On November 13, 2015, the Fed published a notice and request for comment on a proposed supervisory rating system for financial market infrastructures (“FMIs”). The rating system would be used to assess an FMI with respect to five risk categories: (i) organization, (ii) risk management, (iii) settlement, (iv) operational risk, and (v) market support, access and transparency (“ORSOM”). The categories are intended to provide a framework for examiners to use when assessing FMIs with respect to applicable regulatory requirements. TCH submitted a comment letter on January 21 that, among other things, expressed concern that the proposal would create new obligations for FMIs that go beyond existing regulatory obligations, and that that the flexibility the Board built into the proposed rating system would permit excessive supervisory discretion.