(i) Core Principles for Systemically Important Payment Systems (CPSIPS) (2001), (ii) Recommendations for Securities Settlement Systems (RSSS) (2001) and (iii) Recommendations for Central Counterparties (RCCP) (2004).
BIS central bankers’ speeches  1  These 24 principles (PFMI/2011) which have come in place of the existing standards include new features like (i) default handling of clearing participants; (ii) addressing of operational risk; (iii) principles on segregation and portability; (iv) tired participation and (v) handling of business risk. The new principles in essence reflect the learnings from the recent financial crisis.