PRESS RELEASE

Publication of the Eurosystem Oversight Report

12 November 2009

The Eurosystem will publish today for the first time the Eurosystem Oversight Report. With this new publication, the Eurosystem seeks to inform public authorities, market infrastructure providers and their participants, as well as the general public, on the performance of its oversight function and its assessment of the safety and soundness of euro area payment, clearing and settlement infrastructures. The aim is to raise awareness regarding relevant developments in these infrastructures and the Eurosystem’s role in monitoring such developments and in addressing potential risks and inefficiencies.

The Eurosystem Oversight Report 2009 describes the performance of the Eurosystem’s oversight function in 2008, as well as the most relevant developments in 2009. It comprises three main chapters. Chapter 1 provides an overview of the Eurosystem’s oversight function, focusing on the institutional framework, the main Eurosystem oversight standards and requirements, and the practical arrangements for conducting system oversight and cooperation. Chapter 2 provides information on the Eurosystem’s oversight activities, including standard-setting, monitoring and assessment, and analysis of selected topics. Chapter 3 reports on future work priorities. In response to the lessons drawn from the financial market turmoil, the Eurosystem expects to devote particular attention to the role of overseers in the forthcoming financial architecture, as well as to market infrastructures and oversight arrangements for over-the-counter derivatives, especially for the euro-denominated market segments. In addition, the Eurosystem intends to further develop its role with regard to securities settlement systems and central counterparties.

The Eurosystem Oversight Report can be downloaded from the ECB’s website.

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