CPMI–IOSCO joint final report on guidance for FMIs on general business risks and general business losses

The BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published a joint final report on financial market infrastructures' (FMIs) management of general business risks and general business losses. The report follows the November 2025 consultation and takes into account findings from the Level 3 assessment report on the implementation of PFMI Principle 15 (general business risk), which identified issues with FMIs' management of general business risks and the liquid net assets funded by equity held to cover potential losses. It sets out supplemental guidance to the PFMI for FMIs and relevant authorities, including in relation to the FMIs' recovery and orderly wind-down, specifically on:

• identifying, monitoring and managing general business risks
• determining the minimum amount of liquid net assets funded by equity to be held against potential general business losses
• governance and transparency in managing general business risks.

The guidance in the final report should be taken into account by FMIs and relevant authorities when developing their approach to meeting the PFMI.

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