TAILIEUCHUNG - Technical Committee of the International Organization of Securities Commissions : Principles for financial market infrastructures

An FMI should effectively measure, monitor, and manage its credit exposures to participants and those arising from its payment, clearing, and settlement processes. An FMI should maintain sufficient financial resources to cover its credit exposure to each participant fully with a high degree of confidence. In addition, a CCP that is involved in activities with a more- complex risk profile or that is systemically important in multiple jurisdictions should maintain additional financial resources sufficient to cover a wide range of potential stress scenarios that should include, but not be limited to, the default of the two participants and their affiliates that. | Committee on Payment and Settlement Systems Technical Committee of the International Organization of Securities Commissions Principles for financial market infrastructures April 2012 UUHUSUI This publication is available on the BIS website and the IOSCO website . Bank for International Settlements and International Organization of Securities Commissions 2012. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 92-9131-108-1 print ISBN 92-9197-108-1 online Contents Overview of principles and . FMIs definition organisation and Public policy objectives safety and Scope of the principles for Scope of the responsibilities of central banks market regulators and other relevant authorities for financial market Implementation use and assessments of observance of the principles and Organisation of the . Overview of key risks in financial market Systemic Legal Credit Liquidity General business Custody and investment Operational . Principles for financial market General Principle 1 Legal Principle 2 Principle 3 Framework for the comprehensive management of Credit and liquidity risk Principle 4 Credit Principle 5 Collateral .46 Principle 6 Principle 7 Liquidity Principle 8 Settlement Principle 9 Money Principle 10 Physical Central securities depositories and exchange-of-value settlement Principle 11 Central securities CPSS-IOSCO - Principles for financial market infrastructures - April 2012

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