On March 10th, the Bank for International Settlements' Committee on Payment and Settlement Systems and the Technical Committee of the International Organization of Securities Commissions published for comment proposed international standards for payment, clearing and settlement systems. The proposal is set out in a consultative report, "Principles for Financial Market Infrastructures." Comments should be submitted on or before July 29, 2011. BIS Press Release. See also Joint Agency Press Release (SEC, CFTC and Federal Reserve Board encourage the submission of comments). Reuters reported that the proposal would require mandatory central clearing of derivatives and the posting of more collateral. Summary.