Payments and Market Infrastructure
The Global Risks Alliance (GRA)
Sector-level scenarios for Payments and Market Infrastructure are published here with their assumptions and limits. They describe aggregate exposures; they are not forecasts and not investment advice.
Fig.A programme from scoping to the owner's decision. Design, not a record.
Payments and Market Infrastructure sector scenarios are published, aggregated descriptions of how exposures in the financial stability field could evolve under stated assumptions, read against frameworks such as Principles for Financial Market Infrastructures (PFMI). They describe sector-level exposures with their limits; they are not forecasts, assess no individual firm and are not investment advice.
How a failure at one financial centre can spread through settlement links. Design links, not real dependencies.
Analysis runs in Nexus Foundry; reviewed releases are listed here.
| Scenario | What it tests |
|---|---|
| Default of the two largest participants | Liquidity and default resources under the cover-2 standard for systemically important CCPs |
| Destructive cyber attack corrupting data | Data integrity and recovery to a known good state |
| Regional power and telecom failure | Site diversity and recovery time |
| Critical provider outage | Dependence on a single messaging or cloud provider |
Scenarios remove a node from a design network of financial centres and settlement links and trace unsettled obligations. Network methods at GCRI network science; telecom evidence at GCRI telecommunications and cables.
Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.
| Term | Definition |
|---|---|
| Scenario | A plausible description of how the future may unfold under stated assumptions, not a prediction. |
| Severe but plausible scenario | A disruption scenario extreme enough to test resilience yet realistic enough to occur. |
| Reverse stress test | Starting from a failure outcome and identifying the scenarios that would cause it. |
| Investment advice | A personal recommendation on investments, a regulated activity in most jurisdictions. |
The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.
The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.