Money moves through systems most people never see.
Financial Backbone takes you beneath the surface of global finance to explore the hidden rails that make modern money work.
From payment networks and banking infrastructure to clearing, settlement, financial markets and fintech, each episode explains the systems and institutions behind the transactions we take for granted.
No hype. Just the infrastructure behind finance.
8. What Is PFMI? The Five Responsibilities of Authorities — Watching the Watchers
Who makes sure financial market infrastructures follow the rules?
In this episode, Financial Backbone explores the five PFMI responsibilities of authorities: oversight, regulatory powers and resources, policy transparency, consistent application of the principles, and international cooperation.
Discover how regulators and central banks work together to safeguard financial stability.
📎 Reference Sources:
This episode is based on official reports published by the Bank for International Settlements (BIS) and IOSCO.
⚠️ Disclaimer:
This podcast is for informational, educational and technical discussion purposes only, based on publicly available international official reports. It does not constitute any form of investment advice, financial planning, legal endorsement, or commercial solicitation. The creator assumes no legal liability for any direct or indirect losses incurred by listeners relying on the content of this podcast.
2 Nov 2026
7. What Is PFMI? Default Management, Access & Transparency — Principles 13–14, 18–24
What happens when a financial market participant fails—and how can the system remain fair, efficient, and transparent?
In this episode, Financial Backbone explores PFMI covering participant default, customer asset protection, access, tiered participation, FMI links, efficiency, communication standards, and transparency.
📎 Reference Sources:
This episode is based on official reports published by the Bank for International Settlements (BIS) and IOSCO.
⚠️ Disclaimer:
This podcast is for informational, educational and technical discussion purposes only, based on publicly available international official reports. It does not constitute any form of investment advice, financial planning, legal endorsement, or commercial solicitation. The creator assumes no legal liability for any direct or indirect losses incurred by listeners relying on the content of this podcast.
25 Oct 2026
6. What Is PFMI? Settlement, Safekeeping & Exchange of Value — Principles 8–12
How do financial markets ensure that payments and securities are exchanged safely and reliably?
In this episode, Financial Backbone explores PFMI Principles 8–12, covering settlement finality, money settlements, physical deliveries, central securities depositories, and exchange-of-value systems.
📎 Reference Sources:
This episode is based on official reports published by the Bank for International Settlements (BIS) and IOSCO.
⚠️ Disclaimer:
This podcast is for informational, educational and technical discussion purposes only, based on publicly available international official reports. It does not constitute any form of investment advice, financial planning, legal endorsement, or commercial solicitation. The creator assumes no legal liability for any direct or indirect losses incurred by listeners relying on the content of this podcast.
11 Oct 2026
5. What Is PFMI? Credit, Liquidity & Operational Risk — Principles 4–7, 15–17
How do financial market infrastructures survive financial shocks and operational disruptions?
In this episode, Financial Backbone explores PFMI principles covering credit risk, collateral, margin, liquidity, business continuity, custody, and operational resilience — the safeguards that keep global financial systems running.
📎 Reference Sources:
This episode is based on official reports published by the Bank for International Settlements (BIS) and IOSCO.
⚠️ Disclaimer:
This podcast is for informational, educational and technical discussion purposes only, based on publicly available international official reports. It does not constitute any form of investment advice, financial planning, legal endorsement, or commercial solicitation. The creator assumes no legal liability for any direct or indirect losses incurred by listeners relying on the content of this podcast.
20 Sept 2026
4. What Is PFMI? Legal Foundations, Governance & Risk Management — Principles 1–3
What makes a financial market infrastructure safe, reliable, and resilient?
In this episode of Financial Backbone, we explore the first three Principles for Financial Market Infrastructures (PFMI), which establish the organizational foundations of safe and efficient financial systems.
From legal certainty to sound decision-making and risk preparedness, discover why these foundational principles matter to the stability of global financial markets.
📎 Reference Sources:
This episode is based on official reports published by the Bank for International Settlements (BIS) and IOSCO.
⚠️ Disclaimer:
This podcast is for informational, educational and technical discussion purposes only, based on publicly available international official reports. It does not constitute any form of investment advice, financial planning, legal endorsement, or commercial solicitation. The creator assumes no legal liability for any direct or indirect losses incurred by listeners relying on the content of this podcast.
13 Sept 2026
3. What Is PFMI? The Principles Behind Resilient Financial Infrastructure — Part 2
What else does it take to keep financial market infrastructures safe, fair and resilient?
In Part 2 of our introduction to the Principles for Financial Market Infrastructures (PFMI), Financial Backbone explores the remaining principles that support the sound operation of critical financial infrastructures.
We examine topics including safeguarding participant assets, operational requirements, fair and open access, public transparency, and coordinated international oversight — and why these principles matter to the functioning of global financial markets.
📎 Reference Sources:
This episode is based on official reports published by the Bank for International Settlements (BIS) and IOSCO.
⚠️ Disclaimer:
This podcast is for informational, educational and technical discussion purposes only, based on publicly available international official reports. It does not constitute any form of investment advice, financial planning, legal endorsement, or commercial solicitation. The creator assumes no legal liability for any direct or indirect losses incurred by listeners relying on the content of this podcast.
6 Sept 2026
2. What Is PFMI? The Principles Behind Safe Financial Markets — Part 1
How do international standards help make financial market infrastructures safer and more resilient?
In this episode, Financial Backbone explores the Principles for Financial Market Infrastructures (PFMI) and how these global standards were developed to strengthen the safety and resilience of critical financial infrastructures.
Part 1 focuses on several foundational principles, including legal foundations, risk management and settlement finality — key elements in maintaining confidence and stability across financial markets.
📎 Reference Sources:
This episode is based on official reports published by the Bank for International Settlements (BIS) and IOSCO.
⚠️ Disclaimer:
This podcast is for informational, educational and technical discussion purposes only, based on publicly available international official reports. It does not constitute any form of investment advice, financial planning, legal endorsement, or commercial solicitation. The creator assumes no legal liability for any direct or indirect losses incurred by listeners relying on the content of this podcast.
29 Aug 2026
1. What Is Financial Market Infrastructure (FMI)? The Hidden Rails of Global Finance
What keeps global payments, securities trading and financial transactions moving safely behind the scenes?
In this episode, Financial Backbone introduces Financial Market Infrastructures (FMIs) — the critical systems that support payments, clearing, settlement and other essential activities across the global financial system.
We explore what FMIs are, why they matter, and how these often-invisible infrastructures help keep modern finance functioning.
📎 Reference Sources:
This episode is based on official reports published by the Bank for International Settlements (BIS) and IOSCO.
⚠️ Disclaimer:
This podcast is for informational, educational and technical discussion purposes only, based on publicly available international official reports. It does not constitute any form of investment advice, financial planning, legal endorsement, or commercial solicitation. The creator assumes no legal liability for any direct or indirect losses incurred by listeners relying on the content of this podcast.
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