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Technical Committee of the International Organization of Securities Commissions : Principles for financial market infrastructures

An FMI should effectively measure, monitor, and manage its credit exposures to participants and those arising from its payment, clearing, and settlement processes. An FMI should maintain sufficient financial resources to cover its credit exposure to each participant fully with a high degree of confidence. In addition, a CCP that is involved in activities with a more- complex risk profile or that is systemically important in multiple jurisdictions should maintain additional financial resources sufficient to cover a wide range of potential stress scenarios that should include, but not be limited to, the default of the two participants and their affiliates that. | Committee on Payment and Settlement Systems Technical Committee of the International Organization of Securities Commissions Principles for financial market infrastructures April 2012 UUHUSUI This publication is available on the BIS website www.bis.org and the IOSCO website www.iosco.org . Bank for International Settlements and International Organization of Securities Commissions 2012. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 92-9131-108-1 print ISBN 92-9197-108-1 online Contents Abbreviations.iii Overview of principles and responsibilities.1 1.0. Introduction.5 Background.5 FMIs definition organisation and function.7 Public policy objectives safety and efficiency.10 Scope of the principles for FMIs.12 Scope of the responsibilities of central banks market regulators and other relevant authorities for financial market infrastructures.16 Implementation use and assessments of observance of the principles and responsibilities.16 Organisation of the report.17 2.0. Overview of key risks in financial market infrastructures.18 Systemic risk.18 Legal risk.18 Credit risk.19 Liquidity risk.19 General business risk.19 Custody and investment risks.19 Operational risk.20 3.0. Principles for financial market infrastructures.21 General organisation.21 Principle 1 Legal basis.21 Principle 2 Governance.26 Principle 3 Framework for the comprehensive management of risks.32 Credit and liquidity risk management.36 Principle 4 Credit risk.36 Principle 5 Collateral .46 Principle 6 Margin.50 Principle 7 Liquidity risk.57 Settlement.64 Principle 8 Settlement finality.64 Principle 9 Money settlements.67 Principle 10 Physical deliveries.70 Central securities depositories and exchange-of-value settlement systems.72 Principle 11 Central securities depositories.72 CPSS-IOSCO - Principles for financial market infrastructures - April 2012