Updated 17 October 2016

The Committee on Payments and Market Infrastructures (CPMI) provides this glossary of payments and market infrastructure terminology as a reference to the standard terms and definitions used in connection with payment, clearing, settlement and related arrangements. Current definitions are now shown alongside the previous ones. You can generate a PDF version of the glossary here.

direct participant (in an FMI)

An FMI may have different classes of participants related to specific characteristics or obligations.

Updated: 16 Jun 2015

Source documents


 Additional terms that are not included in the main glossary can be found in the previous version of the glossary.