PFMI

  • CPMI-IOSCO Third-Party Risk at FMIs: The 1 December Deadline

    On 8 September 2026 the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions published for public comment a discussion paper, “FMIs’ reliance on third-party service providers: challenges and risks,” and set a comment deadline of 1 December 2026. It is the clearest signal yet of where CPMI-IOSCO third-party risk work…

  • CPMI-IOSCO Cyber Resilience Toolkit: What FMIs Should Review

    On 8 September 2026, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published the CPMI-IOSCO cyber resilience toolkit for public comment. It sets out four voluntary tools and asks central counterparties, central securities depositories, securities settlement systems, payment systems and trade repositories to look hard at how…

  • CPMI-IOSCO Initial Margin Guidance: Simulators, Overrides, New PQDs

    On 6 May 2026 the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) opened a consultation that would rewrite parts of two documents every central counterparty already works to: the 2017 CCP resilience guidance and the 2015 public quantitative disclosure standards. The CPMI-IOSCO initial margin package folds six…