On October 15, 2014, the Committee on Payments and Market Infrastructures (“CPMI”) and the International Organization of Securities Commissions (“IOSCO”) issued a final report on the Recovery of Financial Market Infrastructures (“FMIs”). The report directs FMIs, such as central counterparties, on developing recovery plans that set out how a FMI could continue to provide critical services to their participants in times of stress. It also discusses various scenarios that call for the use of recovery tools, and lists a series of specific recovery tools that could deal with FMIs financial stresses. The report is in line with the FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions, which was reissued concurrently with the report.

The CPMI and IOSCO report is available at:

http://www.bis.org/cpmi/publ/d121.pdf

and the FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions is available at:

http://www.financialstabilityboard.org/publications/r_141015.pdf.