CPMI-IOSCO Principles for Financial Market Infrastructures
Default management (Principles 13 and 14) – CPMI-IOSCO Principles for Financial Market Infrastructures

CPMI-IOSCO Principles for Financial Market Infrastructures P13: Principle 13 Participant-default rules and procedures

An FMI has effective, clearly defined default rules and procedures that let it contain losses and liquidity pressure, meet its obligations after a participant defaults and replenish its resources. It is well prepared to apply them, including any discretionary steps; publicly discloses their key aspects; and involves participants and other stakeholders in testing and reviewing them, including close-out, at least annually and after material changes to rules or procedures.

Maintained by Gerard Blokdyk

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