EN ECB -PUBLIC  
 
DECISION OF THE EURO PEAN CENTRAL BANK  
of 4 May  2020  
on the identification of MASTERCARD CLEARING MANAGEMENT SYSTEM  as a systemically 
important payment system  pursuant to Regulation (EU) No 795/2014  on oversight requirements 
for systemically important payment systems  
(ECB/ 2020/26)  
 
THE GOVERNING COUNCI L OF THE EUROPEAN CENT RAL BANK,  
 
Having regard to the Treaty on the Functioning 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 European Central 
Bank, and in particular Article 3.1, Article 22 and Article 34.1  thereof,  
Having regard to Regulation (EU) No 795/2014 of the European Central Bank of  3 July  2014 on oversight 
requirement s for systemically important payment systems  (ECB/2014/ 28)1, and in particular Articles  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 Central 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 harmonis e 
and strengthen existing international oversight standards for, inter alia,  systemically important 
payment systems, by means of Regulation (EU) No 795/2014.  
                                                      
1  OJ L 217, 23.7.2014, p. 16.  
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 (4) In order 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 that  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 
to this Decision. For the verification exercise on which this Decision  is based, public data for the 
calendar year 2017  has been used, combined with responses  to ECB surveys . 
(5) The ECB and the national central banks may coordinate thei r actions as appropriate when carrying 
out the tasks entrusted to the European System of Central Banks.     
(6) As competent authorities,  the ECB and the Nationale Bank van België/Banque Nationale de 
Belgique should coordinat e their interactions with, and any requests addressed to, Mastercard 
Europe SA, and a request from either of them  should be addressed by the system operator as if it 
originated from both.  Such coordination should take place on the basis of procedural rules 
established by the Governing Council , 
 
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. MASTERCARD CLEARING MANAGEMENT SYSTEM  shall be identified as a systemically 
important payment system for the purposes of  Regulation (EU) No 795/2014.  
2. In its capacity as operator of  MASTERCARD CLEARING MANAGEMENT SYSTEM , Mastercard 
Europe SA shall ensure that this systemically important payment system compl ies with the 
requirement s set out in Art icles 3 to 21 of Regulation (EU) No 795/2014.  
 
Article  3 
Compe tent authorities  
1. The European Central Bank (ECB) and the Nationale Bank van België/Banque Nationale de 
Belgique (NBB) shall be the competent authorit ies for the oversight of MASTERCARD CLEARING 
MANAGEMENT SYSTEM . 
2. The ECB and the NBB shall coordinate their interactions with, and any requests addressed to, 
Mastercard Europe SA, on the basis of procedural rules established by the Governing Council . 
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3. In its capacity as operator of MASTERCARD CLEARING MANAGEMENT SYSTEM , Mastercard 
Europe SA shall address  a request from either the ECB or the NBB as if it originated from both of 
them.  
 
Article 4 
Taking effect  
This Decision shall take effect on the day of its notification to the addressee.  
 
Article  5 
Addressee  
This Decision is addressed to MASTERCARD EUROPE SA (Société Anonyme) Chaussée de Tervuren 
198A - 1410 Waterloo, Belgium, in its capacity as  SIPS operator of MASTERCARD CLEARING 
MANAGEMENT SYSTEM .  
 
 
Done at Frankfurt am Main,  4 May 2020 . 
 
[signed]  
 
The President of the ECB  
Christine L AGARDE
ECB -PUBLIC  
 
Annex  
4 
 MASTER CARD EUROPE  measured against the criteria set out in Article 1(3) of Regulation (EU) No 
795/2014  
 
Criterion  MASTERCARD  CLEARING MANAGMENT  
SYSTEM  
(a)  eligible to be notified as a system pursuant 
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  Mastercard Europe SA is established in the 
Kingdom of Belgium  
Criterion fulfilled  
(b)(i)  total daily average value of euro-
denominated payments processed 
exceeding EUR 10 billion   
(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 currency is the euro  Market share: 52% of euro- denominated cross - 
border payments  
Criterion fulfilled  
 
(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 the total volume of euro-
denominated payments proces sed  MASTERCARD  CLEARING MANAGEMENT 
SYSTEM has participants from : 54 different 
countries  
The cross -border activity of MASTERCARD  
CLEARING MANAGEMENT SYSTEM  generates 
99% of the total euro-denominated payments 
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).