Recovery of financial market infrastructures - Revised report

CPMI Papers  |  No 162  | 
05 July 2017

CPMI and IOSCO have published further guidance on the principles and key considerations in the Principles for Financial Market Infrastructures (PFMI) that relate to recovery planning. This further guidance revises the 2014 recovery report, and is intended to further strengthen recovery arrangements for financial market infrastructures.

Compared to the 2014 recovery report, the revised guidance provides additional clarifications in four areas: (i) operationalisation of the recovery plan; (ii) replenishment; (iii) non-default related losses; and (iv) transparency with respect to recovery tools and how they  would be applied.

A track-change version of the revised report showing changes from the 2014 recovery report is available upon request by contacting