In a new report, the Committee on Payments and Market Infrastructures ("CPMI") and IOSCO issued an update on the progress made by participating jurisdictions in implementing international standards for payment, clearing and settlement systems. The new report is the fifth update to the Level 1 assessments of implementation monitoring of the Principles for financial market infrastructures ("PFMIs"). The results show that "twenty-one of the 28 jurisdictions have completed the implementation of measures for all FMI types, compared to 20 in the previous update."
The new update notes the eight jurisdictions that have not yet implemented the PFMIs since the fourth update published last year. Those eight jurisdictions (Argentina, Chile, Indonesia, Korea, Mexico, Saudi Arabia, South Africa and the United States) were asked to respond to questions about the concrete steps that they plan to take to achieve the "4" rating (i.e., the highest rating).
The report stated that the CPMI and IOSCO will continue to track the progress of implementation with these jurisdictions.
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