. Exposure management •Par 1 of Article 33 of the (new) CMB General By-Law on CCI. •Assessment of liquidity risk. Par 6 of Article 16/B of the (new) CMB General By-Law on CCI. •Concentration risk/limits. Par 5 of Article 34/A of the (new) CMB General By-Law on CCI. •Access to liquidity. Par 6 of Article 16/B of the (new) CMB General By-Law on CCI. Par 2 of Article 31/B of the (new) CMB General By-Law on CCI •Articles 19 (2), 39, 42 and 43 of the CMB By-Law on Takasbank CCP Services. • Article 5 (10) of the CMB By-Law on Takasbank CCP Services • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 7.10
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI should effectively measure, monitor, and manage its liquidity risk. An FMI should maintain sufficient liquid resources in all relevant currencies to effect same-day and, where appropriate, intraday and multiday settlement of payment obligations with a high degree of confidence under a wide range of potential stress scenarios that should include, but not be limited to, the default of the participant and its affiliates that would generate the largest aggregate liquidity obligation for the FMI in extreme but plausible market conditions.
Implementation measures
• (new) CMB General By-Law on CCI- Article 24 (2), CCI- Article 40/A-1, • Takasbank Borsa Istanbul Debt Securities Market Directive - Article 17 • Takasbank Securities Lending Market Directive- Article 14 • Takasbank Borsa İstanbul Money Market Directive - Article 12 • Takasbank Borsa Istanbul Equity Market Directive - Article 17 • Takasbank Borsa Istanbul Futures And Options Market Directive - Articles 20-26 • Takasbank Swap Market Directive - Article 12 • CMB Policy Statement 10/328 • CMB Board Decision 31/1221
TR-CMB
- Principle ID 7.2
- Rating Broadly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI should effectively measure, monitor, and manage its liquidity risk. An FMI should maintain sufficient liquid resources in all relevant currencies to effect same-day and, where appropriate, intraday and multiday settlement of payment obligations with a high degree of confidence under a wide range of potential stress scenarios that should include, but not be limited to, the default of the participant and its affiliates that would generate the largest aggregate liquidity obligation for the FMI in extreme but plausible market conditions.
Implementation measures
•Art 79 of CML No.6362. •Article 22, Article 28, Article 33 Paragraphs 9 and 10 of the (new) CMB General By-Law on CCI. • Par 6, 7 and 8 of Article 35 of the CMB By-Law on Takasbank CCP Services. • CMB By-Law on Takasbank Clearing Services, Article 27 • CMB Policy Statement No.10/328
Assessment comments (key conclusions and recommendations)
Takasbank may use the central bank facilities for intraday liquidity management. However, no precise elements were given on Takasbank's management of intraday liquidity (ie planning, analysis of the possible inflows and outflows etc). The CMB may consider that such planning becomes a requirement for CCPs. The CMB may also consider making it a requirement for the CCP to assess its liquidity position on a near to real time basis. The performance of monthly liquidity stress tests is not enough.
TR-CMB
- Principle ID 7.4
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI should effectively measure, monitor, and manage its liquidity risk. An FMI should maintain sufficient liquid resources in all relevant currencies to effect same-day and, where appropriate, intraday and multiday settlement of payment obligations with a high degree of confidence under a wide range of potential stress scenarios that should include, but not be limited to, the default of the participant and its affiliates that would generate the largest aggregate liquidity obligation for the FMI in extreme but plausible market conditions.
Implementation measures
• Par 6 of Article 16/B of the (new) CMB General By-Law on CCI. •Article 34/A, paragraph 5 of the (new) CMB General By-Law on CCI . • CMB By-Law on Takasbank CCP Services - Article 19 (2), 39 and 42 (2). • Article 5 (10) of the CMB By-Law on Takasbank CCP Services • 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.