On September 16, 2016, the Bank for International Settlements' Committee on Payments and Market Infrastructures announced that it had established a task force to review the security of wholesale payments that involve banks, FMIs and other financial institutions. The CPMI is tasked with setting global standards for payment, clearing and settlement services. The first phase will involve a review of current practices in the area, with future efforts to be determined based on the findings. The task force follows efforts by the CPMI on cybersecurity and operational risk, including publication of the Guidance on cyber resilience for FMIs, and the CPMI-IOSCO Principles for Financial Market Infrastructures.

The press release is available at: http://www.bis.org/press/p160916.htm, the Guidance on cyber resilience is available at: http://www.bis.org/cpmi/publ/d146.htm and the Principles for Financial Market Infrastructures is available at: http://www.bis.org/cpmi/publ/d101a.pdf