BoE has published its approach document to the supervision of the financial market institutions (FMIs) (CCPs and securities settlement systems), which will be under its supervisory responsibility when the changes to the Financial Services and Markets Act come into force. Governance of FMIs will be one of BoE’s priorities, given the ample room FMIs have for setting risk management procedures. It will require FMIs to consider systemic risks and to have adequate regard for the interests of the financial system as a whole. Concerning how BoE will engage with supervised institutions in practice, it says that it will only intervene when material risks to the stability of the system arise. (Source: The Bank of England’s Approach to the Supervision of FMIs)