The BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published for consultation the discussion paper FMIs’ reliance on third-party service providers: challenges and risks with an accompanying cover note.
The discussion paper identifies and explores the challenges associated with the increased reliance of financial market infrastructures (FMIs) on third-party service providers, particularly for the delivery of critical services.
The paper examines how these challenges may amplify risks. It discusses the importance of FMIs’ management of these risks due to their unique and highly interconnected role in the financial system. The paper also sets out several questions which provide an opportunity for industry participants to submit feedback on its findings and on potential further engagement.
The discussion paper is associated with another consultative document published by CPMI-IOSCO, the Cyber resilience toolkit: practical considerations for FMIs, as it considers cyber resilience at FMIs in the context of risks that may arise through their use of third-party service providers.
Comments on the discussion paper should be submitted by 01 December 2026 via email to both the BIS CPMI Secretariat (cpmi@bis.org) and the IOSCO Secretariat (cpmi-iosco@iosco.org). Comments will be published on the websites of the BIS and IOSCO unless otherwise requested. Commercial or other sensitive information should not be included in the submissions, or may be included, with redactions for publication clearly noted.