2008年-ECB欧洲央行_Payment_systems_and_market_infrastructure_oversight_report_33页_2mb

报告摘要

Summary of the ECB Oversight Report 2007

Core Content

The European Central Bank (ECB) plays a critical role in overseeing payment systems and market infrastructures in the Eurosystem, ensuring their safety, efficiency, and systemic stability. This report outlines the ECB's oversight function, its responsibilities, and the evolving framework in 2007, including developments in the business and legal environment and the international cooperation in oversight.

Main Views

1. ECB's Oversight Function

The ECB's oversight function is central to maintaining the stability of the financial system and monetary policy transmission.
It ensures the smooth operation of payment and settlement systems, as well as payment instruments like payment cards and electronic money.
The ECB aims to promote transparency and accountability, which are essential for public confidence in the euro currency and financial markets.

2. Oversight Framework and Standards

The ECB applies internationally recognised standards and customised Eurosystem methodologies to its oversight activities.
Key standards include:
- Core Principles for Systemically Important Payment Systems (since 2001)
- Oversight standards for euro retail payment systems (since 2003)
- Business continuity oversight expectations (since 2006)
- Standards for card payment schemes (approved in January 2008)
- Minimum requirements for electronic money schemes (defined in 1998)
These standards ensure a level playing-field across private and central bank-operated systems and support systemic stability and public confidence.

3. Eurosystem's Oversight Responsibilities

The Eurosystem oversees both large-value and retail payment systems, including:
- TARGET2 (the second-generation large-value payment system)
- EBA CLEARING systems (e.g., EURO1, STEP1, STEP2)
For systems with clear national anchorage, the national central banks (NCBs) are primarily responsible for oversight.
The ECB has primary oversight for systems with pan-European relevance, such as TARGET2 and EBA CLEARING systems.

Key Information

2.1 Payment Systems Under ECB Primary Oversight

TARGET2 is the second-generation large-value payment system of the Eurosystem, launched in November 2007.
TARGET1 was the previous generation, consisting of RTGS systems of NCBs and the ECB's payment mechanism (EPM).
TARGET2 operates on a single technical platform (Single Shared Platform), with maximum harmonisation across all participating NCBs.
EPM had 6 participants at the end of 2007, with 43,000 transactions totaling €7 trillion.
TARGET2 has a market share of 89% in terms of value and 60% in terms of volume among large-value euro payment systems.

2.2 Cooperative Oversight Arrangements

The ECB participates in cooperative oversight with non-euro area central banks for systems like:
- SWIFT (global financial messaging)
- CLS (Continuous Linked Settlement, for FX transactions)
- Euro CHATS (in Hong Kong)
These arrangements are based on the systemic relevance of the infrastructure and the degree of formalisation.

2.3 Securities Settlement Systems

The ECB is also interested in the smooth functioning of securities and derivatives clearing and settlement systems.
It has defined user standards for these systems, particularly in the context of Eurosystem credit operations.
These standards ensure collateral adequacy, operational reliability, and risk mitigation.

Developments in 2007

Business Environment Changes

The emergence of pan-European retail payment infrastructures and SEPA-compliant systems (e.g., SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD)) influenced the ECB's oversight.
The migration to TARGET2 in 2007 required a comprehensive oversight assessment based on the Core Principles.
The ECB and NCBs maintained close cooperation during this transition.

Legal Environment Changes

The Payment Services Directive (PSD), adopted in 2007, is a key legal act that harmonises the legal framework for payment services in the EU.
The PSD facilitates the implementation of SEPA instruments and promotes consumer protection, competition, and innovation in the retail payments market.
The ECB plans to align its oversight policies with the PSD, including reviewing Regulation 2560/2001 and the E-money Directive.

Oversight Framework Evolution

In 2007, the Eurosystem developed a common methodology for assessing systemically and prominently important payment systems.
This methodology includes:
- Terms of reference for the Core Principles (published in November 2007)
- A guide for business continuity oversight (also published in November 2007)
The ECB also introduced a waiver policy for card payment schemes, allowing exclusion of schemes below a certain transaction volume and card count from full oversight.

Future Priorities

The ECB intends to publish a comprehensive oversight policy statement to clarify its oversight framework.
This statement will include the legal basis, rationale, scope, methods, and organisation of its oversight function.
The ECB will continue to report regularly on its oversight activities in publications such as the Annual Reports, Monthly Bulletins, and Financial Stability Reviews.

Liaison with Other Overseers

The ECB engages in international cooperation with other central banks and oversight bodies.
It participates in multilateral and bilateral arrangements to ensure global systemic stability.
These arrangements are tailored to the systemic importance of the respective payment systems.

Conclusion

The ECB's oversight function is essential for ensuring the safety and efficiency of payment systems and market infrastructures in the Eurosystem. In 2007, it continued to adapt its policies to the evolving business and legal environment, particularly with the implementation of SEPA and the adoption of the Payment Services Directive. The ECB also strengthened its oversight of TARGET2 and EBA CLEARING systems, and enhanced cooperation with international oversight bodies to promote systemic stability and financial market confidence.