12 August 2013

CPSS and IOSCO issue report on progress towards implementing the principles for Financial Market Infrastructures

The report reviews jurisdictions' progress towards implementing principles for FMIs, which includes risk management standards for financial market infrastructures such as CCPs, payment systems and securities settlement systems, and trade repositories. (Includes BIS link.)

This report reviews jurisdictions' progress towards adopting legislation and other regulations and policies that will allow authorities to completely implement the principles for financial market infrastructures (PFMIs) into their regulatory frameworks for market infrastructures. Future CPSS-IOSCO assessments will evaluate the consistency of implementation measures in each jurisdiction with the PFMIs and will evaluate consistency of outcomes among FMIs themselves resulting from the application of the PFMIs. CPSS and IOSCO will periodically publish updates to this report to demonstrate progress made towards full implementation.

This report includes jurisdictions' self-assessments of progress towards adoption. The report indicates that most jurisdictions have begun the process of implementation. Few have completed the process for all types of FMIs but many are making good progress and expect to be well advanced by the end of the year. Given that the PFMIs were only issued in April 2012, this represents substantial progress. Full, timely and consistent implementation of the PFMIs is fundamental to ensuring the safety, soundness and efficiency of FMIs and for supporting the resilience of the global financial system. In addition, the PFMIs play an important part in the G20's mandate that all over-the-counter (OTC) derivatives should be reported to trade repositories and all standardised OTC derivatives should be centrally cleared. Global central clearing requirements reinforce the importance of strong safeguards and consistent oversight of derivatives CCPs in particular. CPSS and IOSCO members are committed to adopt the principles and responsibilities contained in the PFMIs in line with G20 and Financial Stability Board (FSB) expectations.

Press release

Full report

BIS-link

Cover note

© IOSCO