III Course on Financial Market Infrastructures

The Directorate of Financial Market Infrastructures of CEMLA organized the III Course on Financial Market Infrastructures that was held virtually from April 10 to 12, 2023. The course was attended by 120 participants, belonging to 23 institutions, being represented 19 countries of Latin America and the Caribbean, 1 European country and 1 Asian country. The objective of the course was to enrich the knowledge of the participants on the design, operation, regulation and surveillance of financial market infrastructures, through the presentation and discussion of different issues.

The first day was divided into 3 sessions, being the first "Introduction to payment systems and market infrastructures" taught by Carlos Sanz Luengo from Banco de España, this class began by showing attendees what role central banks play in Financial Market Infrastructures (FMIs) as operators, catalysts and watchers, to move on to more complex issues. Next, Roberto José Arteaga Rojas spoke about the "Infrastructure of Payment Systems in El Salvador". To conclude the first day of the course, Jorge Cruz spoke about "Central Counterparties", where clearing houses and their role as counterparties in financial contracts to guarantee the obligations acquired by buyers and sellers were discussed.

The second day began with the participation of Othon Moreno, from Banco of Mexico, where he explained the "Principles of Financial Market Infrastructures", the basis of the proper functioning of FMIs. Subsequently, Miguel Pérez, head of the Surveillance Unit of Banco de España, spoke about the "Surveillance of FMIs". To close the day, Juan Fernando Ávila Embriz, from Banco de Mexico, spoke about the topic of "SupTech and RegTech", and its relevance both in the private sector and in regulatory bodies.

The last day of the course began with the presentation "Innovation in payment systems" by Anneke Kosse from the BIS. In the second session, by Gabriel Bizama from the Stellar Foundation, the topic "Digital Retail Payment Platforms" was addressed, where some public policy actions that can be carried out to encourage digital payments were exposed. Then, Francisco Rivadeneyra, from the Bank of Canada, spoke about "CBDCs" (Central Bank Digital Currencies) and described their general characteristics, as well as their possible benefits and challenges. The course concluded with the participation of Gerardo Avilez, from RappiCard Mexico, who introduced the concept of "Open Banking" highlighting its advantages and regulatory implications to provide better services to users.