VI Course on Financial Market Infrastructures

The Center for Latin American Monetary Studies (CEMLA) held the VI Course on Financial Market Infrastructures from May 4 to 8, 2026, in person in Mexico City. The course aimed to introduce participants to the fundamental concepts of financial market infrastructures and to examine the relationship between these infrastructures and the risks they may pose to financial stability from both economic and technological perspectives.

The course began with the session Introduction to Payment Methods and Instruments, which reviewed the historical evolution of payment instruments, from their origins to modern payment methods and the infrastructures that currently support them. This was followed by the session CPMI-IOSCO Principles for Financial Market Infrastructures, which provided an overview of the 24 international principles and their implications for the design, operation, and oversight of financial market infrastructures. Both sessions were delivered by CEMLA specialists.

On the second day, experts from the Banco de México led the two scheduled sessions. The first focused on RTGS systems, fast payments, and electronic money, using the Mexican experience to illustrate the architecture and mechanisms that support their operation. The second session addressed the responsibilities of central banks, as well as the oversight and regulatory functions associated with financial market infrastructures. Participants were introduced to the experience of the Banco de México, and the discussion highlighted the importance of coordination among authorities and collaboration across different areas within each institution.

The remaining three days were led by a specialist from Banco de la República of Colombia. The first session focused on the different types of risks faced by financial market infrastructures, including credit, liquidity, operational, legal, and systemic risks. This was followed by a session on central counterparties and clearing houses, which examined their role within the financial system and the responsibilities associated with their operation.

The fourth day began with the session Operation of an FMI: The Case of Colombia, which examined the interconnections among Colombia’s financial market infrastructures, the efforts undertaken by the central bank to provide safe and efficient financial services, and the measures adopted to mitigate operational and financial risks. The second session, entitled The Future of Payment Systems, presented Banco de la República’s strategic vision for the coming years, as well as international recommendations and emerging trends that may shape the global payments landscape.

The final day was devoted to technological developments and their impact on financial market infrastructures. The first session focused on distributed ledger technologies (DLT), covering their main characteristics, potential use cases, ongoing initiatives, and the risks associated with their implementation, as well as possible mitigation measures. The final session addressed artificial intelligence and its potential impact on the financial system in the years ahead, considering recent advances in the field and the opportunities and challenges they present for financial market infrastructures.

Overall, the VI Course on Financial Market Infrastructures provided participants with a comprehensive understanding of the key elements that underpin these infrastructures, as well as the risks, responsibilities, and challenges associated with their operation and oversight. The course also offered an opportunity to examine the impact of emerging technologies on the financial system and to reflect on the opportunities and challenges they present for central banks and other financial authorities. In this way, the course contributed to strengthening participants’ technical capacities while fostering the exchange of experiences and best practices among specialists from across the region.