Board of Governors of the Federal Reserve System

Central banks, through the Committee on Payments and Market Infrastructures (formerly known as the Committee on Payment and Settlement Systems (CPSS)), and securities regulators, through the International Organization of Securities Commissions (IOSCO), have collaborated over the years to promote the safety and efficiency of payment, clearing, settlement, and recording systems supporting the financial markets.¹ In April 2012, the CPSS and IOSCO published international risk-management and related standards for systemically important payment systems, central securities depositories, securities settlement systems, central counterparties, and trade repositories in the Principles for Financial Market Infrastructures. The risk-management and transparency standards in the Federal Reserve's Regulation HH and part I of the Federal Reserve Policy on Payment System Risk are based on and generally consistent with these international standards.

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