2016年-SWIFT环球同业银行金融电讯_Pioneering_MIRS_3页_225kb

Pioneering MIRS Summary

Core Content

Norges Bank is one of the first central banks to adopt the Market Infrastructure Resiliency Service (MIRS), a real-time gross settlement (RTGS) resiliency service developed by SWIFT. This service is designed to provide a backup solution in case of system disruptions, ensuring the continued settlement of transactions in central bank money.

Main Points

• RTGS System Background:
  Norges Bank introduced its first RTGS system in 1995 to avoid the losses experienced during the Nordic banking crisis of the early 1990s. Over time, the system has become more critical, not only due to increased transaction volumes but also due to higher expectations from market participants.

• Expectations and Reliability:
  Domestic and foreign banks, as well as foreign investors (who own ~40% of the Oslo stock exchange), expect RTGS services to be continuously available without delay or failure. Since 2009, when the system was upgraded to a more modern platform, it has achieved 100% availability.

• Operational Risk Management:
  The reliability of the RTGS system is ensured through redundancy and backup systems, but these are not sufficient against software errors, malware, and cyber-attacks. Norges Bank, in collaboration with EVRY, has relied on industry-standard IT defences, but these are not enough.

• Introduction of MIRS:
  To address these gaps, Norges Bank implemented MIRS as a contingency solution. MIRS provides a backup settlement engine that operates on a different infrastructure and software, allowing for secure, automated transaction settlement in extreme cases.

• Limitations of MIRS:
  While MIRS offers a significant improvement over manual contingency plans, it is not a full replacement for a third site. It requires manual intervention in certain areas, such as CLS foreign exchange payments, and interfaces with other systems (e.g., cash and collateral management, general ledger) must be handled manually. Additionally, non-SWIFT banks are serviced manually through the MIRS web service.

Key Information

• MIRS Functionality:

  • Provides a backup settlement engine for RTGS systems.
  • Ensures continuous settlement in case of primary and secondary site failures.
  • Reduces the need for manual processes, but with limited automation.

• Decision-Making Process:

  • The activation of MIRS is not automatic and requires careful evaluation of the situation.
  • Factors include time of disruption, severity of impact, and likelihood of recovery.
  • Norges Bank is working with major participants to establish a Business Continuity Forum to improve decision-making.

• Strategic Considerations:

  • MIRS is considered an extreme contingency solution with reduced functionality compared to a full third site.
  • Heltne believes that wider adoption of MIRS by central banks would help share knowledge and improve its effectiveness.
  • However, he is cautious about extending the concept to other financial markets, such as fund accounting and transfer agencies, until its value to RTGS systems is fully proven.

Conclusion

MIRS represents a significant step forward in ensuring the resilience and reliability of RTGS systems. While it is not a perfect solution and requires manual support in some cases, it offers a secure and efficient alternative to traditional contingency methods. Norges Bank’s experience with MIRS highlights the importance of strategic planning and collaboration in managing operational risk, while also emphasizing the need for prudence in its broader application.