Financial market infrastructure

[1][non-primary source needed] Some financial infrastructures have a global reach, such as financial messaging service SWIFT, foreign-exchange settlement service provider CLS Group, and international central securities depositories Euroclear Bank and Clearstream Banking SA.

Some financial infrastructures, including many payment systems, are directly operated by central banks.

Financial market infrastructures, many of which are natural monopolies, are typically of critical systemic importance and thus subject to intrusive regulation and monitoring.

At the global level, the applicable standards are the Principles for Financial Market Infrastructures (PFMI), first issued in April 2012 jointly by the Committee on Payments and Settlement Systems (CPSS, renamed in 2014 as Committee on Payments and Market Infrastructures - CPMI) and the International Organization of Securities Commissions (IOSCO).

[9]: 306 The related semantics sometimes distinguishes between supervision, typically by prudential authorities and securities commissions, and oversight by central banks, even though in practice that distinction has eroded over the years.