CPMI-GFSA
CPMI-GFSA: Strengthening Financial Market Infrastructures (FMIs)
Overview
The Global Financial Stability Authority (GFSA) collaborates with the Committee on Payments and Market Infrastructures (CPMI) to enhance the development, coordination, and implementation of global standards and policies related to financial market infrastructures (FMIs).
What are FMIs?
Financial Market Infrastructures (FMIs) play a critical role in the global financial system by ensuring the smooth clearing, settlement, and reporting of transactions. FMIs include:
- Central Counterparties (CCPs) – Manage risk in derivative and securities markets.
- Trade Repositories (TRs) – Collect and maintain records of financial transactions.
- Central Securities Depositories (CSDs) – Hold and transfer securities electronically.
- Securities Settlement Systems (SSSs) – Ensure secure and efficient settlement of securities.
- Payment Systems (PSs) – Enable safe and efficient transfer of funds globally.
Implementation of Global Principles for FMIs
GFSA and CPMI jointly monitor the Principles for Financial Market Infrastructures (PFMI), which establish international standards for FMIs to ensure:
- Safety and resilience in clearing and settlement processes.
- Operational efficiency to reduce systemic risk.
- Fair and transparent operations across jurisdictions.
Key Objectives of PFMI Implementation:
- Protect global financial stability by reducing risks in market infrastructure.
- Enhance transparency to prevent market manipulation and fraud.
- Increase market resilience against economic shocks.
- Ensure global regulatory consistency for seamless cross-border transactions.
Commitment to Global Standards
GFSA and CPMI members are committed to adopting and enforcing the PFMI principles in line with G20 expectations, ensuring that financial market infrastructures operate in a secure, efficient, and reliable manner.