Jurisdictions are making progress on implementing international standards for payment, clearing and settlement systems, according to a new report by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO).
The results showed that further progress has been made among some participating jurisdictions that had not completed their implementation measures at the time of the 2017 update.
Some 21 of the 28 jurisdictions have completed the implementation of measures for all FMI types, compared to 20 in the previous update.
The two bodies published the fifth update to the Level 1 assessments of implementation monitoring of the Principles for Financial Market Infrastructures (PFMI).
According to CPMI and IOSCO, timely and consistent implementation of the PFMI is fundamental to ensuring the safety, soundness and efficiency of FMIs and for supporting the resilience of the global financial system.
PFMI are the international standards for financial market infrastructures, including payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.
The report, reflecting the status of jurisdictions' legal, regulatory or policy frameworks as of 1 January 2018, will be the last published report of the Level 1 assessments.
Future updates will be published on the CPMI and IOSCO websites.
