Regulatory
CPMI-IOSCO issue final guidance for FMIs on general business risks and losses
15 October 2026 · BIS
CPMI and IOSCO published final supplemental guidance to the PFMI covering FMIs' management of general business risks and losses, including minimum liquid net assets funded by equity.
Points to Remember
- Final report published on 14 October 2026 by CPMI and IOSCO
- Supplements the CPMI-IOSCO Principles for Financial Market Infrastructures (PFMI)
- Covers identifying, monitoring and managing general business risks
- Requires determining minimum liquid net assets funded by equity against potential losses
- Builds on the November 2025 consultative report and the Level 3 assessment of PFMI Principle 15 (General business risk)
Why it matters
This shapes how market infrastructures safeguard against business losses, which underpins stability of the payment and settlement systems you deal with daily.
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