The evolution of central banks' lending operations: insights from the Markets Committee Compendium  1

Operational frameworks amidst cyclical and structural shifts  3

Box A: The Markets Committee Compendium database on the BIS website  4

Lending facilities and open market operations  5

Conclusion  13

References  14

Endnotes  16

Appendix  16

Uncovering FX settlement risk: new measures from the 2025 BIS Triennial Survey  17

The 2025 methodology for assessing FX settlement risk  19

FX settlement risk in April 2025  22

Mitigating FX settlement risk: past achievements and the road ahead  28

References  29

Statistical annex  30

Abbreviations  33