The disclosure framework thus aims at enhancing the transparency in operations & risk management systems and, in the process, facilitate comparison across FMIs in different jurisdictions.
Implementing 24 principles and five responsibilities in their true spirit is a challenge before the FMIs and the regulators in terms of enabling legal provisions, availability of infrastructure, management of risks, cost for putting in place default handling mechanism and effective system of oversight of FMIs. All these responsibilities require resources, both financial and human, in the central banks, FMIs and other regulators.