Republic of Korea Financial Sector Assessment Program : Detailed Assessment of Observance - Assessment of Observance of CPSS-IOSCO Principles for Financial Market Infrastructures--BOK-WIRE+ and KRX CCP

Abstract

This report contains the assessments of
 the Bank of Korea (BOK)-wire+ and Korea exchange (KRX)
 central counterparty (CCP) based on the committee on payment
 and settlement systems (CPSS) - International Organization
 of Securities Commissions (IOSCO) principles for financial
 market infrastructures (PFMI). The assessment was undertaken
 in the context of the international monetary fund's
 (IMF's) financial sector assessment program (FSAP) to
 the Republic of Korea in April and July 2013. The objective
 of the assessment has been to identify potential risks
 related to the FMIs that may affect financial stability. The
 scope of the assessment includes two main FMIs as well as
 the authorities in Korea responsible for regulation,
 supervision, and oversight of FMIs. The BOK-wire+ and the
 KRX CCP are assessed against all relevant principles of the
 PFMI. The authorities, being the BOK, the financial services
 committee (FSC), and the financial supervisory service
 (FSS), are assessed using the responsibilities for
 authorities of FMIs. This report provides introduction;
 methodology and information used for the assessment;
 overview of the payment, clearing, and settlement landscape;
 and key findings follow up for the BOK-wire+; key findings
 and follow-up for the KRX-CCP; key findings and follow up
 for authorities; recommendations for the BOK-wire+;
 recommendations for the KRX-CCP; and recommendations for authorities.