In April 2012, CPMI-IOSCO published the Principles for Financial Market infrastructures (PFMIs), a set of 24 high-level principles which set minimum recommended standards for the operations of FMIs (Central Securities Depositories (CSDs), Securities Settlement Systems (SSSs), Central Counterparties (CCPs), Payment Systems (PS) and Trade Repositories (TRs) . FMIs are expected to undertake self-assessments to gauge their level of compliance with the PFMIs every 2 years, or when proposing new services, proposing changes to risk controls or when material changes are made to their systems or environment.
Since the completion of the assessments requires significant internal resources, Thomas Murray assists FMIs by providing a multi-modular support service which ranges from online tools for data collection, through to a full end-to-end solution for completion of an assessment and gap analysis. Since 2013, Thomas Murray has helped a variety of FMIs to complete new, or validate existing self-assessments in markets across the world.
To support the service, Thomas Murray has also established a programme for monitoring the current status of PFMI completion across the markets it monitors for its clients.
Thomas Murray launched the PFMI Implementation Matrix (PIM) in July 2017 that displays the current status of the assessment of each of the 354 FMI’s within the 103 markets that Thomas Murray currently monitor. The results (below) are updated on a quarterly basis. Changes since the previous update in January include a 8% rise in ‘Completed 2014>’ and a 1% fall in ‘Awaiting Response’.
The 2 charts below display the completion rate of Self-Assessments based on the responses we have received since beginning the monitoring in June 2017:
PFMI Implementation Matrix (PIM)
Click here to download a full size PDF Matrix.
(If any of the information in the matrix is not up to date please contact hrennie@ds.thomasmurray.com with an update on your current status)
