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.

Update of the Eurosystem Oversight Policy Framework

The updated Eurosystem Oversight Policy Framework reflects important developments that have changed the regulatory and market landscape for financial market infrastructures:

  • the publication of the CPSS-IOSCO Principles for financial market infrastructures
  • the adoption of the European Market Infrastructure Regulation
  • the adoption of the Regulation on settlement and central securities depositories
  • the adoption of the ECB Regulation on oversight requirements for systemically important payment systems
  • the go-live of TARGET2-Securities.
  • These changes also led to a significant strengthening of cooperative oversight arrangements. Moreover, reference is made to the Forum for Security of Retail Payments which develops further measures to align supervisory and oversight approaches on issues of common interest in the retail payments domain.

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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