PFMI implementation database
This is an online data repository of jurisdictions' implementation measures for the Principles for financial market infrastructures and associated CPMI and IOSCO assessment principle ratings. It complements the Level 2 assessment programme on the extent to which jurisdictions' implementation measures are complete and consistent with the international standards for payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.
Note that authorities may have updated their rules, regulations and policies since the assessment. For current implementation measures, please contact the relevant authority.
US-CFTC
- Principle ID 7.10
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should effectively measure, monitor, and manage its liquidity risk. An FMI should maintain sufficient liquid resources in all relevant currencies to effect same-day and, where appropriate, intraday and multiday settlement of payment obligations with a high degree of confidence under a wide range of potential stress scenarios that should include, but not be limited to, the default of the participant and its affiliates that would generate the largest aggregate liquidity obligation for the FMI in extreme but plausible market conditions.
Implementation measures
CFTC regulations 17 C.F.R. 39.33(c)(1); 39.35(b)(1)-(2)
US-CFTC
- Principle ID 7.2
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should effectively measure, monitor, and manage its liquidity risk. An FMI should maintain sufficient liquid resources in all relevant currencies to effect same-day and, where appropriate, intraday and multiday settlement of payment obligations with a high degree of confidence under a wide range of potential stress scenarios that should include, but not be limited to, the default of the participant and its affiliates that would generate the largest aggregate liquidity obligation for the FMI in extreme but plausible market conditions.
Implementation measures
CFTC regulations 17 C.F.R. 39.11(e)(1)(i); 39.33(c)(1)(i), (d)(4); 39.36(g)
US-CFTC
- Principle ID 7.4
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should effectively measure, monitor, and manage its liquidity risk. An FMI should maintain sufficient liquid resources in all relevant currencies to effect same-day and, where appropriate, intraday and multiday settlement of payment obligations with a high degree of confidence under a wide range of potential stress scenarios that should include, but not be limited to, the default of the participant and its affiliates that would generate the largest aggregate liquidity obligation for the FMI in extreme but plausible market conditions.
Implementation measures
CFTC regulations 17 C.F.R. 39.11(a)(1), (e)(1)(ii); 39.33(c)(1)-(2)
US-CFTC
- Principle ID 7.5
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should effectively measure, monitor, and manage its liquidity risk. An FMI should maintain sufficient liquid resources in all relevant currencies to effect same-day and, where appropriate, intraday and multiday settlement of payment obligations with a high degree of confidence under a wide range of potential stress scenarios that should include, but not be limited to, the default of the participant and its affiliates that would generate the largest aggregate liquidity obligation for the FMI in extreme but plausible market conditions.
Implementation measures
CFTC regulations 17 C.F.R. 39.33(c)(3)
US-CFTC
- Principle ID 7.6
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should effectively measure, monitor, and manage its liquidity risk. An FMI should maintain sufficient liquid resources in all relevant currencies to effect same-day and, where appropriate, intraday and multiday settlement of payment obligations with a high degree of confidence under a wide range of potential stress scenarios that should include, but not be limited to, the default of the participant and its affiliates that would generate the largest aggregate liquidity obligation for the FMI in extreme but plausible market conditions.
Implementation measures
CFTC regulations 17 C.F.R. 39.33(c)(4)
US-CFTC
- Principle ID 7.7
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should effectively measure, monitor, and manage its liquidity risk. An FMI should maintain sufficient liquid resources in all relevant currencies to effect same-day and, where appropriate, intraday and multiday settlement of payment obligations with a high degree of confidence under a wide range of potential stress scenarios that should include, but not be limited to, the default of the participant and its affiliates that would generate the largest aggregate liquidity obligation for the FMI in extreme but plausible market conditions.
Implementation measures
CFTC regulations 17 C.F.R. 39.33(d)(2)-(4)
Assessment comments (key conclusions and recommendations)
The CFTC implementation measures based on 17 C.F.R. 39.33 are considered consistent with key consideration 7, even if there is a minor gap in that the words “credit from” […the central bank…] are missing in 39.33(d)(3).
US-CFTC
- Principle ID 7.8
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should effectively measure, monitor, and manage its liquidity risk. An FMI should maintain sufficient liquid resources in all relevant currencies to effect same-day and, where appropriate, intraday and multiday settlement of payment obligations with a high degree of confidence under a wide range of potential stress scenarios that should include, but not be limited to, the default of the participant and its affiliates that would generate the largest aggregate liquidity obligation for the FMI in extreme but plausible market conditions.
Implementation measures
Pursuant to regulations that were recently promulgated by the Board,[1] the two derivative clearing organizations that have been designated as systemically important by the Financial Stability Oversight Council may receive account services, from a Federal Reserve Bank, subject to successful completion of an application process. Each is in the process of applying for such services. [1] See Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized Approach for Risk-Weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule, 78 Fed.Reg. 76973 (December 20, 2013).
Assessment comments (key conclusions and recommendations)
There are no references to the use of central bank services and thus no CFTC implementation measures for key consideration 8. CCPs are not required to use central bank services where available and practical. It is not considered that CFTC rule 39.40 can provide for consistency in the full absence of a rule. See also Principle 9 below.
US-CFTC
- Principle ID 7.9
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should effectively measure, monitor, and manage its liquidity risk. An FMI should maintain sufficient liquid resources in all relevant currencies to effect same-day and, where appropriate, intraday and multiday settlement of payment obligations with a high degree of confidence under a wide range of potential stress scenarios that should include, but not be limited to, the default of the participant and its affiliates that would generate the largest aggregate liquidity obligation for the FMI in extreme but plausible market conditions.
Implementation measures
CFTC regulations 17 C.F.R. 39.33(e); 39.36(c)
US-CFTC
- Principle ID 8.0
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should provide clear and certain final settlement, at a minimum by the end of the value date. Where necessary or preferable, an FMI should provide final settlement intraday or in real time.
Implementation measures
The standards set forth in Principle 8 are addressed in CFTC regulation 17 C.F.R. 39.14 and is available at the following link: http://www.ecfr.gov/cgi-bin/retrieveECFR?gp=1&SID=80b1d65a7dda6acc83f8c6154e6630eb&h=L&r=SECTION&n=17y1.0.1.1.32.2.7.6
Assessment comments (key conclusions and recommendations)
The implementation measures of the CFTC are consistent with Principle 8, although there are some gaps or shortcomings with key consideration 2 that have no material impact on completeness or consistency. Recommendation: The CFTC is recommended to make public the intended interpretation of matters identified in the course of this assessment, and other matters as they may come to light, that rely on regulation 39.40 to clarify their consistency with the Principles.
US-CFTC
- Principle ID 8.1
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should provide clear and certain final settlement, at a minimum by the end of the value date. Where necessary or preferable, an FMI should provide final settlement intraday or in real time.
Implementation measures
CFTC regulations 17 C.F.R. 39.14(a), (d)
Description of filters
Jurisdiction
This filter limits the search results to selected jurisdictions. The available jurisdictions represent assessments that have been completed to date. The table below provides also a pdf of key conclusions and recommendations for all Principles of a given jurisdiction.
| Jurisdiction and relevant authorities | Assessments and comments |
|---|---|
Australia RBA: Reserve Bank of Australia | |
Brazil BCB: Central Bank of Brazil | |
Canada | |
European Union ESMA: European Securities and Markets Authority | |
Hong Kong SAR HKMA: Hong Kong Monetary Authority | |
Japan | |
Singapore | |
Switzerland FINMA: Swiss Financial Market Supervisory Authority | |
Turkey CMB: Capital Markets Board of Türkiye | |
United Kingdom | |
United States CFTC: Commodity Futures Trading Commission |
FMI type
This filter limits the search results to the selected FMI types. FMIs may be subject to different regulatory, supervisory and oversight regimes depending on their organisation, function and design.
PS: Payment system
A set of instruments, procedures and rules for the transfer of funds between or among participants; the system includes the participants and the entity operating the arrangement.
CSD/SSS: Central securities depository / Securities settlement system
CSDs are entities that provide securities accounts, central safekeeping services and asset services, which may include the administration of corporate actions and redemptions, and play an important role in helping to ensure the integrity of securities issues (that securities are not accidentally or fraudulently created or destroyed or their details changed). The precise activities of a CSD vary based on jurisdiction and market practices.
SSS are entities that enable securities to be transferred and settled by book entry according to a set of predetermined multilateral rules. Such systems allow transfers of securities either free of payment or against payment. Typically, a CSD also operates an SSS.
CCP: Central counterparty
An entity that interposes itself between counterparties to contracts traded in one or more financial markets, becoming the buyer to every seller and the seller to every buyer and thereby ensuring the performance of open contracts.
TR: Trade repository
An entity that maintains a centralised electronic record (database) of transaction data.
Principle or key consideration ID
This filter limits the search results to selected principles and key considerations. Each principle includes a headline standard and a list of key considerations that further explain the headline standard. The principles are listed below. A detailed list of key considerations is available in the CPMI-IOSCO Principles for financial market infrastructures.
Principle rating
This filter limits the search results to selected principle rating(s) used in the L2 assessments. The ratings reflect conditions at the time of the assessment, and are built on key conclusions that reflect CPMI and IOSCO's collective expert judgment regarding the impact of identified gaps and/or shortcomings. Ratings are determined for each principle after the jurisdiction's legislative and regulatory framework, including policy statements, as relevant, was compared against the corresponding content of the PFMI.
The jurisdiction’s regulatory framework is consistent with the Principle. The assessment has identified no gaps or shortcomings, or only a few gaps and/or shortcomings that have no material impact on completeness and/or consistency.
The jurisdiction’s regulatory framework is broadly consistent with the Principle. The assessment has identified gaps and/or shortcomings that have a minor impact on completeness and/or consistency.
The jurisdiction’s regulatory framework is partly consistent with the Principle. The assessment has identified gaps and/or shortcomings that have a significant impact on completeness and/or consistency.
The jurisdiction’s regulatory framework is not consistent with the Principle. The assessment has identified gaps and/or shortcomings that have a major impact on completeness and/or consistency.
This status corresponds to the case where no relevant FMI exists that is within the scope of the Principles. A rating of “NA” will be indicated only if no relevant regulatory measures are being taken and no such FMI is expected to develop within the jurisdiction.