In April 2012, the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published the Principles for financial market infrastructures (PFMI). The PFMI set expectations for the design and operation of key financial market infrastructures (FMIs) in order to enhance their safety and efficiency and, more broadly, to limit systemic risk and foster transparency and financial stability. The Principles apply to all systemically important payment systems (PSs), central securities depositories (CSDs), securities settlement systems (SSSs), central counterparties (CCPs) and trade repositories (TRs) (collectively, FMIs). These FMIs collectively clear, settle and record transactions in financial markets.