EXECUTIVE SUMMARY Korea has a well-developed payment, clearing, and settlement infrastructures. BOK-WIRE+ is the real-time interbank gross payment and settlement system, and the backbone of the infrastructure where the final payments of various markets are settled. It is operated by the Bank of...

This paper discusses key findings of the Detailed Assessment of the Securities Clearance and Settlement Systems for Denmark. The assessment recommends that securities settlement systems should have a well-founded, clear, and transparent legal basis in the relevant jurisdiction. Confirmation of...

These Technical Notes on France explain integration of global financial markets. The stress tests for the France Financial Sector Assessment Program (FSAP) were designed to yield as comprehensive and detailed a picture as possible within the constraints of the approach. Retail activity by...

This technical note discusses the structure of the Danish capital market and related issues. The focus is on the organization and functioning of domestic securities markets. The note provides a regional perspective on these markets. It reviews the prudential framework for capital markets, and...

This technical note examines investment opportunities for pension funds in Kazakhstan. It puts forward policy alternatives that could lead to improved management of pension fund assets in Kazakhstan. The note emphasizes prudence in the management of pension assets, given the social and fiscal...

This paper analyzes the capital markets and financial intermediation in the Baltic States. It provides a comprehensive overview of the structure and level of development of the financial system, discussing some of the unique characteristics of the Baltics, such as leasing; and comparing the...

This technical note provides an overview of Mexico’s derivatives markets, and describes concisely the derivatives regulatory framework and risk management practices in financial institutions active in these markets. The most important derivatives market in Mexico is the over-the-counter (OTC)...

This technical note explores the reasons for a comparatively high interest rate spread in Kazakhstan in the context of competition in the banking sector. In spite of significant gains in efficiency made in recent years, operational costs and provisioning for loan losses remain high compared with...

This technical note on Monetary Liquidity Frameworks on Malaysia's inflation analyzes that it has returned to a more stable path, after some wider fluctuations before and during the global financial crisis. On the liability side, Malaysian banks' liquidity is based largely on deposits. The...

This report is an assessment of the CPSS-IOSCO Principles for Financial Market Infrastructures (PFMI) in Malaysia. The central bank is in charge of the payment and settlement systems and the Securities Commission (SC) is in charge of regulation and securities. The payment and security systems...