Release of the 2016 Bank of Canada FMI Oversight Activities Annual Report
The Bank of Canada today published the 2016 annual report on its oversight of payment clearing and settlement systems, which are also known as financial market infrastructures or FMIs.
The Bank’s FMI oversight mandate is to promote the safety and efficiency of the Canadian financial system through sound risk management at the FMIs the Bank has designated for its oversight. The Bank of Canada FMI Oversight Activities 2016 Annual Report outlines how the Bank fulfills this mandate, informing stakeholders about key issues regarding the safety and soundness of designated FMIs, including the Bank’s own oversight activities and the risk-management enhancements pursued by designated FMIs.
Over the course of 2016, the Bank made significant progress on all of its oversight priorities, notably advancing the development of a resolution regime for designated FMIs in Canada and implementing the Bank’s expanded role in oversight of prominent payment systems. The Bank’s oversight focus in 2017 will carry over multi-year priorities from 2016.
Designated FMIs made substantial enhancements to their risk-management practices throughout 2016 as they worked toward full observance of the Bank’s risk-management standards. Further enhancements and their ongoing resilience will be a focus of the designated FMIs in 2017.