New York/London/Hong Kong/Singapore/Sydney, February 1, 2023 -存托信托 & 结算公司(存), the premier post-trade market infrastructure for the global financial services industry, today issued the first-ever analysis that examines how climate-related financial risk, namely physical risk and transition risk, may impact financial market infrastructures (FMIs).
新的白皮书，”Climate-Related Financial Risk: An FMI’s Perspective,” acknowledges that FMIs can have direct exposure to climate-related physical risk. While FMIs’ existing business continuity programs have proven to be sufficiently robust to withstand the impact of extreme weather events, these programs should continue to be enhanced to prepare for potentially more frequent and more damaging climate-related events in the future. 本文还指出, while financial institutions face direct exposure to physical risk and indirect exposure to transition risk through their financing activities, FMIs’ exposure to these risks via financial institutions is even more ancillary. 另外, given the specific nature of its activities, the duration of an FMI’s exposure to risk is considerably shorter than the risk horizon of other financial services entities.
In response to FMIs’ unique risk exposure, the paper recommends that existing regulatory frameworks and standards be applied to FMIs to effectively mitigate future climate-related financial risk challenges. 更具体地说, the Principles for Financial Market Infrastructures (PFMIs) that were created by CPMI-IOSCO contain effective and adaptative guidance that could be applied for this purpose.
“Climate change is no longer being considered exclusively an environmental issue, but a multifaceted source of economic and financial risks that could threaten the stability of the financial ecosystem. 像这样, 存 includes climate-related financial risk as one of the many potential systemic threats that it actively analyzes and monitors,Michael Leibrock说, 存首席系统风险官. “This paper presents an innovative analysis that examines how climate-related risk can impact FMIs via direct and indirect risk transmission channels. The overarching message is that existing PFMI guidance were appropriately designed by global policymakers to cover FMIs’ unique exposure to climate-related financial risk.”
论文也强调了这一点, while green bonds can play a significant role in contributing to the funding required to address the global challenges of climate change, these instruments should not be given preferential treatment around how they are risk managed, including in the collateral management process.
Leibrock补充道, “要这样做, 在我们看来, would be to prioritize environmental considerations above the core mandate of FMIs of ensuring a resilient post-trade infrastructure for the securities industry.”
As part of 存’s approach to mitigating its exposure to climate-related risk, 存’s Business Continuity team is adding climate-related trending metrics to its existing programs to improve the company’s risk management capabilities. 除了, 存’s Counterparty Credit Risk team is looking to incorporate climate-related risk monitoring as part of its overall approach to assessing counterparty exposure, 合规, 控制, 和治理.
阿德里安·范德林登说, 系统风险主管, “除了 to our efforts to continue to evolve how we monitor and mitigate financial and transition risk attributed to climate change, 存 is committed to doing our part to contribute to a greener economy. 为了支持这一点, we have embarked on a multi-year program to reduce our carbon footprint operationally, 通过我们的供应商, as financiers of renewable energy.”
对存
拥有超过45年的经验, 存 is the premier post-trade market infrastructure for the global financial services industry. 来自全球21个地点, 存, 通过其子公司, 自动化, 集中, standardizes the processing of financial transactions, 减轻风险, increasing transparency and driving efficiency for thousands of broker/dealers, 托管银行和资产管理公司. 行业所有和管理, the firm simplifies the complexities of clearing, 结算, 资产维修, 数据管理, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2021, 存’s subsidiaries processed securities transactions valued at nearly U.S. $2.4000万亿年. Its depository provides custody and 资产维修 for securities issues from 177 countries and territories valued at U.S. $87.1万亿年. 存’s Global Trade 存储库 service, 透过本地注册的, 许可, 或者批准的交易存储库, processes 16 billion messages annually. 欲了解更多信息，请访问我们的网站 www.存.com 或者和我们联系 LinkedIn, 推特, YouTube, 脸谱网, Instagram.