Guidance on continuity of access to Financial Market Infrastructures (FMIs) for a Firm in Resolution
A key objective of effective resolution is to maintain the continuity of a firm’s critical functions. This requires a firm in resolution to maintain continued access to clearing, payment, settlement, custody and other services by financial market infrastructures (FMIs).
This FSB guidance sets out arrangements and safeguards to facilitate continuity of access to FMIs for a firm in resolution that apply at the level of the providers of FMI services, at the level of FMI participants and at the level of the relevant resolution and FMI authorities.
The guidance builds on the FMI-Annex to the Key Attributes, which sets out certain objectives as regards resolution planning for FMI participants and FMI rules and procedures to ensure consistency with and support for actions by a resolution authority to manage the failure of a participant that could be systemically significant or critical if it fails.