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.

tiered participation arrangement

Arrangements that occur when some indirect participants rely on the services provided by direct participants to use the FMI's central payment, clearing, settlement, or recording facilities.

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.