PS

Agreed and launched in 2012, the CPMI-IOSCO Principles for Financial Market Infrastructures (‘PFMIs’) require that all central securities depositories (CSDs), central clearing houses (CCPs), payment systems, and trade repositories perform a very detailed self-assessment of how well they observe these global standards. The self-assessments are meant to be published as a matter of enforcing transparency on these systemically critical systems, and also to reassure the markets and public that these national institutions are meeting a consistent set of minimum standards. The PFMIs are one set of the body of standards orchestrated by the Financial Stability Board on behalf of G20 governments.

This is the second in a series of articles on PMFIs.

In response to the Global Financial Crisis of 2007-2009, the G20 countries developed a series of public policy initiatives in order to reorder and de-risk the world’s financial system. As initially announced in the 2009 Pittsburgh Declaration by the heads of those 20 governments, a key element focused on solidifying market infrastructures, themselves a central focus of Thomas Murray’s work since the company’s founding in 1994.

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