2009年-ECB欧洲央行_Eurosystem_oversight_report_2009_51页_1mb

报告摘要

Eurosystem Oversight Report 2009 Summary

Core Content

The Eurosystem Oversight Report 2009 outlines the Eurosystem's oversight function, activities, and future priorities in the context of payment, clearing, and settlement systems. It emphasizes the importance of these systems for financial stability, monetary policy implementation, and public confidence in the euro.

Main Objectives

To inform the public about the performance of the Eurosystem's oversight function.
To assess the safety and soundness of euro area payment, clearing, and settlement infrastructures.
To raise awareness of relevant developments and the Eurosystem's role in monitoring and addressing risks and inefficiencies.
To enhance transparency and accountability, which are central to the Eurosystem's oversight approach.

Key Views

Oversight is essential for the stability of financial systems and the smooth functioning of payment systems.
The Eurosystem promotes market infrastructure safety and efficiency through a combination of recommendations, expert advice, and moral suasion.
Transparency and accountability are key guiding principles, with the Eurosystem aligning its practices with international standards.

Oversight Function Overview

Institutional Framework

The legal basis for the Eurosystem's oversight function is derived from the Treaty establishing the European Community and the Protocol on the Statute of the European System of Central Banks and of the European Central Bank.
Article 105(2) of the Treaty and Article 3(1) of the Statute of the ESCB mandate the Eurosystem to promote the smooth operation of payment systems.
The Eurosystem's oversight function is complementary to its roles as a catalyst for market-led change and operator of payment and settlement facilities.

Scope

The Eurosystem oversees payment systems, clearing and settlement systems, and related market infrastructures.
It has expanded its scope to include retail payment systems and securities clearing and settlement systems, especially those with systemic importance.
The Eurosystem is particularly concerned with the systemic risks posed by disruptions in these systems and the interdependencies between them.

Methods

The Eurosystem develops and regularly reviews oversight standards and requirements for payment and settlement systems.
It performs ongoing oversight of euro market infrastructures, collecting performance data and assessing compliance.
It analyses selected topics with major oversight implications, such as financial market turbulence, OTC derivatives, and correspondent banking.
It emphasizes constructive cooperation with the entities it oversees to enhance the effectiveness and efficiency of its oversight activities.

Allocation of Responsibilities

The Eurosystem operates under a decentralized structure, with national central banks (NCBs) responsible for systems with a clear national anchorage.
For systems without clear domestic anchorage, the ECB or a designated NCB assumes primary oversight responsibility.
The Eurosystem promotes consistency and coordination among its members to ensure a unified approach to oversight.

Oversight Standards and Requirements

The Eurosystem applies different standards to payment systems based on their systemic relevance.
For systemically important payment systems (SIPS), it uses the Core Principles for Systemically Important Systems of the CPSS.
It also developed standards for retail payment systems, distinguishing between systemically important retail payment systems (SIRPS), prominently important retail payment systems (PIRPS), and other retail payment systems.
The Eurosystem has established standards for payment instruments, including credit transfers, direct debits, and payment cards.
It also issued security objectives for e-money schemes and standards for card payment schemes in the euro area.

Securities Clearing and Settlement Systems

The Eurosystem has developed non-binding recommendations for securities settlement systems and central counterparties (CCPs) in collaboration with CESR.
These recommendations aim to ensure consistency and a level playing field among providers of such systems.
The Eurosystem also focuses on OTC derivatives market infrastructures, particularly the establishment of CCPs to reduce systemic risk.

Location Policy

The Eurosystem prefers that payment, clearing, and settlement systems processing the euro be located within the euro area.
This allows the Eurosystem to directly fulfill its responsibilities for the smooth operation of these systems and the implementation of monetary policy.
Exemptions from this rule are granted in specific cases, such as multi-currency systems and non-PvP settlement systems below certain thresholds.

Future Priorities

The Eurosystem plans to further develop a risk-based approach to oversight.
It intends to enhance cooperation with financial regulators and banking supervisors in assessing correspondent banking risks.
It will continue to work on establishing a consistent oversight framework for OTC derivatives and SEPA credit transfers and direct debits.
The Eurosystem will also focus on the design of the TARGET2-Securities (T2S) framework and revising the classification of retail payment systems for oversight purposes.

Key Activities and Initiatives

The Eurosystem closely monitored the transition from TARGET to TARGET2 and conducted a comprehensive assessment of its design.
It launched a harmonized assessment of euro area card payment schemes against its standards.
It supported the establishment of a CCP for credit default swaps in the euro area.
It conducted the TARGET2 Oversight Simulation Project to evaluate the resilience of the system.

Conclusion

The Eurosystem's oversight function is central to maintaining financial stability and the smooth functioning of payment systems. It has developed a comprehensive and coordinated approach to ensure the safety and efficiency of euro area market infrastructures, with a focus on systemic risks, transparency, and international consistency.

展开完整摘要