The PFMIs

The Principles for Financial Market Infrastructures[1] are the international standards aiming to preserve the safety, efficiency, and resilience of systemically important financial market infrastructure such as payment systems. Systemically Important Payment Systems (SIPS) are those systems that hold the potential to transmit and propagate financial shocks across the economy. The standards were first published by the Bank of International Settlements’ (BIS) Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) in 2012.