The standards in this report harmonise and, where appropriate, strengthen the existing international standards for payment systems (PS) that are systemically important, central securities depositories (CSDs), securities settlement systems (SSSs), and central counterparties (CCPs). The revised standards also incorporate additional guidance for over- the-counter (OTC) derivatives CCPs and trade repositories (TRs). In general, these standards are expressed as broad principles in recognition of FMIs’ differing organisations, functions, and designs, and the different ways to achieve a particular result. In some cases, the principles also incorporate a specific minimum requirement (such as in the credit, liquidity, and general business risk principles) to.
