In April 2012, the then Committee for payments and market infrastructures (CPMI) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) published the Principles for financial market infrastructures (PFMIs). The new Principles replace the three existing sets of international standards: the Core principles for systemically important payment systems (CPSS, 2001), the Recommendations for securities settlement systems (CPSS-IOSCO, 2001), and the Recommendations for central counterparties (CPSS-IOSCO, 2004). The CPMI and IOSCO have strengthened and harmonised these standards by raising minimum requirements, providing more detailed guidance and broadening the scope of the standards to cover new risk-management areas and new types of FMIs.
These new standards are expressed as broad principles in recognition of FMIs’ differing organisations, functions and designs and the range of ways potentially available in relation to some issues to achieve a particular result. In some cases, however, the PFMIs do incorporate a specific quantitative minimum requirement (such as in the credit, liquidity and general business risk principles) to ensure a common base level of risk management across FMIs and countries. In addition to the new principles themselves, the PFMIs also outline the general responsibilities of relevant authorities for FMIs in implementing these standards.
Of the five associations, two of them publish the PFMI reports of their members: