Clearing and Settlement

On 23 May 2024, the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) published its work programme and strategic priorities for 2024-2025.

The programme’s key themes are:

  • Risk management of financial market infrastructures (FMIs).
  • Enhancement of cross border payments.
  • Digital innovation in payments.
  • Clearing and settlement.

The CPMI

On 10 November 2023, the European Parliament published the text that it had adopted at first reading of the proposed Regulation amending Regulation (EU) No 909/2014 as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories. The European Parliament instructs its President to

On 30 October 2023, the European Commission published Commission Delegated Regulation (EU) of 26 October 2023, supplementing the CCP Recovery and Resolution Regulation (CCPRRR) with regard to regulatory technical standards specifying the minimum elements to be included in a business reorganisation plan and the criteria to be fulfilled for its approval by

On 17 October 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Decision (EU) 2023/2207 of 13 October 2023 amending Implementing Decision (EU) 2016/2272 on the equivalence of financial markets in Australia in accordance with the European Markets Infrastructure Regulation to take account of recent developments in

On 13 October 2023, the European Securities and Markets Authority published a final report which concludes that the emergency measures on central counterparty (CCP) collateral requirements should be extended for a limited period of six months. Uncollateralised bank guarantees for non-financial counterparties acting as clearing members and public guarantees for all types of

On 12 October 2023, the European Securities and Markets Authority (ESMA) published a consultation paper on draft technical advice to the European Commission on fees charged to tier 1 third-country central counterparties (CCPs) under the European Market Infrastructure Regulation.

The purpose of the consultation is to gather stakeholders’ views on the

On 12 October 2023, the European Securities and Markets Authority (ESMA) published a supervisory briefing on the calibration of circuit breakers.

Circuit breakers are used by trading venues to protect markets against episodes of volatility affecting instruments or the whole market. They have played an important role in a variety of circumstances where

On 5 October 2023, the European Securities and Markets Authority (ESMA) published a Call for Evidence (CfE) on shortening the settlement cycle.

In 2014, the Central Securities Depositories Regulation (CSDR) introduced, for the first time in the EU, a requirement for all transactions in transferable securities which are executed

On 19 September 2023, the Financial Stability Board (FSB) published a consultation report on financial resources and tools for central counterparty (CCP) resolution.

In the consultation report the FSB sets out a proposal for a toolbox approach as a global standard for CCP financial resources and tools for resolution. In a

On 23 August 2023, the Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO) published a report and accompanying cover note on current central counterparty (CCP) practices to address non-default losses (NDLs).

The purpose of the report is