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Home > Markets and Payments > Self-assessment of RTGS

Self-assessment of RTGS

In October 2017, we published our second self-assessment of the real-time gross settlement (RTGS) service against the CPMI-IOSCO Principles for Financial Market Infrastructures. Principles for Financial Market Infrastructures, with point of assessment 30 June 2017. These are internationally agreed standards considered essential to strengthening and preserving financial stability.

While the RTGS service is neither a payment system nor a financial market infrastructure, we have undertaken the self-assessment mostly against the principles that apply to payment systems. This self-assessment will help to ensure that we continue to deliver a resilient and world class RTGS service. The publication of the self-assessment also addresses a recommendation in the 2016 IMF Financial Sector Assessment Program for the UK. We have also considered the CPMI-IOSCO guidance on how the principles apply to financial market infrastructures operated by central banks.

This year we judged that of the sixteen principles which apply to RTGS, we ‘observe’ fourteen and ‘broadly observe’ the other two. The two we consider ‘broadly observed’ are ‘Governance’ and ‘Framework for the comprehensive management of risks’ which is in line with our previous assessment. There has been considerable progress made across both governance and risk management throughout the year.

The self-assessment is completed in our role as operator of the RTGS service and not in our capacity as supervisor of financial market infrastructure or banks. We plan to update broadly annually.