PFMI (Principles for financial market infrastructures)

Roles that need it

• Settlements Analyst
• Operational Risk Analyst
• Regulatory Change Analyst
• Regulatory Consultant (Banking)
• Liquidity Risk Analyst

Skills it belongs to

• Regulatory change impact assessment
• Settlement and fails management

Related concepts

• FMI (Financial market infrastructure)A financial market infrastructure (FMI) is a multilateral system among participating institutions used to clear, settle or record payments, securities, derivatives or other financial transactions. The main types are payment systems, central securities depositories, securities 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).
• Settlement finalitySettlement finality is the point at which a transfer of securities or cash becomes irrevocable and unconditional, even if a participant later becomes insolvent. In the EU the Settlement Finality Directive protects transfer orders entered into designated payment and securities settlement systems.

Sources

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

Updated 31 Oct 2026.