резюме_ПС_английский_26 10 2018 (1138458)
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National Research University Higher School of EconomicsAs a manuscriptLarionov Alexander VitalevichDevelopment and Introduction of Payment Systems' Risk Indicators into the Bankof Russia’s Supervisory PracticeDissertation Summaryfor the purpose of obtaining academic degreePhilosophy Doctor in Public Administration HSEAcademic Supervisor:Nikolai Klishch,PhD in EconomicsMoscow – 201821. Introduction1.1. Relevance of the researchOne of the priority directions of Russian state regulation is the reform of thecontrol and supervisory system. The reform is aimed at reducing the costs of the stateand business through introduction of a risk-based approach.
A risk-based approachmeans different intensity of control of certain objects, depending on the level andprobability of damage to citizens, business and the state. Nowadays, a risk-basedapproach in Russia affects the control and supervisory powers in all sectors, and inparticular, in the sphere of the Bank of Russia.The Bank of Russia supervises various subjects of the financial market, includingthe national payment system. Smooth functioning of national payment system is crucialfor various sectors of the economy. The payment system is an important part of thesettlement between the financial agents1.
According to the Bank of Russia, about 536trillion rubles were transferred using payment systems in 2017. We could observe theincrease in the number of payment systems from 20 in 2012 up to 35 in 2018. It makesthe issues of their quality state regulation more relevant. Large domestic paymentsystems was created. For example, in 2015 MIR Payment system was introduced. Thenumber of payment cards in Russia increased from 119,0 million units in 2008, to 269,2million units in 2017. The stability of payment systems affects transaction costs,reliability and speed of transfer of funds between the subjects of economic relations2.Currently, the Bank of Russia allocates systemically significant, sociallysignificant and nationally significant payment systems. However, this classificationdoes not allow to evaluate the payment infrastructure service providers from the point oftheir sustainability 3 and the impact on ensuring the smooth functioning of payment1Repousis, S.
Money laundering and Greek banking payment and settlement systems / S. Repousis //Journal of Money Laundering Control. – 2016. – Vol.19. – №1. – pp.58-69.2Arzumanova, L. L. National payment system as a guarantor of stability and protection of the nationaleconomy/ L. L. Arzumanova // Actual problems of Russian law. – 2017.
– №2. – P. 132-143.3The sustainability of payment infrastructure service providers in this study is understood as theirfunctioning within the payment system. The term of smooth functioning of the payment system ismore complex. If the payment infrastructure service operator is excluded from the payment system, thesmooth functioning of the payment system may be disrupted, which is due to the sustainability of the3systems. To ensure the smooth functioning of payment systems, the Bank of Russianeeds to assess payment infrastructure service operators from the standpoint of theirsustainability4 in the payment system.In other countries, the introduction of risk-based mechanisms in the field ofpayment systems has also started relatively recently.
For example, the Federal ReserveSystem on a regular basis updates the risk management approaches of payment systemsunder the best international practices. In particular, the latest changes were done in 2017,taking into account the recommendations of the Bank for international settlements. Akey element of risk management is the use of risk indicators to classify the participantsof payment systems depending on the level of risk.Bank of Russia adopted regulatory legal act, 5 containing some indicators tocontrol the smooth functioning of payment systems.
However, this act does not includeis the issues for the sustainability of payment infrastructure service providers. Thesystem of quantitative requirements to payment infrastructure service providers adoptedby the Bank of Russia does not cover all possible risks of payment systems. It does notexamine the factors determining the sustainability of payment infrastructure serviceproviders are not controlled.The research is oriented on developing a new approach to the classification ofpayment infrastructure service operators depending on the level of risk for the smoothfunctioning of the payment system. For this purpose, it is necessary to determine thefactors affecting the sustainability of payment infrastructure service providers based ontheoretical and empirical research, analysis of international practice and econometricmodeling.
Based on the analysis of J. Tirole and J. Rochet6, the theory of informationasymmetry and empirical studies the financial and institutional factors of sustainabilitypayment infrastructure service operators. The presented study focuses more on this aspect of thesmooth functioning of the payment system.4Since 2014, 22 operators of payment infrastructure services have been excluded from the paymentsystems.5Regulation of the Bank of Russia dated 03.10.2017 No. 607-P «On requirements to the order ofensuring the smooth functioning of the payment system, indicators of the smooth functioning of thepayment system and methods of risk analysis in the payment system, including risk profiles».6Rochet, J.
Controlling Risk in Payment Systems / J. Rochet, J. Tirole // Journal of Money, Credit andBanking. – 1996. – № 4. – P. 832-862.4of payment infrastructure service operators were determined. The standards of the Bankfor International Settlements and Russian practices allowed to identify groups offinancial and institutional indicators that are significant for risk assessment. Theeconometric models showed that for payment infrastructure service operators significantfinancial indicators are: cash, authorized capital, net assets, net profit and foreignexchange assets.
Significant institutional factors are: experience requirements, the typeof payment system, the use of smooth functioning indicators, as well as the riskmanagement model in the payment system7.The author has developed the coefficients of financial and institutionalsustainability. On their basis, the total coefficient of payment systems’ sustainabilitywas determined. According to the author, this coefficient will allow the Bank of Russiato introduce a new approach in supervisory activities in the national payment system.As a result, author suggests a draft of the Bank of Russia legal act «About the order ofapplication of risk indicators in supervision of the Bank of Russia in the nationalpayment system».1.2. Purpose and objectives of the studyThe purpose of this study is to develop methodology for the implementation of arisk-based approach to the supervision of payment systems.To achieve this goal it is necessary to solve the following tasks:- identify and classify the main factors affecting the risks of paymentinfrastructure service operators under theoretical and empirical researches;- systematize the main approaches to reducing the risks of payment systems basedon the international experience;-determineempiricallythequantitativeindicatorscharacterizingthesustainability of payment infrastructure service operators;- develop methodological recommendations on the application of risk-basedsupervision in the national payment system;7Masino, M.
N. Methods of construction of risk management infrastructure in payment systems / M. N.Masino, A.V. Larionov // Banking. – 2015. – № 8. – P. 51-60.5- develop draft to improve the regulatory legal regulation of payment systems.1.3.Characteristics of the problem elaborationIn international practice, the recommendations of the Bank for InternationalSettlements like, «Principles for financial market infrastructures» are used in thesupervision of payment systems by central banks.
Most of central banks apply theprovisions of these principles in their activities. The principles set out recommendationsfor the application of indicators of authorized capital, net assets, equity and liquid assets(like securities, foreign exchange assets). The payment system must have the necessaryamount of free liquidity to complete operations within the operating day. The principlesrecommend limiting borrowings from the central Bank not to increase the dependenceof commercial structures on state liquidity. The principles are set out recommendationsfor interaction of the operator of the payment system, payment system participants, andpayment infrastructure services.
Thus, the principles suggest the impact of internalorganizational practices on the sustainability of the payment system. The Principles forfinancial market infrastructures have been implemented in almost 60 central banks –members of the Bank for International Settlements and in 28 member countries of theCommittee on Payments and Market Infrastructures.In practice, the Federal Reserve System also applies the «Principles for financialmarket infrastructures», but in addition to these principles, they use their own approachto the assessment of participants in payment systems.
The Federal Reserve System usesa system of financial and operational indicators to assess the participant of the paymentsystem in order to assign a limit on overdraft. The Federal Reserve System usesfinancial indicators to analyze the solvency of payment system’s participants. Theirapproach could be used for estimation sustainability of payment infrastructure serviceoperators.They takes into account capital adequacy, asset quality and liquidityindicators. The category of the participant reflects the size of risk for the FEDWIREpayment system. After estimation, the limit on the intraday loan is determined.In Russia, the possibility of applying a risk-based supervision approach isprovided for in article 8.1 Federal law No.
294-FZ of 26.12.2008 «On protection of the6rights of legal entities and individual entrepreneurs in the exercise of state control(supervision) and municipal control». But the Bank of Russia does not carry out riskbased supervision in the national payment system. The use of risk-based supervisionwould strengthen the control of payment infrastructure service operators with the highrisk to consumers of payment services8.
The Bank of Russia maintains a Register ofpayment system operators, which records the exclusion of operators from the paymentsystems. The main reasons for the exclusion of payment infrastructure service providersare the violation of their financial stability and non-compliance with the requirements ofthe payment system operator.The transition to risk-based supervision in Russia is relatively recent, andtherefore a small number of researchers have studied this issue.
The classification ofregulated areas subject to risk is done in empirical studies9. A key element of risk-basedsupervision is the classification of supervised objects to a certain risk category 10. Otherelements of risk-based supervision are the differentiation of control and supervisionmeasures for each category of supervised objects.In Russian practice, the issues of payment systems’ regulation are consideredmost often from oversight. They focus on determining indicators of smoothfunctioning 11 . Indicators of smooth functioning can be one of the elements ofdetermining the risk category of payment infrastructure service operators.
The presenceand design of the risk management system is an important element in ensuring thesustainability of the payment system. A significant contribution to the study of domesticpayment systems made by Krivoruchko, Lopatin, Tamarov, Masino, Usoskin andBelousova. However, these works practically do not consider the role of the Bank ofRussia in the context of supervision in the national payment system.8Application of risk-oriented supervision will allow to reduce the Commercial general risk in apayment system.9For example, Dobrolyubova, E. I. Evaluation of the effectiveness and efficiency of control andSupervisory activities / E. I. Dobrolyubova, V. N.
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