31 March 2017
visit nextgenbanking.co.uk

ECB fingers systemically important payment systems for oversight

21 August 2014  |  10567 views  |  0 EU flag

The European Central Bank has named four key payment systems - Target2, Euro1, Step2-T and Core(Fr) - as "systemically important", and so subject to new regulations.

The new ECB regulation, which came into force earlier this month, covers large-value and retail payment systems in the euro area operated by both central banks and private entities.

The ECB says the aim is to promote the "smooth operation of safe and efficient payment systems" through strong management of legal, credit, liquidity, operational, general business, custody, and investment risks.

In identifying systemically important payment systems (Sips), the ECB looked at the value of payments settled, market share, cross-border relevance and provision of services to other infrastructures.

If a system is deemed to meet at least two of these four criteria it makes the list. Target2, operated by the Eurosystem; Euro1 and Step2-T, both run by EBA Clearing; and the French bank joint initiative Core(Fr) have been identified. The list will be reviewed annually based on updated data.

Benoît Coeuré, member, executive board, ECB, says: "With this regulation, Europe is consolidating international practice for the oversight of Sips into EU law, as with past efforts for other financial market infrastructures, such as the European Market Infrastructure Regulation for the supervision of central counterparties and trade repositories, and the ongoing regulatory initiative for central securities depositories."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ECB steps up Sepa for cards plans

ECB steps up Sepa for cards plans

29 April 2014  |  6495 views  |  0 comments | 7 tweets | 16 linkedin
ECB backs guide for better Internet payments security

ECB backs guide for better Internet payments security

04 February 2014  |  6974 views  |  0 comments | 6 tweets | 11 linkedin
Major German banks to switch domestic payments to EBA's Step2 ACH

Major German banks to switch domestic payments to EBA's Step2 ACH

21 May 2013  |  8251 views  |  1 comments | 6 tweets | 2 linkedin
T2S delayed again

T2S delayed again

20 September 2011  |  9220 views  |  1 comments
ECB hails launch of Target2

ECB hails launch of Target2

20 November 2007  |  9295 views  |  0 comments
EBA Clearing broadens access to Euro1

EBA Clearing broadens access to Euro1

29 October 2003  |  3236 views  |  0 comments
EBA launches pan-European ACH

EBA launches pan-European ACH

27 May 2003  |  6387 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit abe-eba.eu

Who is commenting?

Top topics

Most viewed Most shared
Danish banks add Dankort payments to mobile walletsDanish banks add Dankort payments to mobil...
15522 views comments | 2 tweets | 7 linkedin
hands typing furiouslyTwo key technologies driving Machine Learn...
9229 views 0 | 16 tweets | 4 linkedin
Moven strikes gold with TD Bank licensing extensionMoven strikes gold with TD Bank licensing...
8002 views comments | 22 tweets | 19 linkedin
Bloomberg terminal base shrinks in 2016Bloomberg terminal base shrinks in 2016
6698 views comments | 13 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job