Assessments of RITS
The Bank has committed to conduct annual self-assessments of RITS against the Principles for Financial Market Infrastructures, which are international standards set by the Committee on Payments and Market Infrastructures (previously known as the Committee on Payment and Settlement Systems) and the Technical Committee of the International Organization of Securities Commissions. The first of these self-assessments, completed in 2013, concluded that RITS met all of the relevant principles. Previous self-assessments of RITS against international standards were carried out periodically against the Core Principles for Systemically Important Payments Systems, most recently in 2009.
In December 2005, the International Monetary Fund (IMF) assessed RITS against the Core Principles as part of its Financial Sector Assessment Program (FSAP) assessment of Australia. The assessment found RITS to be a sound and efficient system that complies with all the applicable Core Principles. The assessment also found that the Reserve Bank fulfils its responsibilities in applying the Core Principles. The IMF published its detailed assessment of RITS in November 2006. (The assessment can be found starting on page 129 of the document Australia: Financial Sector Assessment Program – Detailed Assessment of Observance of Standards and Codes on the IMF website.)