The Federal Reserve Banks, as operators of the Fedwire Funds Service, have published a response (PDF) to the Financial Stability Board (FSB) survey of Financial Market Infrastructures (FMIs) (Off-site) on continuity of access for firms in resolution.
The purpose of the FSB survey is to promote transparency by FMIs about access for firms in resolution and assist FMI participants and resolution authorities in developing resolution plans. Transparency about access to critical clearing, payment, settlement, custody and other services provided by FMIs can promote effective resolution and financial stability. The survey helps streamline information sharing, reduce duplicate inquiries to FMIs and increase transparency. All FMIs are encouraged to respond to the questionnaire and to publish their responses.
The Reserve Banks’ response provides key information relevant to continuity of access in resolution to participants. Topics include criteria for accessing the Fedwire Funds Service, potential risk mitigation actions the Reserve Banks may take, expectations for notification and communication and information needed from accountholders in resolution.
Questions about the Fedwire Funds Service response should be directed to Credit Risk Management Contacts.