CELEX: 32014D0036
Language: en
Date: 2014-08-13 00:00:00
Title: Decision of the ECB 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)

EN                                                                                          ECB-PUBLIC
                            DECISION OF THE EUROPEAN 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 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
      annexes 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 and 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 requirements set out in Articles 3 to 21 of
      Regulation (EU) No 795/2014.
                                                   Article 3
                                           Competent authority
The ECB 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.
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                                                  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 EURO1 and STEP2-T.
Done at Frankfurt am Main, 13 August 2014.
                                                                                                  [signed]
                                                                                 The President of the ECB
                                                                                         Mario DRAGHI
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                                                                                                                     Annex I
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 pursuant to EURO1 notified as a system pursuant to Directive
        Directive        98/26/EC      of    the    European 98/26/EC by Germany;
        Parliament and of the Council1 by a Member
                                                                   EURO1 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 266,20 billion
        EUR 10 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 currency is the euro
(b)(iii) cross-border activity (i.e. participants EURO1 has participants from: more than five
        established in a country other than that of the different countries
        SIPS operator and/or cross border links with
                                                                   The cross-border activity of EURO1 generates
        other payment systems) involving five or
                                                                   74,2 % of the total euro-denominated payment
        more countries and generating a minimum
                                                                   processed by it.
        of 33 % of the total volume of euro-
                                                                   Criterion fulfilled
        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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                                                                                                                    Annex II
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 STEP2-T notified as a system pursuant to Directive
        Directive        98/26/EC      of    the    European 98/26/EC by Germany;
                                              1
        Parliament and of the Council by a Member
                                                                   STEP2-T 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 13,72 billion
        EUR 10 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 currency is the euro
(b)(iii) cross-border activity (i.e. participants STEP2-T has participants from: more than five
        established in a country other than that of the different countries and has established links with
        SIPS operator and/or cross border links with other payment systems
        other payment systems) involving five or
                                                                   The cross-border activity of STEP2-T generates
        more countries and generating a minimum
                                                                   51,13 % of the total euro-denominated payment
        of 33 % of the total volume of euro-
                                                                   processed by it
        denominated payments processed
                                                                   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).
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