The Committee on Payment and Settlement Systems and the Technical Committee of the International Organization of Securities Commissions (together the Committees) have launched a comprehensive review of their existing standards for financial market infrastructures such as payment systems, securities settlement systems and central counterparties.
The three sets of standards are:
- The 2001 Core principles for systemically important payment systems.
- The 2001/2 Recommendations for securities settlement systems.
- The 2004 Recommendations for central counterparties.
The Committees aim to issue a draft of all the revised standards for public consultation by early 2011.
Separately on 20 July 2009 the Committees announced that they would provide guidance on how the 2004 Recommendations for central counterparties should be applied to central counterparties (CCPs) handling OTC derivatives. This work has now been put on a fast track because of the new CCPs for OTC derivatives and trade repositories that have recently started, or about to start, operating. A consultative document on the guidance will be issued within the next few months.
View CPSS - IOSCO Review of Standards for Payment, Clearing and Settlement Systems, 2 February 2010