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

The Bank for International Settlements’ 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: 

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

The final report builds upon 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 the equity they hold to cover potential losses.