The PFMIs (published by CPSS-IOSCO in April 2012) are international standards for payment, clearing and settlement systems, and trade repositories. They are designed to ensure that the infrastructure supporting global financial markets is robust and well placed to withstand financial shocks.
This report provides jurisdictions' updated self-assessments on progress towards adopting the legislation and other policies that will enable them to implement the 24 Principles for FMIs and the Responsibilities for authorities included in the PFMIs. It shows that significant progress has been made by the 28 participating jurisdictions since the initial Level 1 report in August 2013.
The report also reveals that progress in implementing the PFMIs continues to vary according to the type of financial market infrastructure (FMI). Overall there is encouraging progress across all FMI types, with implementation well advanced for central counterparties, trade repositories and payment systems but less advanced for central securities depositories and securities settlement systems. In particular, implementation measures applicable to payment systems have shown the most progress since the initial Level 1 assessment. Additional updates to the Level 1 report are planned on a periodic basis.
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