CPMI and IOSCO release final report on FMIs' management of general business risks and losses

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a final report providing supplemental guidance to the CPMI-IOSCO Principles for financial market infrastructures (FMIs). The guidance covers identifying, monitoring, and managing general business risks; determining the minimum amount of liquid net assets funded by equity against potential general business losses; and establishing governance and transparency in risk management. This report builds on a November 2025 consultative report and incorporates findings from the Level 3 assessment report on PFMI Principle 15 implementation.