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The Fedwire Funds Service Assessment of …
The Fedwire Funds Service Assessment of Compliance with the Core Principles for Systemically Important payment systems Revised July 2014 Table of Contents List of 2014 Revisions 4 Executive Summary 5 0 General Background 7 Brief History 7 Operations 8 Fedwire Use 10 1 Core Principle I: Legal Basis 11 Assessment of Compliance 11 General Statutes and Regulations 11 Federal Reserve Act 11 Federal Reserve Regulation J 11 Governing Agreements 13 Other Applicable Laws 13 2 Core Principle II: Understanding Financial Risks 15 Assessment of Compliance 15 Disclosure of Rules and Procedures 15 Financial Risks in Fedwire 15 Federal Reserve Policy on Payment system Risk 16 Operating Circular 6 ( Funds Transfers through Fedwire ) 16 Notification of Operating Hour Extensions and Operational Outages 17 3 Core Principle III: Management of Financial Risks 18 Assessment of Compliance 18 Credit Risk 18 Credit Risk to Participants 18 Credit Risk to the Central Bank 18 Liquidity Risk 18 Liquidity Risk to Participants 18 Liquidity Risk to the Central Bank 19 Managing Credit and Liquidity Risks 19 Policies and Procedures for Managing Credit and Liquidity Risks 19 Tools for Managing Credit and Liquidity Risks 21 4 Core Principle I
The Fedwire ® Funds Service Assessment of Compliance with the Core Principles for Systemically Important Payment Systems . Revised July 2014
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