Global standard-setting bodies publish final report on guidance for FMIs on general business risk and general business losses

• CPMI and IOSCO issue their final report on FMIs’ management of general business risk and losses.
• The report provides supplemental guidance to the CPMI-IOSCO Principles for financial market infrastructures.

The Bank of International Settlements (BIS)’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) today published a final report on financial market infrastructures’ (FMIs) management of general business risks and general business losses.

The report sets out guidance for FMIs and relevant authorities, including in the context of FMIs’ recovery and orderly wind-down, on:

1. identifying, monitoring, and managing general business risks;
2. determining the minimum amount of liquid net assets funded by equity to be held against potential general business losses; and
3. governance and transparency in managing general business risks.

The final report builds on the consultative report on general business losses published in November 2025. It takes into account the findings of the Level 3 assessment report on the implementation of PFMI Principle 15 (General business risk), which identified issues relating to FMIs’ management of general business risks and the liquid net assets funded by equity they hold to cover potential losses.

Consultation responses can be found here. CPMI and IOSCO appreciate the thorough responses and engagement received from respondents

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