To this end, the new EU rules should be fully in line with the global supervisory and oversight standards for financial market infrastructures that are currently being reviewed by the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commission (IOSCO).
The CPSS and IOSCO issued a consultative report entitled “Principles for financial market infrastructures” last March and their guidance is expected to be finalised in early 2012. Another important initiative relates to the enhanced oversight of Credit Rating Agencies (CRA’s) and the need to reduce the mechanistic reliance on external ratings.