On 3 May 2018, the Committee on Payment and Market Infrastructures (CPMI) and the International Organization of Securities Committees (IOSCO) have published a report, Implementation monitoring of PFMI: follow-up Level 3 assessment of CCPs’ recovery planning, coverage of financial resources and liquidity stress testing, assessing the progress made by central counterparties (CCPs) in addressing the most serious issues of concern that were identified in an initial Level 3 report published in 2016.

Overall, while the report found that participating CCPs have made progress in implementing arrangements consistent with the key international standards on financial risk management and recovery practices (the Principles for Financial Market Infrastructures or PFMI), some CCPs are still failing to implement a number of measures in the areas of risk management and recovery planning.