As part of the Bank’s supervisory approach, supervised FMIs are
assessed against international standards, as set out in the
Principles for Financial Market Infrastructures(PFMIs)(5)
published by CPSS-IOSCO in April 2012. The Bank expects
FMIs to perform a self-assessment against these standards as
an input into the Bank’s own assessment. Since both EMIR and
the CSDR draw on the PFMIsfor much of their content, there is
overlap between these international standards and EU
regulations for CCPs and securities settlement systems. For
recognised payment systems, the Bank has adopted the PFMIs
without amendment as the minimum principles on which
systems are judged