The Bank of Canada has published the Bank of Canada Oversight Activities for Financial Market Infrastructures 2022 Annual Report. The Report reviews the Bank’s oversight of designated clearing and settlement systems, also known as financial market infrastructures (FMIs).
The Bank has the mandate to ensure that designated FMIs are following sound risk management practices. The report, which outlines how the Bank fulfils this mandate, provides stakeholders with information about the Bank’s approach to oversight of FMIs, improvements that designated FMIs made to their risk management practices in 2022, ongoing and new expectations set by the Bank for designated FMIs to enhance their risk management practices in 2023 and beyond.
Throughout the year, designated FMIs continued to make progress on key priorities, including modernization initiatives. In addition, they improved their risk management practices, addressing gaps the Bank had previously identified.
