EN ECB -PUBLIC  
 
 
DECISION OF THE EURO PEAN CENTRAL BANK  
of 13 August  2014  
on the identification of EURO1 AND STEP2 -T as systemically important payment systems  
pursuant  to Regulation (EU) No  795/2014  on oversight requirements for systemically important 
payment systems  
(ECB/ 2014/36) 
 
THE GOVERNING COUNCI L OF THE EUROPEAN CENT RAL BANK,  
 
Having regard to  the Treaty on the Function ing of the European Union , and in particular Article 127(2) 
thereof,  
Having regard to the Statute of the European System of Central Banks and of the Eu ropean Central Bank, 
and in particular Article 3.1, Article 22 and the first indent of Article 34.1  thereof,  
Having regard to Regulation (EU) No 795/2014 of the European Central Bank of 3 July  2014  on 
oversight requiremen ts for systemically important payme nt systems  (ECB/2014/ 28)1, and in particular 
Article s 1(2) and 1(3) thereof,  
 
Whereas:  
(1) The fourth indent of Article 127(2) of the Treaty and the fourth indent of Article 3.1 of the Statute 
of the European System of Central Banks and of the European Cen tral Bank (hereinafter the 
‘Statute of the ESCB’) empower the Eurosystem to promote the smooth operation of payment 
systems.  
(2) The Eurosystem promotes the smooth operation of payment systems, inter alia,  by conducting 
oversight . 
(3) The European Central Bank (ECB) has implemented the  principles for financial market 
infrastructures issued by the Committee on Payment and Settlement Systems (CPSS) of the Bank 
for International Settlements (BIS) and the Technical Committee of the International Organization 
of Securities Commission (IOSCO) (hereinafter the ‘CPSS -IOSCO principles’) , which harmonise 
                                                      
1  OJ L 217, 23.7.2014, p. 16 . 
ECB -PUBLIC  
2 and strengthen existing international oversight standards for, inter alia,  systemically important 
payment systems, by means of Regulation (EU) No 795/2014.  
(4) In ord er to carry out  the identification exercise  per payment system  pursuant to Article 1(2) of 
Regulation (EU) No 795/2014 , the Governing Council  is verifying that  the criterion mentioned in 
Article 1(3)(a) of Regulation (EU) No 795/2014 is fulfilled , and th at two out of four of the criteria 
mentioned in Article 1(3) (b) of Regulation (EU) No 795/2014 are fulfilled , as described in the 
annex es to this Decision. For the verification exercise on which this Decision  is based , public data 
for the calendar year 2012  has been used, combined with responses  to ECB surveys , 
 
HAS ADOPTED THIS DECISION:  
 
Article 1  
Definitions  
Terms used in this Decision have the same meaning as those in Regulation (EU) No 795/2014.  
 
Article 2  
Identification of SIPS and SIPS operator  
1. EURO1 a nd STEP2 -T shall be identified as systemically important payment systems for the 
purposes of  Regulation (EU) No 795/2014.  
2. In its capacity as operator of  EURO1 and STEP2 -T, ABE Clearing S.A.S. shall ensure that these 
systemically important payment systems comply with the requirement s set out in Art icles 3 to 21 of 
Regulation (EU) No  795/2014 . 
 
Article  3 
Compe tent authority  
The E CB shall be the competent authority for the oversight of EURO1 and STEP2 -T. 
 
Article 4 
Taking effect  
This Decision shall take effect  on the day of its notification to the addressee.  
 
ECB -PUBLIC  
3 Article  5 
Addressee  
This Decision is addressed to ABE Clearing S.A.S. (Société par Actions Simplifiée à Capital Variable)  of 
40 rue de Courcelles, 75008 Paris, France,  in its capacity as  SIPS operator of E URO1 and STEP2 -T.  
 
 
Done at Frankfurt am Main, 13 August 2014 . 
 
[signed]  
 
The President of the ECB  
Mario DRAGHI  
ECB -PUBLIC  
Annex I  
4 EURO1  measured against the criteria set out in Article 1(3) of Regulation (EU) No 795/2014  
 
Criterion  EURO1  
(a) eligible to be notified as a system p ursuant to 
Directive 98/26/EC  of the European 
Parliament and of the Council1 by a Member 
State whose currency is the euro or operator 
is established in the euro area  EURO1 notified as a system pursuant to Directive 
98/26 /EC by Germany;  
EURO1 operator estab lished in France  
Criterion fulfilled  
(b)(i)  total daily average value of euro -
denominated payments processed exceeding 
EUR 10 billion  Total daily average value of euro -denominated 
payments processed: EUR 266 ,20 billion  
Criterion fulfilled  
(b)(ii)   market share  at least one of the following:  
- 15 % of total volume of euro -denominated 
payments; or  
- 5 % of total volume of euro -denominated 
cross -border payments; or  
- 75 % of total volume of euro -denominated 
payments at the level of a Member State 
whose curre ncy is the euro   
(b)(iii)  cross -border activity  (i.e. participants 
established in a country other than that of the 
SIPS operator and/or cross border links with 
other payment systems) involving five or 
more countries and generating a minimum 
of 33  % of th e total volume of euro -
denominated payments processed  EURO1 has participants from: more than five 
different countries  
The cross -border activity of EURO1 generates 
74,2 % of the total euro -denominated payment 
processed by it. 
Criterion fulfilled  
(b)(iv)  use for the settlement of other FMIs   
 
                                                      
1  Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and 
securities settlement systems (OJ  L 166, 11.6.1998, p. 45).  
ECB -PUBLIC  
Annex II  
5 STEP2 -T measured against the criteria set out in Article 1(3) of Regulation (EU) No 795/2014  
 
Criterion  STEP2 -T 
(a) eligible to be notified as a system pursuant to 
Directive 98/26/EC  of the European 
Parliament and o f the Council1 by a Member 
State whose currency is the euro or operator 
is established in the euro area  STEP2 -T notified as a system pursuant to Directive 
98/26 /EC by Germany;  
STEP2 -T operator established in France  
Criterion fulfilled  
(b)(i)  total daily average value of euro -
denominated payments processed exceeding 
EUR 10 billion  Total daily average value of euro -denominated 
payments processed: EUR 13 ,72 billion  
Criterion fulfilled  
(b)(ii)  market share  at least one of the following:  
- 15 % of total volu me of euro -denominated 
payments; or  
- 5 % of total volume of euro -denominated 
cross -border payments; or  
- 75 % of total volume of euro -denominated 
payments at the level of a Member State 
whose currency is the euro   
(b)(iii) cross -border activity (i.e. pa rticipants 
established in a country other than that of the 
SIPS operator and/or cross border links with 
other payment systems) involving five or 
more countries and generating a minimum 
of 33  % of the total volume of euro -
denominated payments processed  STEP2-T has participants from: more than five 
different countries and has established links with 
other payment systems  
The cross -border activity of STEP2 -T generates 
51,13 % of the total euro -denominated payment 
processed by it  
Criterion fulfilled  
(b)(iv)  use for the settlement of other FMIs   
 
                                                      
1  Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and 
securities settlement systems (OJ  L 166, 11.6.1998, p. 45).