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 7.5
- 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
• Article 34/A of the (new) CMB General By-Law on CCI. • CMB Policy Statement No.10/328
Assessment comments (key conclusions and recommendations)
The CMB may consider specifying the conditions for an asset to be considered liquid. The framework remains very high level. Examples by the CMB show that in practice the authorities require Takasbank to invest cash in "government banks or central bank where credit default rate is zero or almost zero". However, no elements were given on the securities received as collateral.
TR-CMB
- Principle ID 7.6
- Rating Not applicable
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
Not Applicable
Assessment comments (key conclusions and recommendations)
(there are no other forms of liquid resources (all available assets fall under the scope of PFMI 7.5)
TR-CMB
- Principle ID 7.7
- 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 16/C-3 • Article 5 (10) of the CMB By-Law on Takasbank CCP Services • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 7.8
- 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 No.10/328
Assessment comments (key conclusions and recommendations)
The CMB may consider undertaking an analysis on whether settlement in central bank money would be feasible, in order to ensure complete implementation of this KC. Takasbank has access to the central bank and may use it for liquidity management purposes. However, Takasbank performs settlement in its own accounts.
TR-CMB
- Principle ID 7.9
- 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 33/3, Article 33/4, Article 33/6, Article 33/7(b), Article 33/7(c), Article 33/7(ç), • CMB By-Law on Takasbank CCP Services - Article 5 (10), Article 40 • Board Decision 31/1221 • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 8.0
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI should provide clear and certain final settlement, at a minimum by the end of the value date. Where necessary or preferable, an FMI should provide final settlement intraday or in real time.
Implementation measures
CMB Policy Statement 10/328 Capital Markets Law No.6362 CMB By-Law on Borsa Istanbul A.S. Principles Relating to Exchange Activities Takasbank OTC Derivatives Market Directive
TR-CMB
- Principle ID 8.1
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI should provide clear and certain final settlement, at a minimum by the end of the value date. Where necessary or preferable, an FMI should provide final settlement intraday or in real time.
Implementation measures
• Capital Markets Law No.6362, Article 79 • (new) CMB General By-Law on CCI, Article 28 • CMB By-Law on Takasbank Clearing Services - Article 27 • CMB Policy Statement 10/328
TR-CMB
- Principle ID 8.2
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI should provide clear and certain final settlement, at a minimum by the end of the value date. Where necessary or preferable, an FMI should provide final settlement intraday or in real time.
Implementation measures
• Article 24, Article 33 Paragraph 10 of the (new) CMB General By-Law on CCI. • Article 18 of the CMB By-Law on Takasbank Clearing Services • Takasbank Borsa Istanbul Debt Securities Market Directive - Article 17 • Takasbank Securities Lending Market Directive - Article 15 • Takasbank Equity Market Directive - Article 17 • Takasbank Borsa Istanbul Swap Market Directive - Article 12 • Takasbank Money Market Directive - Article 12 • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 8.3
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI should provide clear and certain final settlement, at a minimum by the end of the value date. Where necessary or preferable, an FMI should provide final settlement intraday or in real time.
Implementation measures
• Capital Markets Law No.6362, Article 79 • For exchange transactions; Article 33 of the CMB By-Law on Borsa Istanbul A.S. Principles Relating to Exchange Activities • For OTC transactions; Article 18 of the Takasbank OTC Derivatives Market Directive (approved by CMB) • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 9.0
- Rating Partly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
Principle
An FMI should conduct its money settlements in central bank money where practical and available. If central bank money is not used, an FMI should minimise and strictly control the credit and liquidity risk arising from the use of commercial bank money.
Implementation measures
CMB Policy Statement 10/328 (new) CMB General By-law on CCI CMB By-law on Takasbank CCP Services Takasbank Debt Securities Market Directive Takasbank Securities Lending Market Directive Takasbank Borsa İstanbul Money Market Directive Takasbank Borsa Istanbul Inc. Equity Market Directive Takasbank Borsa Istanbul Futures and Options Market Directive Takasbank Borsa Istanbul Swap Market Directive
Assessment comments (key conclusions and recommendations)
The CMB may consider undertaking an analysis on whether settlement in central bank money would be feasible, in order to ensure complete implementation of this KC (although the CMB has explained that there are no plans to have a new national CCP in the near/medium future).
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.