Market Infrastructure & Payments

We provide infrastructure for payment and securities settlement, cooperate with market stakeholders to integrate financial markets in Europe, and oversee financial market infrastructure and payment instruments.

TIBER-EU Services Procurement Guidelines published

The European Central Bank (ECB) has published the TIBER-EU Services Procurement Guidelines. The guidelines are aimed at supporting entities across the financial and other sectors in their efforts to procure services from threat intelligence and red-team-testing providers.

The TIBER-EU Services Procurement Guidelines set out requirements and standards to help testing providers deliver recognised TIBER-EU tests. In addition, the guidelines present entities with selection criteria for prospective providers and with agreement checklists for due diligence in the procurement process.

TIBER-EU is the European Framework for Threat Intelligence-based Ethical Red Teaming. It offers a common framework that delivers a controlled, bespoke, intelligence-led red team test against entities’ critical live production systems. In considering how to improve cyber resilience at a European and global level, the ECB has designed the framework as entity-agnostic and applicable in a multi-jurisdictional context.

For more information about the ECB’s cyber resilience strategy for financial market infrastructures, visit the dedicated ECB web page, a summary article and a video explainer on ethical hacking.

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Providing market infrastructure

The Eurosystem has developed and currently operates the real-time gross settlement (RTGS) system, TARGET2, and the European platform for securities settlement in central bank money, TARGET2-Securities (T2S).

Integrating financial markets

The ECB and the Eurosystem foster financial market integration in Europe by contributing to more efficient euro retail payments and the realisation of the Single Euro Payments Area (SEPA). We promote securities harmonisation and the safe and efficient mobilisation of collateral in the euro area via the Correspondent Central Banking Model (CCBM).

Overseeing market infrastructure

The Eurosystem performs oversight to ensure the smooth functioning of payment, clearing and settlement systems. It monitors their performance, assesses them against its objectives of safety and efficiency and, where necessary, induces change.

Market infrastructure and payments explained