About This Event
“Understand the plumbing, because every payment, trade and security runs through it.”
A two-day virtual course on the fundamentals of financial market infrastructures. You will cover payment instruments and systems, central securities depositories, securities settlement systems and central counterparties, and learn how principles-based oversight works in practice through real cases of FMI stress and failure.
What You'll Explore
A clear map of payment systems, CSDs, SSSs and CCPs and how they link
A working grasp of RTGS, DNS and delivery versus payment models
An understanding of CCP margin, default funds and default waterfalls
Familiarity with the PFMI principles and how overseers apply them
Case notes on real FMI disruptions and the lessons for oversight
Who Should Attend
Open to all qualifying staff, particularly: Payment System Overseers, FMI Operations Staff, Financial Stability Analysts, Legal Officers, New Staff in Payments and Settlement Departments.
Why This Course Matters
System-Wide View
Payment systems, CSDs and CCPs are linked, so a problem in one quickly reaches the others. Seeing the whole chain helps you spot where risk concentrates and where a single failure could spread.
Principles-Based Oversight
Oversight relies on judgement against principles rather than a checklist of rules. Understanding the reasoning behind each principle lets you ask operators the questions that reveal real weaknesses.
Lessons From Real Cases
Historical disruptions show how credit, liquidity and operational risks play out in FMIs. Learning from those cases means your oversight is shaped by what has actually gone wrong elsewhere.
Programme
Day 1 am
Payment instruments & payment systems
You will trace how cards, transfers, mobile money and cheques move through retail and large-value systems, including RTGS, deferred net settlement and the role of central bank money in final settlement.
Day 1 pm
CSDs & securities settlement systems
You will follow a securities trade from execution to settlement, covering central securities depositories, delivery versus payment models and the risks that arise when securities and cash legs are not linked.
Day 2 am
Central counterparties & risk management
You will examine how central counterparties manage counterparty risk through margin, default funds and default waterfalls, and what happens to the market when a clearing member fails.
Day 2 pm
Principles-based oversight & real-world cases
You will apply the CPMI-IOSCO PFMI to real FMI incidents, identifying which principles were breached, what the overseer should have asked and how the operator could have limited the damage.
Standards & Faculty Benchmark
CPMI-IOSCO PFMI
The 24 principles and 5 authority responsibilities that form the backbone of FMI oversight.
PFMI Disclosure Framework & Methodology
The CPMI-IOSCO tools used by FMIs to disclose and by authorities to assess PFMI observance.
The PFMI and its assessment tools are the standard every overseer, operator and IMF or World Bank assessment mission uses. Learning the fundamentals against them means you start your oversight work in the same language your counterparts already speak.
Is This Right for You?
- ☑You are new to payments, settlement or FMI oversight
- ☑Your institution needs a common FMI foundation across teams
- ☑You want to understand FMI risks before specialising further
Good to Know
Designed as a foundation course; no prior oversight experience is needed, which makes it well suited to new joiners and staff moving into payments. Delivered live online. You leave with a clear map of FMI types, their risks and the principles used to oversee them.
The Bottom Line
In two days you gain the FMI foundation that every later oversight course, assessment and policy discussion builds on.
Recommended For
Open to all qualifying staff, particularly: Payment System Overseers, FMI Operations Staff, Financial Stability Analysts, Legal Officers, New Staff in Payments and Settlement Departments.