Supervision of payment and securities settlement systems
The oversight of payment and securities settlement systems is an activity delegated to central banks for the purpose of promoting financial stability. It consists in making sure that payment and settlement systems function smoothly and ensuring that the systems are efficient and sound.
The Bank’s Organic Law (Article 8) and the Treaty establishing the European Community both recognise the legal prerogatives of the Bank in this regard.
Oversight in fact embraces two activities: first, preparing standards applicable to payment and settlement systems, and then ensuring that the systems concerned comply with those standards in practice.
The main systems subject to the Bank’s oversight are: SWIFT, TARGET2, CEC, NBB SSS, Bancontact/Mistercash, MasterCard Europe, Euroclear ICSD, Euroclear Belgium (former CIK), LCH Clearnet SA and CLS.
An article in the Bank’s Financial Stability Report (July 2002) focuses on the Bank’s oversight responsibilities.