The Group of Thirty released the Global Clearing and Settlement Report, which outlines progress in implementing the twenty recommendations contained in the Group’s 2003 Plan of Action.
Progress is being made in achieving the interoperability agenda, which seeks to facilitate clearing and settlement across different national and international systems. This is most evident in Europe, but advances are under way between the United States and Canada.
The G30’s risk management agenda and recommendations center on financial, operational, and legal risks. Risk management awareness among clearing and settlement services has clearly increased, but monitoring the extent of implementation among users of these services is beyond the scope of the G30 monitoring exercise.
On governance, the GMC reports progress in a number of areas. However, there is a continued lack of clarity around fair access to services for users in some markets, particularly in the case of cross-border users, the report concludes
Despite the progress the Committee notes that a great deal remains to be done if the full efficiency gains of a truly global clearing and settlement system are to be achieved, while mitigating risk and ensuring sound governance.
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