[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108389-en":3,"doc-seo-108389-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},108389,4398048949847,"Eliana","https://ap-avatar.wpscdn.com/avatar/400002536579ef2da7f?_k=1778318612642679267",8,"Research & Report","Assessment of Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures - Bank Indonesia Real Time Gross Settlement System (BI-RTGS) - Detailed Assessment Report","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.","Public Disc losure Authorized  \nDecember 2023  \nPub lic Disc losure Authorized  \nINDONESIA  \nASSESSMENT OF OBSERVANCE OF THE CPSS-IOSCO PRINCIPLES FOR FINANCIAL MARKET  \nINFRASTRUCTURES –  \nBANK INDONESIA REAL TIME GROSS SETTLEMENT SYSTEM (BI-RTGS)  \nPrepared By  \nFinance, Competitiveness, and Innovation Global Practice, WBG  \nThis 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).  \nCONTENTS  \nACRONYMS______________________________________________________________________________________ 4  \nEXECUTIVE SUMMARY __________________________________________________________________________ 6  \nI. INTRODUCTION _______________________________________________________________________________ 8  \nA. Methodology and information used for the assessment______________________ 8  \nB. Overview of the payment, clearing, and settlement landscape_______________ 9  \nII. KEY FINDINGS AND RECOMMENDATIONS ________________________________________________ 15  \nA. Key findings and follow-up____________________________________________________ 15  \nGeneral organization (Principle 1-3) _____________________________________________ 15  \nCredit and liquidity risk management (Principle 4-7) ____________________________ 16  \nSettlement (Principle 8-9) _______________________________________________________ 16  \nExchange-of-value settlement systems (Principle 12) ____________________________ 17  \nDefault management (Principle 13)______________________________________________ 17  \nGeneral business and operational risk management (Principle 15-17) ___________ 17  \nAccess (Principle 18-19) _________________________________________________________ 18  \nEfficiency (Principle 21, 22) ______________________________________________________ 19  \nTransparency (Principle 23) ______________________________________________________ 19  \nB. Recommendations for BI-RTGS _______________________________________________ 20  \nIII. DETAILED ASSESSMENT REPORT __________________________________________________________25  \nPrinciple 1: Legal Basis __________________________________________________________ 25  \nPrinciple 2: Governance _________________________________________________________ 37  \nPrinciple 3: Framework for the comprehensive management of risks____________ 46  \nPrinciple 4: Credit Risk___________________________________________________________ 53  \nPrinciple 5. Collateral____________________________________________________________ 61  \nPrinciple 6. Margin ______________________________________________________________ 66  \nPrinciple 7: Liquidity risk_________________________________________________________ 68  \nPrinciple 8: Settlement finality___________________________________________________ 76  \nPrinciple 9: Money settlements__________________________________________________ 79  \nPrinciple 10: Physical Deliveries__________________________________________________ 81  \nPrinciple 11: Central Securities Depositories_____________________________________ 81  \nPrinciple 12: Exchange-of-value settlement systems ____________________________ 82  \nPrinciple 13: Participant-default rules and procedures___________________________ 83  \nPrinciple 14. Segregation and Portability ________________________________________ 88  \nPrinciple 15: General business risk_______________________________________________ 89  \nPrinciple 16. Custody and Investment Risks _____________________________________ 91  \nPrinciple 17: Operational risk ____________________________________________________ 93  \nPrinciple 18. Access and participation requirements____________________________ 109 ","cbCais9jMr9Lj8rx","https://ap.wps.com/l/cbCais9jMr9Lj8rx","pdf",1289498,4,1,128,"English","en",105,"# Executive Summary\n# I. Introduction\n## Methodology and information used for the assessment\n## Overview of the payment, clearing, and settlement landscape\n# II. Key Findings and Recommendations\n## Key findings and follow-up\n## Recommendations for BI-RTGS\n# III. Detailed Assessment Report\n## Principle 1: Legal Basis\n## Principle 2: Governance\n## Principle 3: Comprehensive management of risks\n## Principle 4-9: Credit risk, collateral, margin, liquidity risk, settlement finality and money settlements\n## Principle 10-13: Physical deliveries, CSDs, exchange-of-value systems, default management\n## Principle 14-19: Segregation and portability, general business risk, custody/investment risks, operational risk, access\n## Principle 20-23: FMI links, efficiency, communication, disclosure of rules and market data\n## Principle 24: Disclosure of market data by trade repositories\n# IV. Considerations on Cyber Security based on the ECB Cyber Resilience Oversight Expectations Framework","[{\"question\":\"What is the purpose of the assessment report for BI-RTGS?\",\"answer\":\"The report assesses Indonesia’s BI-RTGS observance of the CPSS-IOSCO Principles, and provides key findings with recommendations for improvement.\"},{\"question\":\"Which organization and mission context prepared the report?\",\"answer\":\"It was prepared in the context of the joint IMF–World Bank Financial Sector Assessment Program (FSAP) mission in Indonesia during October 2023.\"},{\"question\":\"What areas are covered by the detailed assessment of the CPSS-IOSCO Principles?\",\"answer\":\"The assessment covers legal basis, governance, comprehensive risk management, settlement finality and money settlements, default management, access, efficiency, transparency, and disclosure 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