Denmark: Financial System Stability Assessment with reports on - IMF

49SubjectMain Findings and Recommended Corrective Action Plancould be reduced.Sumclearing- The contingency measures should be tested <strong>with</strong>participants and the emergency measures should becoordinated <strong>with</strong> other system providers.Practical for the markets and efficient for theeconomy (CP VIII)KRONOS- Re-analyze in depth the costs of the system.- Define the part of the cost to be borne by the centralbank.- Develop a price strategy that takes into account the feescharged in comparable countries.Objective and publicly disclosed criteria forparticipation (CP IX)KRONOS- Reconsider the discretionary powers <strong>with</strong> respect toaccess and exit.- Analyze the effects of the language barriers for remotemembers and whether they are in line <strong>with</strong> the veryopen access policy and the promotion of <strong>Denmark</strong>’sfinancial markets.- Formulate explicit exit procedures in the rules andregulations.SumclearingThe Danish Bankers Association should:- Facilitate the public disclosure of the access criteria bystating the rules in the memorandum mentioned underCP II.Governance of the system should be effective,transparent and accountable (CP X)- Make the exit rules more formal by drafting exitcriteria and work out decision procedures andprocedures to facilitate the exit of a participant andpublish them in the aforementioned memorandum.SumclearingThe Danish Bankers Association- May want to consider enhancing the transparency ofthe infrastructure for clearing and settlement of retailpayments by making the memorandum, as indicatedunder CP II, available to the public by publishing it onits open website.Responsibility B - The central bank should- Should take action to comply in full <strong>with</strong> all CorePrinciples.- Draft a mission statement and work out the oversight