Central banks monitor core infrastructures to prevent systemic disruptions. The global regulatory standards for these systems are defined by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) through the Principles for Financial Market Infrastructures (PFMI).
Core PFMI Governance Mandates
[CPMI-IOSCO Principles]
  |- Comprehensive Risk Management -> Requires robust frameworks for credit and liquidity risks
  |- Settlement Finality ----------> Mandates clear, legally binding finality rules
  |- Operational Resilience -------> Requires redundant backup sites with 2-hour RTO metrics

By enforcing these principles, central banks ensure that payment clearing networks, central counterparties (CCPs), and securities settlement systems maintain the financial resources and operational redundancy needed to survive severe market crises. [1]
 
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