The PFMIs introduced a new liquidity standard that requires CCPs to cover, at a minimum, the liquidity needs of the CCP on the failure of the single clearing member and its affiliates with the largest aggregate position, in extreme but plausible market conditions. Liquidity needs are to be met with a predefined list of liquid resources, starting with cash.
*  *  *  Assistance provided by Shri K Sivaraman and Ms Radha Somakumar in preparation of this address is gratefully acknowledged. Ms Moono Mupotola, Manager, African Development Bank Group, Mr Somak Ghosh, Group President, Development & Sustainable Banking, YES Bank, distinguished guests, participants, members of the print and electronic media, ladies and gentlemen. 1.