Governance: market infrastructure and payments
The Eurosystem owns and operates financial market infrastructure for the settlement of payments (TARGET2) and securities (TARGET2-Securities, or T2S). These platforms form the backbone of the European financial market. All relevant stakeholders are included in the governance framework so as to better understand their needs and draw on their expertise and experience as users.
Market Infrastructure Board
The Market Infrastructure Board (MIB) is a streamlined management body in charge of Eurosystem initiatives in the field of market infrastructure. The MIB meets in different compositions depending on the issues to be discussed. It is responsible for the day-to-day operation of TARGET2 and T2S, as well as for the management of all Eurosystem projects in the area of market infrastructure and payments.
The MIB took over the responsibilities of the T2S Board, which was established by the Governing Council of the European Central Bank through Decision ECB/2012/6.
The Advisory Group on Market Infrastructures for Payments (AMI-Pay) is a forum for the exchange of views on developments in payments. The group seeks market input on the provision and modification of Eurosystem payment-related services and on initiatives to support payment innovation and integration across Europe. It is chaired by the ECB and composed of representatives of banks active in the European Union and of national central banks.
The Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo) offers a platform for discussions related to the harmonisation of securities settlement and collateral management. It took over the responsibilities of the T2S Advisory Group. AMI-SeCo is chaired by the ECB and brings together representatives of banks active in the European Union in their role as T2S users, central securities depositories (CSDs), central counterparties (CCPs) and national central banks.