The general analytical approach of this report is to consider FMIs as multilateral systems, inclusive of their
participants, as stated in the definition of FMI. In market parlance, however, the term FMI may be used to refer
only to a legal or functional entity that is set up to carry out centralised, multilateral payment, clearing,
settlement, or recording activities and, in some contexts, may exclude the participants that use the system.
This difference in terminology or usage may introduce ambiguity at certain points in the report.