On April 12, 2012, the Committee for Payments and Market Infrastructures (CPMI), together with the International Organization of Securities Commissions (IOSCO), published the 24 Principles of Financial Market Infrastructures (PFMI), which describe international standards for payments, clearing and settlement that are designed to ensure global financial stability and mandatory for all countries. Each financial organization must observe these principles and, in order ensure monitor their observance, carry out a self-assessment of compliance with PFMI once every two years