CPSS-IOSCO Principles for Financial Market Infrastructures

CPSS is part of the Bank for International Settlements (BIS).  The mission of BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks. CPSS contributes to strengthening the financial market infrastructure through promoting sound and efficient payment, clearing and settlement systems. The CPSS is a standard setting body for payment, clearing and securities settlement systems. It also serves as a forum for central banks to monitor and analyse developments in domestic payment, clearing and settlement systems as well as in cross-border and multicurrency settlement schemes.

IOSCO is the acknowledged international body that brings together the world’s securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements, and promotes adherence to internationally recognized standards for securities regulation, oversight and enforcement in order to protect investors, maintain fair, efficient and transparent markets, and seek to address systemic risks.  Financial supervisory authorities from most of the world are members of IOSCO.

Through the publication of the CPSS-IOSCO Principles for financial market infrastructures, which replaces the three previous sets of international standards set out in the Core principles for systemically important payment systems (CPSS, 2001); the Recommendations for securities settlement systems (CPSS-IOSCO, 2001); and the Recommendations for central counterparties (CPSS-IOSCO, 2004), the CPSS has contributed to the set of standards, codes and best practices that are deemed essential for strengthening the financial infrastructure worldwide.