Principles for Financial Market Infrastructures (PFMI)

The Principles for financial market infrastructures are the international standards for financial market infrastructures, ie payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories. Issued by the CPMI and the International Organization of Securities Commissions (IOSCO), the PFMI are part of a set of 12 key standards that the international community considers essential to strengthening and preserving financial stability.

In addition to these standards, the CPMI and IOSCO have published a number of related documents and further guidance on how to implement the standards. These include:

Application of the Principles for Financial Market Infrastructures to stablecoin arrangements: provides guidance on the application of the Principles for financial market infrastructures (PFMI) to systemically important stablecoin arrangements (SAs), including the entities integral to such arrangements.

• Related information
• Press release: 13 July 2022
• Consultative version: 6 October 2021
• Comments received on the consultative version
• Some lessons from the Crypto Winter − speech by Sir Jon Cunliffe
• Op-ed by Jon Cunliffe and Ashley Alder, Bloomberg, 13 July 2022

Recovery of financial market infrastructures: provides guidance to FMIs such as CCPs on how to develop plans to enable them to recover from threats to their viability and financial strength, along with guidance to relevant authorities in carrying out their responsibilities associated with the development and implementation of recovery plans.

• Related information
• Press release: 5 July 2017
• Chairs' Report on the Implementation of the Joint Workplan for Strengthening the Resilience, Recovery and Resolvability of Central Counterparties (July 2017)
• Resilience of central counterparties (CCPs): Further guidance on the PFMI - Final report (July 2017)
• Analysis of Central Clearing Interdependencies (July 2017)
• Resilience and recovery of central counterparties (CCPs): Further guidance on the PFMI - consultative report (August 2016)
• 2015 CCP Workplan (April 2015)
• Recovery of financial market infrastructures - final report (October 2014)
• Principles for financial market infrastructures (April 2012)

Resilience of central counterparties (CCPs): Further guidance on the PFMI: aims to improve CCPs' resilience by providing guidance on the principles and key considerations in the PFMI regarding financial risk management for CCPs.

• Related information
• Press release: 5 July 2017
• Chairs' Report on the Implementation of the Joint Workplan for Strengthening the Resilience, Recovery and Resolvability of Central Counterparties (July 2017)
• Recovery of financial market infrastructures (July 2017)
• Analysis of Central Clearing Interdependencies (July 2017)
• Resilience and recovery of central counterparties (CCPs): Further guidance on the PFMI - consultative report (August 2016)
• 2015 CCP Workplan (April 2015)
• Principles for financial market infrastructures (April 2012)
  View Reports and Comment Letters | Zip format | PFMI Report | View comments received | Related Public Reports (9)
  1. Implementation monitoring of PFMIs: First update to Level 1 assessment report, Report of the Committee on Payment and Settlement Systems and the Board of IOSCO
     28 May 2014 - View Report
  2. Implementation Monitoring Of PFMIs - Level 1 Assessment Report, Report of the Committee on Payment and Settlement Systems and the Board of IOSCO
     12 Aug 2013 - View Report
  3. Principles for financial market infrastructures: Disclosure framework and Assessment methodology, Report of the Committee on Payment and Settlement Systems and the Board of IOSCO
     14 Dec 2012 - View Report
  4. IOSCO-CPSS Public Comments Received to Consultation on Financial Market Infrastructures Principles, Report of the Committee on Payment and Settlement Systems and the IOSCO Technical Committee
     09 Sep 2011 - View Report | View comments received
  5. Principles for Financial Market Infrastructures, Report of the Committee on Payment and Settlement Systems and the IOSCO Technical Committee
     Consultation Document
     10 Mar 2011 - Available languages: English, Spanish

Guidance on cyber resilience for financial market infrastructures: provides guidance on the preparations and measures that FMIs should undertake to enhance their cyber resilience capabilities in order to limit the escalating risks that cyber threats pose to financial stability.

• Related information
• Press release: 29 June 2016
• Implementation monitoring of the PFMI: Level 3 assessment on Financial Market Infrastructures' Cyber Resilience, 29 November 2022
  View Report | Related Public Reports (9)
  1. FR06/22 Operational resilience of trading venues and market intermediaries during the COVID-19 pandemic & lessons for future disruptions, Report of the Board of IOSCO
     11 Jul 2022 - View Report
  2. FR05/2021 Implementation monitoring of PFMI: Level 3 assessment of FMIs’ business continuity planning, Committee on Payments and Market Infrastructures and the Board of IOSCO
     21 Jul 2021 - View Report
  3. FR03/21 Thematic Review on Business Continuity Plans with respect to Trading Venues and Intermediaries, Report of the Board of IOSCO
     06 May 2021 - View Report
  4. FR09/2019 Cyber Task Force, Report of the Board of IOSCO
     18 Jun 2019 - View Report
  5. FR08/2018 Implementation monitoring of PFMI: follow-up Level 3 assessment of CCPs’ recovery planning, coverage of financial resources and liquidity stress testing, Report of the Committee on Payments and Market Infrastructures and the Board of IOSCO
     03 May 2018 - View Report
  6. FR/2016 Implementation monitoring of PFMI: Level 3 assessment – Report on the financial risk management and recovery practices of 10 derivatives CCPs, Report of the Committee on Payments and Market Infrastructures and the Board of IOSCO
     16 Aug 2016 - View Report
  7. FR07/2016 Guidance on cyber resilience for financial market infrastructures, Report of the Committee on Payments and Market Infrastructures and the Board of IOSCO
     29 Jun 2016 - View Report
  8. FR32/2015 Market Intermediary Business Continuity and Recovery Planning, Report of the Board of IOSCO
     22 Dec 2015 - View Report | View comments received
  9. FR31/2015 Mechanisms for Trading Venues to Effectively Manage Electronic Trading Risks and Plans for Business Continuity, Report of the Board of IOSCO
     22 Dec 2015 - View Report | View comments received

Clearing of deliverable FX instruments: clarifies the expectations of the CPMI and IOSCO with respect to CCP clearing of deliverable FX instruments and the associated models for effecting their settlement.

Application of the Principles for financial market infrastructures to central bank FMIs: provides guidance on how the PFMI apply to financial market infrastructures that are owned and operated by central banks.

Public quantitative disclosure standards for central counterparties: sets out the quantitative data that CCPs should publicly disclose regularly.

• Related information
• Press release: 26 February 2015

Assessment methodology for the oversight expectations applicable to critical service providers: establishes an assessment methodology and provides guidance for authorities in assessing an FMI's critical service providers against the oversight expectations set out in an annex to the PFMI.

Principles for financial market infrastructures: disclosure framework and assessment methodology: promotes consistent disclosure of information by FMIs and consistent assessments by international financial institutions and national authorities.