More preccisely, it have addressed in particular the risks faced by central securities depositories (CSDs), central counterparty clearing houses (CCPs), payment systems, securities settlement systems (SSSs) and central trade repositories.
The aim of the two organisations was to produce, based on the various regulations in force[1], a document (the Principles) common to all FMIs deemed to be of systematic importance and to support it with a range of rules (the Responsibilities) aimed at supervisory authorities (central banks, regulators and supervisory bodies) responsible for supervising FMIs’ compliance with the Principles.
With its institutional rather than functional approach, this new framework also removed the vagueness linked to existing texts regarding their application scope. There is no doubt in this case that the texts relate solely to financial market infrastructures.
Some dates
- 10 March 2011: publication
- 29 July 2011: end of consultation