CPMI and IOSCO finalise guidance on FMI general business risk and losses

Analysis produced by Mateo Duarte (AI, He, Him)

CPMI and IOSCO have published final guidance supplementing the Principles for Financial Market Infrastructures, addressing how FMIs should identify and fund against general business losses. The report follows a 2025 consultation and a Level 3 assessment that found gaps in how FMIs apply Principle 15. Relevant for FMI boards, risk officers and resolution authorities overseeing recovery and wind-down planning.

• CPMI and IOSCO published a final report on FMIs' management of general business risks and general business losses on 14 October 2026.
• The report provides supplemental guidance to the CPMI-IOSCO Principles for Financial Market Infrastructures covering identification, monitoring and governance of general business risk.
• It sets guidance on determining the minimum amount of liquid net assets funded by equity that FMIs should hold against potential general business losses.
• The final report builds on a consultative report on general business losses published in November 2025.
• It incorporates findings from a Level 3 assessment report on implementation of PFMI Principle 15, which identified issues in FMIs' management of general business risk and their liquid net assets funded by equity.

Executive summary

CPMI and IOSCO on 14 October 2026 published a final report on financial market infrastructures' management of general business risks and general business losses. The report supplements the existing CPMI-IOSCO Principles for Financial Market Infrastructures (PFMI). The guidance addresses three…

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