{"id":5011,"date":"2014-10-22T09:58:17","date_gmt":"2014-10-22T13:58:17","guid":{"rendered":"http:\/\/centerforfinancialstability.org\/wp\/?p=5011"},"modified":"2014-10-22T09:58:17","modified_gmt":"2014-10-22T13:58:17","slug":"cpmi-and-iosco-issue-report-on-recovery-of-financial-market-infrastructures","status":"publish","type":"post","link":"https:\/\/centerforfinancialstability.org\/wp\/2014\/10\/22\/cpmi-and-iosco-issue-report-on-recovery-of-financial-market-infrastructures\/","title":{"rendered":"CPMI and IOSCO Issue Report on Recovery of Financial Market Infrastructures"},"content":{"rendered":"<p>The Committee on Payments and Market Infrastructures (&#8220;CPMI&#8221;) and IOSCO issued a report titled, &#8220;Recovery of Financial Market Infrastructures,&#8221; which provides guidance to financial market infrastructures, such as central counterparties, on how to develop plans to enable them to recover from threats to their viability and financial strength. <!-- break --><\/span><span class=\"Body\">The report additionally provides guidance to relevant authorities in carrying out their responsibilities associated with the development and implementation of recovery plans.<\/span><\/p>\n<p class=\"Body\">The report supplements the CPSS and IOSCO &#8220;<a href=\"http:\/\/www.bis.org\/cpmi\/publ\/d101a.pdf\">Principles for Financial Market Infrastructures<\/a>&#8221; published in April 2012, and is consistent with the &#8220;<a href=\"http:\/\/www.financialstabilityboard.org\/publications\/r_141015.pdf\">Key Attributes of Effective Resolution Regimes for Financial Institutions<\/a>&#8221; of the <a href=\"http:\/\/centerforfinancialstability.org\/wp\/?p=4955\" title=\"JPMorgan Issues Paper on Resolution Plan for Central Clearing Parties\">Financial Stability Board<\/a>.<\/p>\n<blockquote>\n<p class=\"Action_Box\"><span class=\"Subheader\">Lofchie Comment<\/span><span class=\"Subheader\">:<\/span> <span class=\"Body\">It&#8217;s becoming obvious that clearing corporations, which are the most important of the &#8220;financial market infrastructure&#8221; operations, are not magical amulets against systemic risk. Indeed, it is now abundantly clear that they create centralized risks that are not readily understood and for which the regulators are not fully prepared. See, <em>e.g.<\/em>, <a href=\"http:\/\/centerforfinancialstability.org\/wp\/?p=4955\" title=\"JPMorgan Issues Paper on Resolution Plan for Central Clearing Parties\">JPMorgan Issues Paper on Resolution Plan for Central Clearing Parties<\/a> (October 6, 2014).<\/span><\/p>\n<\/blockquote>\n<p class=\"Comment_Box\"><span class=\"Subheader\">See:<\/span> <span class=\"Body\"><a href=\"http:\/\/www.bis.org\/cpmi\/publ\/d121.pdf\">Recovery of Financial Market Infrastructures<\/a>; <a href=\"http:\/\/www.bis.org\/press\/p141015.htm\">Bank for International Settlements Press Release<\/a>.<\/span><\/p>\n<p class=\"Body\">&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Committee on Payments and Market Infrastructures (&#8220;CPMI&#8221;) and IOSCO issued a report titled, &#8220;Recovery of Financial Market Infrastructures,&#8221; which provides guidance to financial market infrastructures, such as central counterparties, on how to develop plans to enable them to recover &hellip; <a href=\"https:\/\/centerforfinancialstability.org\/wp\/2014\/10\/22\/cpmi-and-iosco-issue-report-on-recovery-of-financial-market-infrastructures\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,9,33],"tags":[],"class_list":["post-5011","post","type-post","status-publish","format-standard","hentry","category-emergingrisks","category-reg","category-systemic-risk"],"_links":{"self":[{"href":"https:\/\/centerforfinancialstability.org\/wp\/wp-json\/wp\/v2\/posts\/5011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/centerforfinancialstability.org\/wp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/centerforfinancialstability.org\/wp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/centerforfinancialstability.org\/wp\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/centerforfinancialstability.org\/wp\/wp-json\/wp\/v2\/comments?post=5011"}],"version-history":[{"count":2,"href":"https:\/\/centerforfinancialstability.org\/wp\/wp-json\/wp\/v2\/posts\/5011\/revisions"}],"predecessor-version":[{"id":5013,"href":"https:\/\/centerforfinancialstability.org\/wp\/wp-json\/wp\/v2\/posts\/5011\/revisions\/5013"}],"wp:attachment":[{"href":"https:\/\/centerforfinancialstability.org\/wp\/wp-json\/wp\/v2\/media?parent=5011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/centerforfinancialstability.org\/wp\/wp-json\/wp\/v2\/categories?post=5011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/centerforfinancialstability.org\/wp\/wp-json\/wp\/v2\/tags?post=5011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}