The European Central Bank (ECB) has selected four key payment systems that are now under the new ECB regulation on oversight requirements for systemically important payment systems (SIPS).
The new regulation, which came into force on 12 August 2014, covers large-value and retail payment systems in the euro area operated by both central banks and private entities.
Go deeper with GlobalData
ECB stated that the regulation aims at ensuring efficient management of legal, credit, liquidity, operational, general business, custody and other investment risks.
The four key payment systems are TARGET2, operated by the Eurosystem; EURO1 and STEP2-T, operated by EBA CLEARING; and CORE(FR), operated by STET, a joint initiative of six major French banks.
The payment systems were identified according to the combination of at least two of four main criteria, which include the value of payments settled, market share, cross-border relevance and provision of services to other infrastructures. This list will be reviewed by Eurosystem annually based on updated data.
Benoît Coeuré, member of the ECB’s executive board, said: "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."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
