Oversight over systemically important financial market infrastructures and central counterparties
The Bank of Russia oversees central counterparties (CCPs), payment systems, and systemically important financial market infrastructures (SIFMIs) recognised as such by the regulator, i.e. central and settlement depositories and repositories.
The regulator conducts monitoring and assessment of various aspects of CCPs’ and SIFMIs’ activities, focusing on their risk management systems. The Bank of Russia also verifies their compliance with both national and international industry standards. Furthermore, the Bank of Russia carries out comprehensive stress testing of CCPs’ and SIFMIs’ risks to assess the systemic impact of their activities on the financial system as a whole. Following these activities, the Bank of Russia formulates recommendations aimed at enhancing CCPs’ and SIFMIs’ performance and facilitating their further development.
The Bank of Russia classifies the following entities as SIFMIs: National Settlement Depository and Central Counterparty National Clearing Centre. The former entity is a central depository, settlement depository, and repository, while the latter is a CCP.