27 February 2017
Visit experienceinfosys.com

ECB fingers systemically important payment systems for oversight

21 August 2014  |  10531 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  |  6460 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  |  6938 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  |  8212 views  |  1 comments | 6 tweets | 2 linkedin
T2S delayed again

T2S delayed again

20 September 2011  |  9190 views  |  1 comments
ECB hails launch of Target2

ECB hails launch of Target2

20 November 2007  |  9255 views  |  0 comments
EBA Clearing broadens access to Euro1

EBA Clearing broadens access to Euro1

29 October 2003  |  3210 views  |  0 comments
EBA launches pan-European ACH

EBA launches pan-European ACH

27 May 2003  |  6362 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.com

Who is commenting?

A Finextra member Finextra Member Commented on: Really really really K...
A Finextra member Finextra Member Commented on: In wake of Cloudflare...
A Finextra member Finextra Member Commented on: Bank consultancy Zeb o...

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
13802 views comments | 53 tweets | 74 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
7776 views comments | 7 tweets | 4 linkedin
hands typing furiouslyBlockchain Technology
7563 views 1 | 18 tweets | 8 linkedin
Starling releases Open API, talks up marketplace modelStarling releases Open API, talks up marke...
7417 views comments | 19 tweets | 18 linkedin
hands typing furiouslyKiller Corporate Banking Use Cases for Fin...
6589 views 2 | 12 tweets | 2 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job