CPMI-IOSCO
Principles for Financial Market Infrastructures
PFMI
- Authority
- C, International principle or recommendationPolicy or oversight benchmark
- Maturity
- M1, Published and stableCurrent normative or released artifact; still requires implementation due diligence
- Version
- April 2012
- Jurisdiction
- Global
One of twelve records open without an account, chosen to span every class of authority so the classification can be judged before anybody signs in.
What it does
International standards for payment systems, CSDs, SSSs, CCPs and trade repositories
Implementation
Specification or guidance
What it does not do
Applicability depends on FMI type and oversight; principles do not select a token or ledger
This is the field that matters. Most failures here are a standard asked to carry something it was never written for, and the resulting gap is discovered in production.
Where it applies
Layers, the questions it helps answer
- L0
Legal and economic claim
What right, liability or beneficial interest exists, under which law, and which record controls?
- L8
Cash leg and settlement
How do cash and asset obligations discharge, atomically or conditionally?
- L11
Security, resilience and privacy
What threats, confidentiality, continuity and recovery properties are required?
- L12
Governance, operations and reporting
Who may change, pause, correct, upgrade and report, under which approvals?
- L13
Evidence, audit and verifiability
What proves design intent, implementation conformance and runtime operation?
Phases, when in the life of an instrument
- P0
Design time
legal classification, authority-of-record map, product archetype, standards shortlist
- P1
Build time
schemas, interfaces, mappings, adapters, rules, invariants and test plans
- P6
Operations and reporting
monitoring, statements, regulatory reports, evidence and incident response
- P7
Change, migration and exit
revocation, correction, upgrade, identifier continuity, migration, retirement and data export
FMIrisksettlement
How it composes with others
Direction matters and is preserved. A conflict is not a warning about quality; it means the two cannot both hold without an adapter or a design change.
Constrains Market Infrastructure ToolkitGL1-MIT-2
The toolkit draws control expectations from international FMI principles.
Supported by evidence from Digital Asset Securities Control PrinciplesDASCP-2024
DASCP adapts FMI risk-control thinking to digital asset securities but does not replace PFMI.
Extended by Application of PFMI to stablecoin arrangementsPFMI-SA
Applies and interprets PFMI for systemically important stablecoin arrangements.
Source and terms of use
- Primary source
- https://www.bis.org/cpmi/publ/d101.htm
- Licence and access
- Verify artifact-specific terms
- Last verified
- 2026-08-15, primary source verified
The Institute links to and describes primary sources; it does not reproduce their normative text. Several of these documents are copyrighted and cannot be redistributed, and the licence note above is the record’s own statement of its terms, not a grant. Status is reported as observed at 2026-08-15 in catalogue release 1.0.0 and must be revalidated before use. Nothing here is legal, regulatory, accounting, tax, investment, security-audit or production-readiness advice, and neither a published status nor an open implementation is a regulatory approval or a certification.