EN ECB -PUBLIC  
 
 
DECISION OF THE EURO PEAN CENTRAL BANK  
of 13 August 2014  
on the identification of CORE (FR)  as systemically important payment system  pursuant  to 
Regulation (EU) No  795/2014  on oversight requirements for systemically important payment 
systems  
(ECB/ 2014 /37) 
 
THE GOVERNING COUNCIL  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 European Cen tral 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 payment 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 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 Securitie s 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 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 th at two out o f 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 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. CORE (FR)  shall be i dentified as a systemically important payment system for the purposes of  
Regulation (EU) No 795/2014.  
2. In its capacity as operator of  CORE (FR) , STET S.A.S. shall ensure that this systemically important 
payment system compl ies with the requirement s set out i n Art icles 3 to 21 of Regulation (EU) 
No 795/2014 . 
 
Article  3 
Compe tent authority  
The Banque de France shall be the competent authority for the oversight of CORE (FR) . 
 
Article 4 
Taking effect  
This Decision shall take effect on the day of its notification t o the addressee.  
 
ECB -PUBLIC  
3 Article  5 
Addressee  
This Decision is addressed to STET  S.A.S. (Société par Actions Simplifiée à Capital Variable)  of Cœur 
Défense - Tour B - 100 esplanade du Général de Gaulle 92932 La Défense Paris, France  in its capacity as  
SIPS operato r of CORE (FR) .  
 
 
Done at Frankfurt am Main,  13 August  2014 . 
 
[signed]  
 
The President of the ECB  
Mario DRAGHI  
ECB -PUBLIC  
Annex  
4 CORE (FR)  measured against the criteria set out in Article 1(3) of Regulation (EU) No 795/2014  
 
Criterion  CORE (FR)  
(a)  eligible to be notified as a syste m 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  CORE (FR)  notified as a system pursuant to 
Directive 98/26 /EC by France ; 
CORE (FR)  operat or 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 21,12billion  
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  currency is the euro  CORE (FR)  has a market share of 20 ,68% of euro -
denominated 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 processed  CORE (FR)  neither has participants from nor links 
with other other payment systems in more than five 
different  countries  
Criterion not 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 settlem ent systems (OJ  L 166, 11.6.1998, p. 45).