Assessment of Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures - Bank Indonesia Real Time Gross Settlement System (BI-RTGS) - Detailed Assessment Report

Jul 19, 2026

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Detailed Assessment Report covering the assessment of Indonesia’s Bank Indonesia Real Time Gross Settlement System (BI-RTGS) against the CPSS-IOSCO Principles. Prepared for a joint IMF-World Bank Financial Sector Assessment Program (FSAP) mission in October 2023, the report presents key findings and prioritized recommendations across legal basis, governance, risk management, settlement finality, exchange-of-value systems, default management, access, efficiency, and transparency. It also includes considerations on cyber security aligned with ECB resilience oversight expectations.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages128

Reading Time5 h 23 min

Executive Summary

I. Introduction

Methodology and information used for the assessment

Overview of the payment, clearing, and settlement landscape

II. Key Findings and Recommendations

Key findings and follow-up

Recommendations for BI-RTGS

III. Detailed Assessment Report

Principle 1: Legal Basis

Principle 2: Governance

Principle 3: Comprehensive management of risks

Principle 4-9: Credit risk, collateral, margin, liquidity risk, settlement finality and money settlements

Principle 10-13: Physical deliveries, CSDs, exchange-of-value systems, default management

Principle 14-19: Segregation and portability, general business risk, custody/investment risks, operational risk, access

Principle 20-23: FMI links, efficiency, communication, disclosure of rules and market data

Principle 24: Disclosure of market data by trade repositories

IV. Considerations on Cyber Security based on the ECB Cyber Resilience Oversight Expectations Framework

Public Disc losure Authorized December 2023 Pub lic Disc losure Authorized INDONESIA ASSESSMENT OF OBSERVANCE OF THE CPSS-IOSCO PRINCIPLES FOR FINANCIAL MARKET INFRASTRUCTURES – BANK INDONESIA REAL TIME GROSS SETTLEMENT SYSTEM (BI-RTGS) Prepared By Finance, Competitiveness, and Innovation Global Practice, WBG This Detailed Assessment Report was prepared in the context of a joint IMF-World Bank Financial Sector Assessment Program (FSAP) mission in Indonesia during October 2023, led by Ranjit Singh, IMF and Ilias Skamnelos, World Bank, and overseen by the Monetary and Capital Markets Department, IMF, and the Finance, Competitiveness, and Innovation Global Practice, World Bank Group. Further information on the FSAP program can be found at [www.worldbank.org/fsap](www.worldbank.org/fsap). CONTENTS ACRONYMS______________________________________________________________________________________ 4 EXECUTIVE SUMMARY __________________________________________________________________________ 6 I. INTRODUCTION _______________________________________________________________________________ 8 A. Methodology and information used for the assessment______________________ 8 B. Overview of the payment, clearing, and settlement landscape_______________ 9 II. KEY FINDINGS AND RECOMMENDATIONS ________________________________________________ 15 A. Key findings and follow-up____________________________________________________ 15 General organization (Principle 1-3) _____________________________________________ 15 Credit and liquidity risk management (Principle 4-7) ____________________________ 16 Settlement (Principle 8-9) _______________________________________________________ 16 Exchange-of-value settlement systems (Principle 12) ____________________________ 17 Default management (Principle 13)______________________________________________ 17 General business and operational risk management (Principle 15-17) ___________ 17 Access (Principle 18-19) _________________________________________________________ 18 Efficiency (Principle 21, 22) ______________________________________________________ 19 Transparency (Principle 23) ______________________________________________________ 19 B. Recommendations for BI-RTGS _______________________________________________ 20 III. DETAILED ASSESSMENT REPORT __________________________________________________________25 Principle 1: Legal Basis __________________________________________________________ 25 Principle 2: Governance _________________________________________________________ 37 Principle 3: Framework for the comprehensive management of risks____________ 46 Principle 4: Credit Risk___________________________________________________________ 53 Principle 5. Collateral____________________________________________________________ 61 Principle 6. Margin ______________________________________________________________ 66 Principle 7: Liquidity risk_________________________________________________________ 68 Principle 8: Settlement finality___________________________________________________ 76 Principle 9: Money settlements__________________________________________________ 79 Principle 10: Physical Deliveries__________________________________________________ 81 Principle 11: Central Securities Depositories_____________________________________ 81 Principle 12: Exchange-of-value settlement systems ____________________________ 82 Principle 13: Participant-default rules and procedures___________________________ 83 Principle 14. Segregation and Portability ________________________________________ 88 Principle 15: General business risk_______________________________________________ 89 Principle 16. Custody and Investment Risks _____________________________________ 91 Principle 17: Operational risk ____________________________________________________ 93 Principle 18. Access and participation requirements____________________________ 109

FAQs

What is the purpose of the assessment report for BI-RTGS?

The report assesses Indonesia’s BI-RTGS observance of the CPSS-IOSCO Principles, and provides key findings with recommendations for improvement.

Which organization and mission context prepared the report?

It was prepared in the context of the joint IMF–World Bank Financial Sector Assessment Program (FSAP) mission in Indonesia during October 2023.

What areas are covered by the detailed assessment of the CPSS-IOSCO Principles?

The assessment covers legal basis, governance, comprehensive risk management, settlement finality and money settlements, default management, access, efficiency, transparency, and disclosure practices.

Jul 19, 2026

Upload by Eliana