“The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) continue to closely monitor the implementation of the Principles for financial market infrastructures (PFMI). The principles within the PFMI (the Principles) set expectations for the design and operation of key financial market infrastructures to enhance their safety and efficiency and more broadly, to limit systemic risk and foster transparency and financial stability. This report represents a “Level 2” assessment of the regulatory or oversight framework applied to systemically important central counterparties (CCPs) and trade repositories (TRs) in the United States. Level 2 assessments are peer-reviews that examine whether, and to what degree, the content of the legal and regulatory or oversight framework is complete and consistent with the Principles. The United States has adopted a rules-based approach for implementing the Principles for both CCPs and TRs. An assessment of these rules found that domestic authorities have made good progress towards completely and consistently implementing the majority of the Principles applicable to systemically important CCPs, while implementation for TRs has been more limited. Recommendations are noted where the assessment has identified gaps or shortcomings between implementation measures and the Principles.The assessment reflects the status of the legal, regulatory and policy frameworks in the United States as at 18 April 2014. Level 2 assessment reports for the European Union and Japan have also been published concurrently with this report, and are available on the CPMI and IOSCO websites.”