Since the publication of Principles for Financial Market Infrastructures (PFMI) in 2012, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have continued to closely monitor the implementation progress of their member jurisdictions. Specifically, member jurisdictions are subject to peer review assessments conducted by an expert working group established under the CPMI and IOSCO, namely the Implementation Monitoring Standing Group (IMSG) from time to time. The HKMA is a member of the IMSG and has been actively involving in the various assessments.
Since 2014, the HKMA has been actively participating in several rounds of peer reviews, including (i) assessments on whether the authorities in Hong Kong, including the HKMA, has adopted the PFMI Principles and Responsibilities within its regulatory and oversight framework; (ii) assessment on whether the authorities, including the HKMA, have observed the requirements under the PFMI Responsibilities.
In addition, during 2016-2017, the HKMA participated in an extensive review in the Level 2 assessment on Hong Kong, which, to assess the extent to which the content of Hong Kong's implementation measures is complete and consistent with the PFMI. The HKMA obtained the best rating in all relevant categories, and Hong Kong is the first jurisdiction that obtained the best rating in all categories in the Level 2 assessment. The HKMA will continue to participate in other PFMI assessments conducted by the IMSG or other relevant bodies.
On the domestic front, the HKMA has committed to conduct assessments of the FMIs under its oversight against the PFMI. When assessing those FMIs which accept for clearing and settlement transfer orders denominated in foreign currencies (i.e. currencies other than the Hong Kong dollar), the HKMA will, in accordance with Responsibility E of the PFMI ("cooperation with other authorities"), consider the views of the central bank of issue of the relevant currency.
To date, the HKMA has conducted PFMI assessments of the following FMIs:
Assessment of HKD CHATS:Assessment report of HKD CHATS 2015 (PDF File, 172.6 KB)
Assessment of RMB CHATS:Assessment report of RMB CHATS 2014 (PDF File, 134.8 KB)
Assessment of USD CHATSAssessment report of USD CHATS 2016 (PDF File, 220.7 KB)
Assessment of Euro CHATS:Assessment report of Euro CHATS 2016 (PDF File, 462.2 KB)
Central Securities Depository / Securities Settlement System:
Assessment of CMU:Assessment report of CMU 2016 (PDF File, 404.9 KB)
Assessment of the HKTR:Assessment report of HKTR 2016 (PDF File, 428.4 KB)