settle the netted amount at CBM as CCP, where the transfer from the bank with a settlement loss to a bank with a settlement profit takes place even when the bank with a settlement loss does not have sufficient funds in the account. CBM has not adopted the risk management method that it should as CCP (such as acceptance of collateral in case of bankruptcy of the bank with losses, setting the overdraft limit), so CBM is obliged to compensate for effectively unlimited losses for the bank with a settlement loss, and it is necessary to consider and improve the current system. CBM is required to continue making constant efforts to establish a safe and secure settlement system after overviewing the current settlement system this way. (D) Immature financial markets Although CBM-NET, equipped with functions to settle funds and government bonds, began operation in January 2016, it can hardly be said that its usage has been expanded as originally expected unfortunately. In mid-2017, the government bond repurchases transactions between commercial banks finally began, but the work volume of CBM-NET has not shown any significant growth. There are several reasons for this, which are pointed out as follows: institutional problems (institutions and practices of money markets are not developed, etc.), issues in using the current account at the central bank (banks not wanting to deposit its extra reserves without interest granted, there are restrictions on receipt and withdrawal of cash, etc.), regulatory issues (foreign banks cannot offer time deposit products, so they cannot effectively hold government bonds from the perspective of ALM13, etc.), problems with the fee (high usage fee of CBM-NET, unable to divide the fee proportionately between the originator and the receiver, etc.), system problems (CBM-NET and the CBSs have no STP connection, so manual input is required every time, etc.). In order to foster a mature financial market, it is necessary to clarify the issues to be cleared, and then remove obstacles to activate financial markets. Although the project focuses on system problem solving, that is, the latter issues, this project assumes the institutional and regulatory approaches are taken concerning the former issues, and the active involvement and encouragement of CBM are considered necessary. 13 Asset Liability Management: The risk management for the value fluctuation of asset and liability against market interest rate. 7