PFMI实施监控：一般业务风险三级评估报告

Board of the International Implementationmonitoring of the PFMI: November2025 This publication is available on the BIS website (www.bis.org) and the IOSCO website (www.iosco.org). ISBN978-92-9259-900-3(online) Contents Abbreviations.......................................................................................................................................................................................ii1.Executive summary.........................................................................................................................................................11.1Scope of the assessment.............................................................................................................................................1 2.Introduction......................................................................................................................................................................42.1Objective of the L3 assessment.................................................................................................................................4 3.Process and methodology..........................................................................................................................................53.1Jurisdictional/FMI coverage........................................................................................................................................6 4.Analysis of results...........................................................................................................................................................6 4.1Identification, monitoring,and management of general business risk...................................................74.1.1Considering relevant sources of general business risk..................................................................7 4.2Adequate amounts of LNAFE to cover general business risk in line with the general businessrisk profile..........................................................................................................................................................................84.2.1Considering the general business risk profile in determining LNAFE needs........................84.2.2FMIs’ interpretations of the term LNAFE and processes for reviewing and updating 4.3Adequate amounts of LNAFE to implement recovery or orderly wind-down plan............................10 4.3.1Considering implementation of recovery or orderly wind-down plan in determiningLNAFE.......................................................................................................................................................................104.3.2Holding LNAFE in addition to resources for risks other than general business risk........11 4.4Recovery and orderly wind-down planning for general business risk....................................................12 4.4.1Recovery planning for general business risk...................................................................................124.4.2Orderly wind-down planning forgeneral business risk..............................................................15 4.5Quality and liquidity of assets held as LNAFE...................................................................................................164.6Plan for raising additional equity............................................................................................................................17 Annex A–Relevant extracts from the PFMI and Recovery Guidance........................................................................19 Annex B–Members of the IMSG and Assessment Team...............................................................................................24 Abbreviations BISBank for International SettlementsCCPCentral counterpartyCPMICommittee on Payments and Market InfrastructuresCSDCentral securities depositoryENExplanatory NoteFMIFinancial market infrastructureIMSGImplementation Monitoring Standing GroupIOSCOInternational Organization of Securities CommissionsKCKeyConsiderationLNAFELiquid net assets funded by equityPFMIPrinciples for financial market infrastructuresPSPayment systemSSSSecurities settlement systemTRTrade repository 1.Executive summary This report represents the fifth1Level 3 (L3)assessment of the consistency in outcomes of FMIs’implementation of thePrinciples for financial market infrastructures(PFMI). It focuses on general business While L3 assessment reports do not include ratings, they do include key findings. In this vein, theIMSG has identifiedsixserious issues of concern2in thefourareas of: (i)determining FMIs’ needs for liquid net assets funded by equity (LNAFE) to cover potential losses arisingfrom general business riskandforimplementingplans for recovery and orderly wind-down; (ii)holding LNAFE in addition to resourcesheldfor risks other than general business risk; (iii)recovery and orderly wind-down planning for general bu