Financial market infrastructures (FMIs) that facilitate the recording, clearing, and settlement of monetary and other financial transactions can strengthen the markets they serve and play a critical role in fostering financial stability; however, if not properly managed, they can pose significant risks to the financial system and be a potential source of contagion, particularly in periods of market stress. While FMIs performed well during the recent financial crisis, events highlighted important lessons for effective risk management. These lessons, along with the experience of implementing the existing international standards, led the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) to review and update the standards for FMIs.1 This review was also conducted in support of the Financial Stability Board (FSB) initiative to strengthen core financial infrastructures and markets. All CPSS and IOSCO members intend to apply the updated standards to the relevant FMIs in their jurisdictions to the fullest extent possible.