Financial markets depend on payment, settlement and clearing services. So do the real economies that those financial markets support. Indeed, it is hard to think of any economic activity that does not make use of these services in some way. Mostly we take this for granted, and it is good that we can do so. But we can only have that luxury if the services are safe and efficient, and that is something that is not always easily achieved.

Ensuring that financial markets infrastructures (FMIs) are