Financial market infrastructure supervision (2024)

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The Bank of England is responsible for supervising certain financial market infrastructures in the UK. FMIs are a vital part of the economy.

In this section

Who are we? Our objectives; who we supervise and work with; our Governance and Accountability

What do we do? How do we supervise FMIs, Stress Testing, Clearing Obligation and Settlement Finality

Policy and tools Requirements for FMIs, Enforcement powers, Requirements powers, Crisis information, Regulatory fees, Stablecoin policy

Transitional regimes Transitional Regimes for incoming CCPs and CSDs, Temporary SFD regimes, Qualifying central counterparties transitionals

Authorisations Apply to become an approved UK or incoming FMI and for Settlement finality designation

What are FMIs?

Financial market infrastructures (FMIs) allow the clearing, settlement, and recording of financial transactions. They enable millions of transactions to take place each day. Find out more in our short guide.

We supervise certain types of FMIs. These are:

payment systems recognised by HM Treasury
central securities depositories
central counterparties (CCPs)

Glossary

Why we supervise FMIs

Our role is to protect and enhance financial stabilityin the UK. We supervise FMIs because they are a vital part of the UK’s financial system and its wider economy.

For example, payment systems are entities that allow funds to be transferred between, for example, businesses and individuals, and from business-to-business and individual-to-individual. They are used for many day to day transactions. CSDs keep ownership records of individual securities and facilitate the secure transfer of these securities between people or entities. CCPs sit between buyers and sellers of financial contracts so that both parties hold a contract with the CCP rather than with each other. This ensures that the obligations of a trade can be fulfilled if one party fails so reducing counterparty credit risk

FMI news and publications

Publication // Policy statement 23 May 2024 The Bank of England's approach to statutory... The Bank of England's approach to statutory notice decisions for use of its requirements powers - May...

Publication // Consultation paper 21 December 2023 The Bank of England's approach to statutory... The Bank of England's approach to statutory notice decisions for use of its requirements powers

News // Financial Market Infrastructures (FMI) 18 December 2023 The Bank of England's supervision of financial... The Bank of England's supervision of financial market infrastructures - Annual Report 2023

Prudential Regulation // Consultation paper 07 December 2023 CP26/23 - Operational resilience: Critical... CP26/23 - Operational resilience: Critical third parties to the UK financial sector

View more FMI news and publications

This page was last updated 23 May 2024