Report of

the Committee on Interbank Netting Schemes of the Central Banks of

the Group of Ten countries

「十國集團」中央銀行跨行淨額清算方案委員會報告書

Lamfalussy Report

 

November 1990

199011

 

Minimum standards for the design and operation of cross-border and multi-currency netting and settlement schemes

跨國及多幣別淨額抵銷暨清算方案之設計及作業最低標準

 

I.        Netting schemes should have a well-founded legal basis under all relevant jurisdictions.

淨額抵銷方案在所有相關的司法管轄區均應有健全的法規基礎。

 

II.     Netting scheme participants should have a clear understanding of the impact of the particular scheme on each of the financial risks affected by the netting process.

淨額抵銷方案的參加者,應清楚瞭解該特定方案,對於受淨額抵銷程序影響的每一項財務風險所帶來的衝擊。

 

III.   Multilateral netting systems should have clearly-defined procedures for the management of credit risks and liquidity risks which specify the respective responsibilities of the netting provider and the participants. These procedures should also ensure that all parties have both the incentives and the capabilities to manage and contain each of the risks they bear and that limits are placed on the maximum level of credit exposure that can be produced by each participant.

各多邊淨額抵銷系統應有明確的信用風險及流動性風險管理程序,規定淨額抵銷服務提供者與參加者各自應負的職責。這些程序亦應確保讓所有當事人,具有誘因及能力去管理及控制其所承擔的每一項風險,並設定限額,控制每一個參加者所能製造的信用風險部位最高額度。

 

IV.  Multilateral netting systems should, at a minimum, be capable of ensuring the timely completion of daily settlements in the event of an inability to settle by the participant with the largest single net-debit position.

各多邊淨額抵銷系統至少應能確保,在負擔最大淨借方部位的參加者無力清算時,仍能及時完成當日清算。

 

V.     Multilateral netting systems should have objective and publicly-disclosed criteria for admission which permit fair and open access.

各多邊淨額抵銷系統應有客觀及公開揭露的參加標準,容許公平及公開加入。

 

VI.  All netting schemes should ensure the operational reliability of technical systems and the availability of back-up facilities capable of completing daily processing requirements.

所有的淨額抵銷方案均應確保各技術系統的作業可靠性,以及具有備援設施可資使用,能夠滿足每日的處理需求。

 

Principles for cooperative central bank oversight of cross-border and multi-currency netting and settlement schemes

中央銀行對跨國及多幣別淨額抵銷暨清算方案的合作監管原則

 

1.      Each central bank that has identified the actual or proposed operation of a cross-border or multi-currency netting or settlement system, outside of the country of issue of the relevant currency or currencies, should inform other central banks that may have an interest in the prudent design and management of the system.

每一家中央銀行發現有跨國或多幣別淨額抵銷或清算系統,在相關幣別發行國之外實際或擬議運作者,應通報其他與該系統的監理設計及管理可能有關聯的中央銀行。

 

2.      Cross-border and multi-currency netting and settlement systems should be subject to oversight by a central bank which accepts primary responsibility for such oversight and there should be a presumption that the host-country central bank will have this primary responsibility.

跨國及多幣別淨額抵銷暨清算系統應受對該類監管負主要職責的中央銀行的監管,並推定地主國中央銀行負有主要職責。

 

3.      In its oversight of a system, the authority with primary responsibility should review the design and operation of the system as a whole and consult with other relevant authorities on its conclusions both in the first instance and, from time to time, with respect to developments in the systems status.

在監管某一個系統時,負有主要職責的主管當局應檢討該系統的整體設計和作業。第一次作檢討,以及日後隨時就該系統現況作檢討時,在作成結論前,應先與其他相關主管當局洽商。

 

4.      The determination of the adequacy of a systems settlement and failure-to-settle procedures should be the joint responsibility of the central bank of issue and the authority with primary responsibility for the system.

確認一系統的清算程序及清算失敗處理程序的妥適性,應為相關中央銀行與對該系統負主要職責的主管當局的共同責任。

 

5.      In the absence of confidence in the soundness of the design or management of any cross-border or multi-currency netting or settlement system, a central bank should discourage use of the system by institutions subject to its authority and, if necessary, identify the use of, or the provision of services to such a system as constituting an unsafe and unsound banking practice.

中央銀行若對任何跨國或多幣別淨額抵銷或清算系統的設計或管理的健全性缺乏信心時,應不鼓勵受其管轄的機構使用該系統,必要時,指明使用該類系統或對該類系統提供服務,構成不安全及不穩健的銀行實務。

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