01 November 2014

Regulators release new market infrastructure standards

16 April 2012  |  9182 views  |  0 clock

International banking and securities regulators have set out new and more demanding standards for operators of payments, clearing and settlement systems as part of an international effort to boost the resiliency of the financial markets.

The new principles, published by the Committee on Payment and Settlement Systems (CPSS) and the International Organisation of Securities Commissions (Iosco), replace three existing sets of standards governing the operation of payments and settlement systems and central counterparties.

CPSS and Iosco say market participants should strive to adopt the new standards by the end of 2012. Systemically important financial market infrastructures (FMIs) will be expected to get in line "as as soon as possible".

The principles are being introduced as part of a fundamental shake-up of market infrastructure in the wake of the financial crisis of 2008. They arrive two weeks after the European Union waved through tough new rules mandating a shift of over-the-counter derivatives trading to central clearing counterparties.

William Dudley, president, Federal Reserve Bank of New York and a co-chair of the CPSS-Iosco work on the standards, notes: "Under the new regime of central clearing for standardised OTC derivatives trades, the role of FMIs will become even more important in the future. The principles provide an important safeguard that FMIs will be robust enough to take on this role".

Comments on the proposals are invited under a 15 June deadline.

Read the full report:
» Download the document now 1.1 mb (PDF File)

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

29 March, 2012
17 January, 2012
29 September, 2011
24 August, 2011
13 July, 2011
18 April, 2011
31 March, 2011
18 February, 2011

Related company news

 

Featured job

Basic £130-140K Variable £70-90K
London (preferred) or Paris

Find your next job