Release of the 2017 Bank of Canada FMI Oversight Activities Annual Report
The Bank of Canada today published the 2017 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 2017 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. It also specifies the Bank’s expectations on the risk-management enhancements to be pursued by designated FMIs in 2018.
Over the course of 2017, designated FMIs continued to make enhancements to their risk-management practices in key areas. The Bank also made significant progress on all its oversight priorities, notably by advancing an FMI resolution regime for Canada and helping develop international standards relevant for FMIs. To this end, the Bank conducted research initiatives to deepen the understanding of FMI-related issues and the Bank’s oversight function.