Monday, July 9, 2018

Ministry of Finance proposed to

The Ministry of Finance proposed to regulate the SWIFT system, Bloomberg and Reuters terminals

The Ministry of Finance has prepared amendments to the law on the national payment system, offering to establish the regulation of global systems for the exchange of financial information and the provision of information services in the banking sector and financial markets, including SWIFT, Bloomberg, Reuters, and Target. The bill was placed on a single portal for discussion of legislative initiatives on Thursday, 4 September.

The purpose of the introduction of regulation - "to minimize the risks associated with the implementation of operations on the exchange of information on payments made and other aggregated financial information," stated in the description of the bill posted on the portal.

the message says that the Finance Ministry proposes to introduce for SWIFT, Bloomberg and others falling under the regulatory system of the concept "operator critical infrastructure services" and "operator is critical, significant infrastructure services" and to establish requirements for the implementation of the activities of such operators, and "determine responsibility" for failure to provide or improper provision of information and services.

Due to the lack of regulation of the operators of remittance and payment infrastructure services operators may suffer "real damage", according to the description.

According to the Russian National Association of Swift (ROSSWIFT), Russia on the number of users of the SWIFT system is the second largest in the world after the United States. Bloomberg and Reuters are leading financial information providers for professional participants of the financial markets. Bloomberg created the Bloomberg Professional terminal, through which market participants can access current and historical prices on the stock exchanges and OTC markets, the electronic bond trading system and other securities, as well as news. Reuters We also have a terminal for receiving and analyzing financial data (Reuters 3000 Xtra), as well as the terminal for access to electronic trading platforms (Reuters Dealing). Target allows real-time to carry out international payments within the European Union, corresponding members of which are some of the credit organizations in the Russian mode.

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