The Clearing House Association sent a letter to the BIS’s Committee on Payment and Settlement Systems and the Technical Committee of the International Organizations of Securities Commissions commenting on their consultative report, Principles for Financial Market Infrastructures. TCH recognizes the systemic importance of large-value payment systems and the risks that they pose if they are not properly managed and therefore strongly supports the CPSS and IOSCO in their goal to update the standards applicable to systemically important payment systems and other financial market infrastructures. In that spirit and in light of over 40 years’ experience in operating a systemically important funds-transfer network, TCH made a number of comments to help clarify the principles and to reduce the burden that the revisions could impose.