The Riksbank monitors and analyses market developments from a financial stability perspective to ensure that central bank money is used in a way that contributes to minimising risk in the settlement of money and securities.

In its work on analysing and assessing risks, the Riksbank therefore follows the following principles:

• Settlement in central bank money shall comply with the CPMI/IOSCO’s PFMI definition, i.e. a transfer shall result in a debit or a credit to an account at the central bank.
• Those financial market infrastructures that are important for maintaining the stability of the financial system shall comply with the ninth principle of the PFMI, which states that they shall always settle in central bank money where practical and available.
• Settlement of securities in CSDs should be done on a delivery versus payment basis, i.e. money and securities should be exchanged at the same time.
• When settlement takes place in commercial bank money because it is not practical to settle in central bank money, the settlement institution should manage and limit potential risks. In particular, it is important that the settlement institution makes participants in the system aware that the risk in the settlement may increase when it is made in commercial bank money.