CPSS

CPSS most commonly refers to the Committee on Payment and Settlement Systems, a standard-setting body of the Bank for International Settlements (BIS). The CPSS was established to promote the safety, efficiency, and reliability of payment, clearing, and settlement systems used by banks and other financial institutions worldwide. Its work includes developing internationally agreed standards for market infrastructures, monitoring systemic risk, and providing guidance to policy makers and central banks.

A key achievement is the Principles for Financial Market Infrastructures (PFMI), published jointly with the International Organization of Securities Commissions (IOSCO). PFMI sets high-level requirements for risk management, governance, transparency, liquidity risk, settlement finality, and operational resilience for payment systems, central securities depositories, trade repositories, and central counterparties.

In the 2010s, BIS reorganized its standard-setting activities. The CPSS evolved into the Committee on Payments and Market Infrastructures (CPMI), and its work continues in collaboration with IOSCO under the CPSS-IOSCO framework. The PFMI remains a central reference for national regulators and market participants.

Other uses: CPSS can refer to organizations or concepts in other fields, but the BIS committee use is the most widely recognized. Context is needed to determine which CPSS is meant.