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Public Consultation: Policy guidance on the Bank of Canada’s risk-management standards for designated financial market infrastructures

The Bank of Canada today published draft policy guidance related to its risk-management standards for designated Canadian financial market infrastructures (FMIs).

The Bank of Canada adopted the Principles for Financial Market Infrastructures (PFMIs) in 2012 as part of its risk-management standards for designated FMIs. The Bank is developing supplementary guidance in coordination with the Canadian Securities Administrators (CSA) to provide additional clarity on certain aspects of these new standards within the Canadian context.1

The new guidance published today relates to Standard 5 on collateral, Standard 15 on general business risk, Standard 16 on custody and investment risk, and Standard 23 on disclosure. The two pieces of guidance related to Standard 2 on governance and the guidance related to Standard 7 on liquidity risk have also been republished to align with CSA processes.2

Comments on the policies can be emailed by 10 February 2015 to the Bank of Canada at . Comments received will be shared with the CSA.

Seven of the 11 risk-management guidance notes for FMIs that the Bank of Canada will publish have now been released for comment. The full list of guidance under development is available on the Bank of Canada Risk-Management Standards for Designated FMIs page in the Financial System section of the Bank’s website. 

Once the guidance is finalized, the Bank and the CSA will consult with designated Canadian FMIs about timelines for aligning with the new guidance.


Bank of Canada
613 782-8782

Content Type(s): Press, Market notices
  1. 1. This supplementary guidance can be found in the companion policy to the Canadian Securities Administrators’ Proposed National Instrument 24-102 Clearing Agency Requirements.[]
  2. 2. Guidance on Standard 2 (governance - vertically and horizontally integrated FMIs) has been revised since its initial publication.[]