The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have started the first Level 3 assessment of the implementation of the Principles for financial market infrastructures (PFMI), the international standards for financial market infrastructures.

The assessment will focus on a subset of requirements under the PFMI that relate to financial risk management by central counterparties including certain practices related to governance, stress-testing, margin, liquidity, collateral and recovery.

The assessment, which aims to foster full and consistent implementation of the PFMI, is also expected to inform the CPMI and IOSCO about the nature and potential causes of variations in approaches or outcomes.

IOSCO and the CPMI intend to publish a report presenting the results of the first Level 3 assessment in 2016.

View CPMI and IOSCO begin first “Level 3” PFMI Principles assessment, 9 July 2015