CLS could be protected settlement system under Singapore law
MAS, Singapore’s central bank and chief financial market regulator, said it was intended that its own large value payment system, the MAS Electronic Payment System, would be a designated system under the proposed Payment and Settlement Systems (Finality and Netting) Bill. Industry comments on the proposals must be made by September 11.
Under the proposals, MAS would be empowered to designate the systems protected by the bill.
Where system participants were involved in insolvency proceedings, designated systems would not be required to unwind, reverse, adjust or set aside any transactions that were settled through the system. Designated systems would also be allowed to net obligations incurred before, or on the day that a participant underwent insolvency proceedings, so that a net amount became payable, MAS said.
CLS expects to go live in October.
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