Oversight of Financial Market Infrastructures and Critical Service Providers

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 by the Bank covers two activities: developing standards within international fora – primarily at the level of the Bank for International Settlements (BIS) and the Eurosystem of Central Banks (ESCB) – and ensuring that the systems concerned comply with those standards in practice.

Financial market infrastructures (FMIs) and critical service providers (CSPs) subject to the Bank’s oversight include:

For the FMIs and CSPs established in Belgium, which are systemically relevant in other jurisdictions, the Bank has established formal cooperation with other authorities.

Some FMIs are subject to both oversight and prudential supervision. In this case, the Bank aligns its oversight and prudential supervision approach.

The Bank’s role in oversight of financial market infrastructures and critical service providers