FMIs play a critical role in the financial system and the broader economy. For the
purposes of this report, the term FMI refers to systemically important payment systems,
CSDs, SSSs, CCPs, and TRs.
These infrastructures facilitate the clearing, settlement, and
recording of monetary and other financial transactions, such as payments, securities, and
derivatives contracts (including derivatives contracts for commodities). While safe and
efficient FMIs contribute to maintaining and promoting financial stability and economic
growth, FMIs also concentrate risk.