FMI (Financial market infrastructure)

Roles that need it

• Settlements Analyst
• Payments Operations Analyst
• Operational Risk Analyst
• Business Analyst (Banking)

Skills it belongs to

• Settlement and fails management
• Payment systems and messaging (SWIFT, ISO 20022, SEPA, ACH, UPI)

Related concepts

• PFMI (Principles for financial market infrastructures)The Principles for financial market infrastructures (PFMI) are 24 international standards published in 2012 by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO). They apply to payment systems, securities depositories and settlement systems, central counterparties and trade repositories.
• CCP (Central counterparty)A central counterparty (CCP) is an entity that interposes itself between the parties to trades in one or more markets, becoming the buyer to every seller and the seller to every buyer. It manages counterparty risk through membership rules, margin, a default fund and a default waterfall, and in the EU is authorised under the European Market Infrastructure Regulation (EMIR).
• CSD (Central securities depository)A central securities depository (CSD) is an entity that operates a securities settlement system and provides the initial recording of securities in book-entry form (notary service) or central maintenance of securities accounts at the top tier. In the EU CSDs are authorised under the Central Securities Depositories Regulation (CSDR).
• Trade repositoryA trade repository is an entity that centrally collects and keeps records of derivatives or securities financing transactions reported by market participants, and gives regulators access to them. In the EU trade repositories are registered and supervised by the European Securities and Markets Authority (ESMA) under EMIR (derivatives) and SFTR (securities financing).
• T2S (TARGET2-Securities)TARGET2-Securities (T2S) is the Eurosystem platform that settles securities transactions in central bank money for the central securities depositories (CSDs) connected to it. It settles delivery versus payment on a single technical platform across markets, in euro and in Danish kroner.

Sources

• Principles for financial market infrastructures, CPMI-IOSCO, BIS (external site) accessed 31 Oct 2026
• CPMI glossary, BIS (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.