CROSS-BORDERSETTLEMENTINFRASTRUCTUREFORUMBRIEFNo.2COMPARATIVEANALYSISOFCOLLATERALELIGIBILITYCRITERIAFEBRUARY2024I.IntroductionHIGHLIGHTSKeytasksoftheCross-BorderSettlementInfrastructureèEligiblecollateralplaysapivotalroleinsupportingForum(CSIF)aretoconductastudyonthecollateraleligibilityoftheregion'slocalcurrency(LCY)bondsandfinancialtransactions.TheimportanceofeligibletodiscusspossibleimplementationoftheCross-BordercollateralcriteriahasgarneredsignificantattentionCollateralArrangement(CBCA)andtheCentralBankasfinancialmarketinfrastructuresandfinancialLiquidityBridge.1ThesetasksaresetoutintheinstitutionsstepuptheireffortstorespondtoglobalASEAN+3AsianBondMarketsInitiative(ABMI)financialregulatorychanges.Mid-TermRoadmap,2023–2026.2èCentralbankstendtotakeamoreconservativeCollateralplaysapivotalroleinsupportingsecuredfinancialtransactions.Andtheimportanceofeligibleapproachinsettingcollateralcriteriacomparedtoothercollateralcriteriahasbeenincreasinglyrecognizedsincecollateralframeworks.Thisbehavioraccountsfortheglobalfinancialcrisis.Thisimportancemayevenvariousrestrictionsimposedbyindividualcentralbanksincreasefurtherasriskmanagementpracticesevolveinaccordancewithrelevantlawsandregulations.andfinancialinstitutionsstepupeffortstorespondtoglobalfinancialregulatorychanges.èCentralcounterparties(CCPs)inthemarketsof...
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