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International Benchmarks & Standards

Strate always seeks to adopt industry appropriate global best practice in its endeavour to becoming widely known as ‘being the very best at what we do’. These standards and benchmarks include those issued by the likes of the International Organisation for Securities Commissions (IOSCO), the Committee on Payment and Settlement Systems (CPSS), as well as groups such as the Group of Twenty (G-20) and Group of Thirty (G-30).

Effective clearing and settlement systems, such as those deployed by Strate, all contribute to mitigating a number of risks in the market. This is even more appropriate when they are aligned with high international standards and recommendations, such as those of the CPSS-IOSCO.

In April 2012, CPSS-IOSCO released a set of 24 Principles for Financial Market Infrastructures (FMIs), as well as an associated Assessment Methodology and Disclosure Framework, to effectively help these organisations address essential aspects of risk management within the financial markets.

Given that Strate is one of South Africa’s FMIs, it voluntarily completed a self-assessment shortly after the Principles and Assessment Methodology were published by the CPSS-IOSCO. The outcomes of this review were submitted it to its regulator – the Financial Services Board (FSB) – for review during 2013.

Having completed its review the FSB recently published the report on its website. Click here to view the report.

It confirms that Strate is recognised as “observing” 14 of the Principles and “broadly observing” a further 3. The remaining 7 Principles are not applicable to Strate at this time.

Regions globally are in the process of incorporating these principles into their regulatory frameworks to foster the safety, efficiency and resilience of their FMIs. In South Africa, the Financial Markets Act No. 19 of 2012 (FMA) became operational at the beginning of June 2013. The sound legal foundation provided by the FMA, paired with Strate’s understanding of and commitment to the Act’s objectives, ensures that effective corporate governance and strong risk management processes are implemented.

Strate endorses the principles of accountability, integrity and transparency underlying the Code of Corporate Practices and Conduct as contained in the King Report on Corporate Governance for South Africa.