About This Event
“Assess FMIs against the global standard, and write findings operators must act on.”
A five-day course on the international principles for financial market infrastructures and how authorities apply them. You will work through the PFMI, the disclosure framework and the assessment methodology, then apply them to cyber resilience, producing assessment findings and recommendations that operators and boards can act on.
What You'll Explore
A completed PFMI assessment of a case FMI, with observance ratings
A disclosure review checklist based on the CPMI-IOSCO framework
Stress-testing questions on credit and liquidity cover for FMIs
A cyber resilience review template aligned to CPMI-IOSCO guidance
Prioritised findings and recommendations defended before a panel
Who Should Attend
Open to all qualifying staff, particularly: FMI Overseers, Payment System Policy Staff, Securities Regulators, FMI Risk and Compliance Officers, Financial Stability Analysts.
Why This Course Matters
One Global Benchmark
The PFMI sets a single standard for payment systems, CSDs, securities settlement systems and CCPs. Assessing against it means your findings are comparable with those of peers and international missions.
Transparent Disclosure
The disclosure framework asks operators to explain how they meet each principle. Reviewing those disclosures well tells you quickly where an FMI's risk management is thin or untested.
Cyber Resilience Built In
Cyber attacks are now among the most likely causes of FMI disruption. Applying the cyber guidance alongside the PFMI means your assessments cover the risk most likely to stop settlement.
Programme
Day 1
The PFMI: scope, structure & responsibilities
You will work through the structure of the PFMI, the FMI types it covers and the five responsibilities of authorities, including cooperative oversight arrangements for FMIs that operate across borders.
Day 2
Credit, liquidity & settlement principles
You will apply the principles on credit risk, collateral, margin, liquidity risk and settlement finality, using stress scenarios to test whether an FMI could survive the default of its largest participant.
Day 3
Disclosure framework & operator transparency
You will review a sample FMI disclosure against the CPMI-IOSCO disclosure framework, identifying gaps and weak answers, and draft the follow-up questions an overseer should put to the operator.
Day 4
Assessment methodology & cyber resilience
You will apply the assessment methodology to a case FMI, rating observance of key principles, and extend the review using the CPMI-IOSCO cyber resilience guidance for governance, testing and recovery.
Day 5
Findings, recommendations & assessment defence
You will write up assessment findings and prioritised recommendations, then present and defend them before a panel playing the FMI's management and board, the same challenge you will face at home.
Standards & Faculty Benchmark
CPMI-IOSCO PFMI
The 24 principles and 5 authority responsibilities that structure the whole course.
PFMI Disclosure Framework & Methodology
The CPMI-IOSCO tools for operator disclosure and authority assessment of PFMI observance.
CPMI-IOSCO Cyber Resilience Guidance for FMIs
The 2016 guidance applied on Day 4 to governance, testing, response and recovery.
The PFMI, its assessment methodology and the cyber guidance are what IMF and World Bank assessment missions use when they review your FMIs. Working to them now means your own assessments match the external view, and your recommendations carry international weight.
Is This Right for You?
- ☑You oversee or regulate payment systems, CSDs or CCPs
- ☑Your institution is preparing a PFMI self-assessment
- ☑You need to write findings that operators will act on
Good to Know
Best suited to staff with some exposure to payments or FMI oversight; the FMI Fundamentals course is useful preparation but not required. You leave with a completed case assessment, a disclosure review checklist and a set of findings you have defended under challenge.
The Bottom Line
Leave able to run a PFMI assessment end to end and present findings that stand up to the operator's board.
Recommended For
Open to all qualifying staff, particularly: FMI Overseers, Payment System Policy Staff, Securities Regulators, FMI Risk and Compliance Officers, Financial Stability Analysts.