They place a stronger emphasis on governance, and require FMIs to have comprehensive risk-management frameworks in place and to hold substantially more financial resources. The Bank of Canada has adopted these Principles and will apply them to the FMIs that it oversees.8 All FMIs – including those in Canada – will need to make improvements to their riskmanagement practices to meet the new standards.
At the moment, each designated FMI is  7  The Big Five Canadian banks are direct clearing members at SwapClear.