International Standards

Central banks, through the Committee on Payment and Settlement Systems (CPSS), and securities regulators, through the International Organization of Securities Commissions (IOSCO), have worked in recent years to promote the safety and efficiency of payment, clearing, and settlement systems supporting the financial markets. The CPSS has developed the Core Principles for Systemically Important Payment Systems and the CPSS and IOSCO have jointly developed the Recommendations for Securities Settlement Systems and Recommendations for Central Counterparties, as the internationally recognized risk-management standards for systemically important payment systems, securities settlement systems, and central counterparties. The Federal Reserve has incorporated these standards into its Policy on Payment System Risk.

Core Principles for Systemically Important Payment Systems
Recommendations for Securities Settlement Systems
Recommendations for Central Counterparties

In March 2011, the CPSS and IOSCO released for public comment the consultative report on the Principles for Financial Market Infrastructures. The report harmonizes and strengthens the existing international standards for systemically important payment systems, central securities depositories, securities settlement systems, and central counterparties. The report also proposes new standards for trade repositories, which have emerged as an important category of financial market infrastructure. The CPSS and IOSCO are requesting comment on the document by July 29, 2011, to help them finalize the standards by early 2012.

Principles for Financial Market Infrastructures