This report describes the assessment of the securities clearance and settlement system in Spain, based on the Committee on Payment and Settlement Systems (CPSS)-International Organization of Securities Commissions’ (IOSCO) Recommendations for Securities Settlement Systems. It is performed...

Economic growth in Bosnia and Herzegovina (BiH) has been impressive with GDP. The dominance of foreign-owned bank subsidiaries has transformed the financial sector and altered the risks to financial stability. Reforms should focus on strengthening banking supervision and adapting it to the...

Kenya’s strong economic performance in recent years with real GDP growth of 6 percent on average over 2004–07 has been stalled by a series of exogenous but temporary shocks that hit the economy in 2008. The staff report highlights Kenya's request for Disbursement under the...

A detailed assessment report on the observance of the Committee on Payment and Settlement Systems-International Organization of Securities Commissions recommendations for China’s Securities Settlement Systems and Central Counterparties is presented. The bond market comprises the interbank...

This paper assesses implementation of the International Organization of Securities Commissions' (IOSCO) objectives and principles of securities regulation in Spain. Spain exhibits a high level of implementation of principles. The legal framework is robust and provides the Comisión Nacional de...

The Euro Area Policies’ 2007 Article IV Consultation reports that the economy is poised for a sustained upswing because of cyclical considerations and policies, which have had a forward-looking cast. The area’s external position and the real effective exchange rate of the euro are...

This assessment reviews the regulatory framework in place for the oversight of the capital markets of the Russian Federation as of June 2011. The Russian securities markets, in particular, have been volatile, reflecting the inflow and outflow of money and the crisis. Foreign investment banks...

This paper discusses key findings of the financial sector stability assessment for Romania. The assessment reveals that in recent years, Romania’s financial sector regulatory authorities have made significant progress in adopting international best practices, including through...