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.

default fund

A fund, comprising pre-funded financial resources provided by participants, to allocate any losses arising in the event that one or more participants defaults on their obligations to the FMI and resources provided by the defaulting party (or parties) are not sufficient to cover such losses.

Updated: 1 Sep 2016

Source documents


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