CELEX: 32014D0037(01)
Language: en
Date: 2014-08-13 00:00:00
Title: Decision of the ECB 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)

EN                                                                                          ECB-PUBLIC
                            DECISION OF THE EUROPEAN 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 CENTRAL 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 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 requirements 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 harmonise
1      OJ L 217, 23.7.2014, p. 16.
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      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 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 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 identified 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 complies with the requirements set out in Articles 3 to 21 of Regulation (EU)
      No 795/2014.
                                                   Article 3
                                           Competent 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 to the addressee.
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                                              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 operator of CORE(FR).
Done at Frankfurt am Main, 13 August 2014.
                                                                                               [signed]
                                                                             The President of the ECB
                                                                                     Mario DRAGHI
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                                                                                                                      Annex
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 system pursuant to CORE(FR) notified as a system pursuant to
        Directive        98/26/EC      of    the    European Directive 98/26/EC by France;
        Parliament and of the Council1 by a Member
                                                                   CORE(FR) operator established in France
        State whose currency is the euro or operator
                                                                   Criterion fulfilled
        is established in the euro area
(b)(i) total       daily    average      value     of    euro- Total daily average value of euro-denominated
        denominated payments processed exceeding payments processed: EUR 21,12billion
        EUR 10 billion
                                                                   Criterion fulfilled
(b)(ii) market share at least one of the following:                CORE(FR) has a market share of 20,68% of euro-
                                                                   denominated payments
-       15 % of total volume of euro-denominated
        payments; or                                               Criterion fulfilled
-       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. participants CORE(FR) neither has participants from nor links
        established in a country other than that of the with other other payment systems in more than five
        SIPS operator and/or cross border links with different countries
        other payment systems) involving five or
                                                                   Criterion not fulfilled
        more countries and generating a minimum
        of 33 % of the total volume of euro-
        denominated payments processed
(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).
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