Governance arrangements should ensure that the views of all relevant stakeholders are considered. •  The second is a sound risk management framework, covering legal, credit, liquidity, operational and other risks. •  The third is continuity of service. Given their role at the heart of the financial system, it is important that FMIs operate continuously.
This means that a system should be able to cope with potential disruptions like technical problems and the failure of a participant. •  The fourth is fair and open access. FMIs should have risk-based and publicly disclosed criteria for participation that promote fair and open access with no unwarranted barriers to entry. Fair and open access should encourage competition between participants and innovation.