Financial Market Infrastructure (FMI) Legal & Oversight Frameworks

Financial Market Infrastructures (FMIs)—including payment systems, central counterparties (CCPs), and securities settlement systems—are the arteries of the global financial system and require rigorous legal and regulatory oversight. This course offers a deep dive into the **legal and oversight frameworks** governing FMIs, centered on the globally recognized CPMI-IOSCO **Principles for Financial Market Infrastructures (PFMI)**. Participants will analyze the central bank's roles as operator, supervisor, and overseer, focusing on the legal basis for finality of settlement, netting enforceability, and recovery/resolution planning. The program is essential for policy makers and legal professionals who need to ensure that national frameworks meet international standards, providing the stability and confidence necessary for effective financial intermediation and policy implementation.