country A country B country C 0 % 20 % 40 % 60 % 80 % 100 % CB HR marketHR informationtechnologies reserve requirements system CB standing facilities CB communication CB windowsof operations counterparties collateral inCB operations aggregateliquidity fine-tuningoperations structuraloperations main instrument,key rate informationfor regulators country A country B country C 100 % 80 % 60 % 40 % 20 % 0 % CB paymentsystem processes payment system infrastructure post-tradeinfrastructure general legalinfrastructure legal infrastructureof derivatives monetary policyframework credit risk prudentialregulation country A country B country C 0 % 20 % 40 % 60 % 80 % 100 % foreignparticipants money market segments (instruments) marketparticipants collateral in market operations benchmarkmarket rates informationfor the market yield curve country A country B country C 100 % 80 % 60 % 40 % 20 % 0 % prudential regulation legal infrastructure transaction costs payment system credit risk post-trade infrastructure monetary policy framework market segments benchmark rates, yield curve collateral in interbank operations market participants collateral in interbank operations information availablefor market participants communication informationfor regulators CB operations reserve requirement banking sector liquidity collateral in CB operations counterparties market HR information technologies CB HR -1-current level of MM development -2-environment -3-CB activity -4-resources mid-development (3-5 years) end-target(5-8 years) GDP t opening (2-3 years) 1 create access and knowledge 2 develop local onshoremoney markets 3 develop stable andinclusive money markets cross border guarantees: Knowledge transfer Identify barriers Build exemplary transactions domestic guarantees Bilateral Tradeclear multiparty plug-in guarantees Multiparty market participation Market infrastructure Advanced training market practice Advanced training Legal and regulatory reform Market infrastructure Feasibility studies market readiness Basic training Legal and regulatory review

advisory

  • in-depth reviews of clearing and settlement challenges

feasibility studies

  • review of the viability of e.g. clearing counterparties or primary dealer structures, including initial structure design

research

roundtables – regulators

  • addressing country-specific challenges to ISDA and GMRA enforceability
  • remedial planning to clean opinions

advisory – legal/regulatory review and reform

  • backstopping local regulatory reform processes
  • detailed review of relevant local regulation relative to ISDA and GMRA enforceability
  • recommendations for reformed language towards clean opinions

training – judiciary and legal enforceability

  • supporting commercial judges and arbitration processes