Principle 23

  • PFMI General Business Risk: CPMI-IOSCO’s Final LNAFE Guidance

    On 14 October 2026 the BIS Committee on Payments and Market Infrastructures (CPMI) and the Board of IOSCO published their final report on FMIs’ management of general business risks and general business losses, a 29-page set of further guidance to Principle 15 of the Principles for financial market infrastructures (PFMI). The PFMI general business risk…