According to the Bank for International Settlements (BIS) in 2012, a Financial Market Infrastructure refers to a multilateral system that brings together participating institutions, including the system operator. It is used for the purposes of clearing, settlement, or registration of payments, securities, derivatives, or other financial transactions. The term 'Financial Market Infrastructure' encompasses Payment Systems, Central Securities Depositories (CSDs), Securities Settlement Systems (SSSs), Central Counterparties (CCPs), and Trade Repositories (TRs).