البنى الأساسية للأسواق المالية و دورها في استقرار النظام المالي

Abstract EN

Safeguarding financial stability is now widely recognized as an important part of maintaining macroeconomic and monetary stability, and as important for achieving sustainable growth.

Market functioning, and therefore financial stability, can be dependent on the continuity and orderly operation of services provided by financial market infrastructures (FMIs).

Monitoring, managing and mitigating risk, including systemic risk, is a primary responsibility for the operators of financial market infrastructure.

Thus supervision of FMIs is closely linked to preserving financial stability.

Besides, FMIs play a key role in the smooth functioning of the economy and can enhance the stability of markets and promote wider financial stability.

FMIs were a source of strength during the financial crisis of 2008; they were generally able to settle obligations when due and gave market participants the confidence to continue transacting.

However, the financial crisis highlighted important lessons for effective risk management and the need for strong governance and oversight of FMIs to handle even more-severe stress conditions.