Annexes

712019 ¡ Annex 1: Regulatory frameworkCSDs

FMIs CPMI-IOSCO Principles for Financial Market Infrastructures (PFMIs) (April 2012) : International standards for payment systems (PS), central securities depositories (CSDs), securities settlement systems (SSSs) and central counterparties (CCPs). They also incorporate additional guidance for over‑the‑counter (OTC) derivatives CCPs and trade repositories (TRs) http://www.bis.org/cpmi/publ/d101a.pdf

CPMI-IOSCO Principles for Financial Market Infrastructures, Disclosure framework and assessment methodology (December 2012) : Framework prescribing the form and content of the disclosures expected of FMIs, while the assessment methodology provides guidance to assessors for evaluating observance of the principles and responsibilities set forth in the PFMI. http://www.bis.org/cpmi/publ/d106.pdf

CPMI-IOSCO Recovery of financial market infrastructures (October 2014) : Guidance for FMIs and authorities on the development of comprehensive and effective recovery plans. http://www.bis.org/cpmi/publ/d121.pdf

CPMI-IOSCO Guidance on cyber resilience for financial market infrastructures (June 2016) : Requires FMIs to instil a culture of cyber risk awareness and to demonstrate ongoing re‑evaluation and improvement of their cyber resilience posture at every level within the organisation. http://www.bis.org/cpmi/publ/d146.pdf

ECB Cyber Resilience Oversight Expectations for FMIs (CROE, December 2018) : The CROE provides overseers with a framework to assess the cyber resilience of systems under their responsibility and to enable FMIs to enhance their cyber resilience. https://www.ecb.europa.eu/paym/pdf/cons/cyberresilience/Cyber_resilience_oversight_expectations_for_financial_market_infrastructures.pdf

CCPs European Market Infrastructure Regulation (EMIR) : Regulation (EU) No 648 / 2012 of 4 July 2012 on OTC derivatives, CCPs and TRs : EMIR sets a clearing obligation for standardised OTC derivatives and strict CCP risk management requirements, and requires the recognition and ongoing supervision of CCPs.http://eur‑lex.europa.eu/legal‑content/EN/TXT/PDF/?uri=CELEX:32012R0648&from=EN

Annex 1: Regulatory frameworkCSDs

72 Annex 1: Regulatory frameworkCSDs ¡ Financial Market Infrastructures and Payment Services

CCPs CPMI-IOSCO Public quantitative disclosure standards for CCPs (February 2015) : Public quantitative disclosure standards that CCPs are expected to meet. These standards complement the Disclosure framework published by CPMI‑IOSCO in December 2012. http://www.bis.org/cpmi/publ/d125.pdf

EMIR Regulatory Technical Standards (August 2015) : Regulation (EU) 2015 / 2205 of 6 August 2015 supplementing Regulation (EU) No. 648 / 2012 with regard to regulatory technical standards on the clearing obligation. http://eur‑lex.europa.eu/legal‑content/EN/TXT/PDF/?uri=CELEX:32015R2205&from=EN

CPMI-IOSCO Resilience of CCPs : Further guidance on the PFMI (July 2017) : Guidance providing further clarity and granularity on several key aspects of the PFMI to further improve CCP resilience. https://www.bis.org/cpmi/publ/d163.pdf

CSDs CSD Regulation (CSDR) : Regulation (EU) No. 909 / 2014 of 23 July 2014 on improving securities settlement in the EU and on CSDs and amending Directives 98 / 26 / EC and  2014 / 65 / EU and Regulation (EU) No. 236 / 2012 : Prudential requirements on the operation of (I)CSDs, as well as specific prudential requirements for (I)CSDs and designated credit institutions offering banking‑type ancillary services.http://eur‑lex.europa.eu/legal‑content/EN/TXT/PDF/?uri=CELEX:32014R0909&from=en

Regulation (EU) 2017 / 389 of 11 November 2016 supplementing Regulation (EU) No 909/2014 as regards the parameters for the calculation of cash penalties for settlement fails and the operations of CSDs in host Member Stateshttp://eur‑lex.europa.eu/legal‑content/EN/TXT/PDF/?uri=CELEX:32017R0389&from=EN

Regulation (EU) 2017 / 390 of 11 November 2016 supplementing Regulation (EU) No 909 / 2014 with regard to regulatory technical standards on certain prudential requirements for CSDs and designated credit institutions offering banking-type ancillary serviceshttps://eur‑lex.europa.eu/legal‑content/EN/TXT/PDF/?uri=CELEX:32017R0390&from=EN

Regulation (EU) 2017 / 392 of 11 November 2016 supplementing Regulation (EU) No 909 / 2014 with regard to regulatory technical standards on authorisation, supervisory and operational requirements for CSDshttp://eur‑lex.europa.eu/legal‑content/EN/TXT/PDF/?uri=CELEX:32017R0392&from=EN

Custodians Regulation (EU) 2017 / 391 of 11 November 2016 supplementing Regulation (EU) No 909 / 2014 with regard to regulatory technical standards further specifying the content of the reporting on internalised settlements : Reporting obligation for settlement internalisers when settlement instructions are executed in their own books, outside securities settlement systems.https://eur‑lex.europa.eu/legal‑content/EN/TXT/PDF/?uri=CELEX:32017R0391&from=EN

732019 ¡ Annex 1: Regulatory frameworkCSDs

Belgian law of 31 July 2017 : Law introducing a new category of credit institutions with activities exclusively in the area of custody, bookkeeping and settlement services in financial instruments, as well as non‑banking services relating thereto, in addition to receiving deposits or other repayable funds from the public and granting credit for own account where such activities are ancillary or linked to the above‑mentioned services. http://www.ejustice.just.fgov.be/cgi_loi/change_lg.pl?language=nl&la=N&cn=2017073111&table_name=wet / language=fr&la=F&cn=2017073111&table_name=loi

ESMA Guidelines on Internalised Settlement Reporting under Article 9 of CSDR (March 2018) https://www.esma.europa.eu/press‑news/esma‑news/esma‑finalises‑guidelines‑how‑ report‑internalised‑settlement

Payment Systems

ECB Regulation (EU) No 795 / 2014 on oversight requirements for systemically important payment systems (July 2014) : Regulation, based on the CPMI‑IOSCO PFMIs, covering systemically important payment systems in the eurozone, large‑value and retail payment systems.https://www.ecb.europa.eu/ecb/legal/pdf/oj_jol_2014_217_r_0006_en_txt.pdf

Revised oversight framework for retail payment systems (RPS) (February 2016) : Revised framework (replacing the one from 2003) identifying RPS categories and clarifying the oversight standards applicable to each category. It also provides guidance on the organisation of oversight activities for systems of relevance to more than one central bank. https://www.ecb.europa.eu/pub/pdf/other/revisedoversightframeworkretailpayment systems201602.en.pdf?bc332d9a718f5336b68bb904a68d29b0

PIs & ELMIs EMD2 (September 2009) : Directive  2009 / 110 / EC of 16  September  2009  on the taking up, pursuit and prudential supervision of the business of ELMIs amending Directives  2005 / 60 / EC and  2006 / 48 / EC and repealing Directive  2000 / 46 / EC, OJ. 10 October 2009, L. 267, 7‑17.http://eur‑lex.europa.eu/legal‑content/EN/TXT/PDF/?uri=CELEX:32009L0110&from=EN

PSD2 (November 2015) : Directive (EU) 2015 / 2366 of 25 November 2015 on payment services in the internal market, amending Directives  2002 / 65 / EC,  2009 / 110 / EC and 2013 / 36 / EU and Regulation (EU) No 1093 / 2010, and repealing Directive 2007 / 64 / EC. http://eur‑lex.europa.eu/legal‑content/EN/TXT/?uri=CELEX%3A32015L2366

Belgian Law of 11 March 2018 transposing the PSD2, Belgian Official Gazette 26 March 2018. http://www.ejustice.just.fgov.be/cgi_loi/change_lg.pl?language=nl&la=N&cn=2018031107&table_name=wet / language=fr&la=F&cn=2018031107&table_name=loi

Payement Processors

Belgian Law of 24 March 2017 on supervision of payment transactions processors, Belgian Official Gazette 24 April 2017.https://www.nbb.be/doc/cp/moniteur/2017/20170424_opp_wet_loi.pdf

74 Annex 1: Regulatory frameworkCSDs ¡ Financial Market Infrastructures and Payment Services

Royal Decree of 8 February 2019 on the requirements for processors of retail payments instruments and card payments schemes (CPS) having established a relation with them on the due diligence that CPS must have in place when using the services of systemically relevant payment processors, the identification and management of the risks by those processors, the continuity of their services and the practical modalities of the communication in case of an incident. http://www.ejustice.just.fgov.be/eli/arrete/2019/01/25/2019030120/moniteur (FR) orhttp://www.ejustice.just.fgov.be/eli/besluit/2019/01/25/2019030120/staatsblad (NL)

Card Payment Schemes

Eurosystem Oversight Framework for Card Payment Schemes (CPSs) – Standards (January 2008) : Common oversight policy to promote the reliability of CPSs operating in the euro area, public confidence in card payments and a level playing field across the euro area in a unified market.https://www.ecb.europa.eu/pub/pdf/other/oversightfwcardpaymentsss200801en.pdf

Guide for the assessment of CPS against the oversight standards (February 2015) : Assessment guide based on the Eurosystem Oversight Framework for CPSs targeting both governance authorities responsible for ensuring compliance and overseers of CPSs It has been updated by taking into account the January 2013 “Recommendations for the security of internet payments”, as well as the February 2014 “Assessment guide for the security of internet payments”. https://www.ecb.europa.eu/pub/pdf/other/guideassessmentcpsagainstoversightstandards 201502.en.pdf?499089f7f3aab273925ef6d80767b4a5

Regulation (EU) 2015 / 751  of 29  April 2015 on interchange fees for card-based payment transactions (OJ. 19 May 2015, L. 123, 1‑15) : This regulation contains (i) the definition of a cap for the interchange fees applicable to payment transactions by means of debit or credit cards, (ii) the separation to be put in place between payment card scheme governance activities and processing activities, (iii) measures granting more autonomy to merchants regarding the choice of payment instruments for their clients. http://eur‑lex.europa.eu/legal‑content/EN/TXT/PDF/?uri=CELEX:32015R0751&from=EN

Belgian Law of 1 December 2016 transposing the EU Regulation 2015 / 751 of 29 April 2015, entitled “Interchange fees for card based payment transactions” (December 2016) : Belgian Official Gazette 15 December 2016, 86.578. http://www.ejustice.just.fgov.be/cgi_loi/change_lg.pl?language=nl&la=N&cn=2016120112&table_name=wet / language=fr&la=F&cn=2016120112&table_name=loi

Regulation (EU) 2018 / 72  of 4  October  2017 supplementing Regulation (EU)  2015 / 751  on interchange fees for card-based payment transactions with regard to regulatory technical standards establishing the requirements to be complied with by payment card schemes and processing entities to ensure the application of independence requirements in terms of accounting, organisation and decision-making process OJ. 18 January 2018, L. 13 / 1-7.http://eur‑lex.europa.eu/legal‑content/EN/TXT/PDF/?uri=CELEX:32018R0072&rid=3

SWIFT High level expectations (HLE) for the oversight of SWIFT (June 2007) : The SWIFT Cooperative Oversight Group developed a specific set of principles that apply to SWIFT. https://www.nbb.be/en/financial‑oversight/oversight/critical‑service‑providers#oversight‑ of‑swift‑

752019 ¡ Annex 1: Regulatory frameworkCSDs

SWIFT PFMIs, Annex F : Oversight expectations applicable to critical service providers (April 2012) : Expectations for an FMI’s critical service providers in order to support the FMI’s overall safety and efficiency. http://www.bis.org/cpmi/publ/d101a.pdf

Assessment methodology for the oversight expectations applicable to critical service providers (December 2014) : Assessment methodology and guidance for regulators, supervisors and overseers in assessing an FMI’s critical service providers against the oversight expectations in Annex F. http://www.bis.org/cpmi/publ/d123.pdf

772019 ¡ Annex 2 : FMIs established in Belgium with an international dimension

Annex 2 : FMIs established in Belgium with an international dimension

Euroclear

Euroclear Holding SA / NV, the new top financial holding of Euroclear, is incorporated under Belgian law. Euroclear Holding SA / NV owns 100 % of Euroclear AG, a new Swiss financial holding company. Euroclear Investments SA is the group’s financial investment holding company, incorporated in Luxembourg.

Euroclear SA / NV (ESA), a Belgian financial holding company, is the parent company of the Euroclear Group (I)CSDs ; i.e. the three ESES CSDs (Euroclear France, Euroclear Netherlands, Euroclear Belgium), Euroclear UK & Ireland Ltd, Euroclear Sweden AB, Euroclear Finland Oy and Euroclear Bank SA / NV. The latter has branches in Poland,

Euroclear Group Corporate Structure(simplified diagram)

EuroclearInvestments SA

Euroclear Settlement for Euronext Securities (ESES)

Euroclear Bank Representative Offices

LuxembourgEuroclear SA / NV

Representative Office

Euroclear SA / NV

Euroclear France

Euroclear Belgium

Euroclear Nederland

Singapore

Euroclear Bank SA / NV

EuroclearBank SA / NV

PolandBranch

EuroclearBank SA / NVHong Kong

Branch

Euroclear Sweden AB

Euroclear Finland Oy

Euroclear UK & Ireland Ltd

Euroclear SA / NV Amsterdam Branch

Euroclear SA / NV London Branch

Euroclear SA / NV Paris Branch

BeijingDubaiFrankfurtNew YorkEuroclear

Bank SA / NVJapanBranch

Euroclear AG

Euroclear Holding SA / NV

Source : Euroclear.

78 Annex 2 : FMIs established in Belgium with an international dimension ¡ Financial Market Infrastructures and Payment Services

Hong Kong and Japan. Euroclear Group (I)CSDs have outsourced the IT production and development to ESA. ESA also delivers common services, such as risk management, internal audit, and legal and human resources services to the Group (I)CSDs.

Bank of New York Mellon

The Bank of New York Mellon SA / NV (BNYM), established in Belgium, is the European subsidiary of BNY Mellon, a US based global systemic bank, which in turn is a subsidiary of the US holding company BNY Mellon Corporation. BNYM is the global custodian of the group for European clients (i.e. providing investment services on 100+ markets outside the US) and its European gateway to the euro area markets and payment infrastructures. BNYM has a non‑bank subsidiary in Germany and branches in Luxembourg, Germany, the Netherlands, the UK, France, Ireland and Italy, through which it operates in the local markets. This is the result of the BNYM Group’s strategy to consolidate its legal entity structure into the so‑called “Three Bank Model” (i.e. US / UK / EU). The BNYM group is also present in Belgium through a branch of the US parent company.

BNYM Group structure and BNYM SA / NV position(simplified diagram)

The Bank of New York Mellon Corporation

(Delaware Corporation)

The Bank of New York Mellon(US Bank)

The Bank of New York Mellon (International) Limited

(UK Bank)Luxembourg Branch

Frankfurt Branch

Frankfurt Branch

Amsterdam Branch

London Branch

London Branch

Paris Branch

Dublin Branch

Milan Branch

The Bank of New York MellonSA / NV

(Belgian Bank)

The Bank of New YorkMellonServiceKapitalverwaltungs-

gesellschaft (BNYM KVG)

Brussels Branch

Source : NBB.

792019 ¡ Annex 2 : FMIs established in Belgium with an international dimension

Worldline

Worldline, a division of the European IT services corporation Atos, provides electronic payment and transactional services in about 29  countries. Worldline SA is listed on Euronext Paris. In 2016, Worldline SA / NV, the Belgian entity of the group merged with the Dutch company Equens. The processing activities were carved out in a new entity called equensWorldline SE. equensWorldline SE is a partial subsidiary of several Worldline entities (Belgium, Luxembourg, France and Germany) with its historic shareholders now as minority shareholders. In 2018, Worldline acquired Six Payment Services, the payment division of the Swiss company SIX, which became shareholder (27 %) of Worldline SA.

Structure of Worldline, a division of the Atos Group(simplified diagram, part of the group relevant for Belgium)

Atos SE (France)

Worldline SA(France)

Worldline SA / NV(Belgium)

Equens Worldline SE(Netherlands)

Total WorldlineGroup = 63,60 %

Public

Worldline Holding GmbH (Germany)

Worldline SA(Luxembourg)

Worldline BV(Netherlands)

Paysquare SE(Netherlands)

Other Equensshareholders

22 %51 %

SIX(Switzerland)

27 %

100 % 100 % 100 %

23,24 % 0,15 % 17,07 %

23,14 %

100 %

100 %

36,40 %

Source : NBB.

80 Annex 2 : FMIs established in Belgium with an international dimension ¡ Financial Market Infrastructures and Payment Services

Mastercard Europe

Mastercard is a payment services company with a global reach. Mastercard Europe SA / NV (MCE) incorporated in Belgium, a subsidiary of Mastercard Incorporated (USA, listed on the New York Stock Exchange), runs the company’s business in the European region.

Mastercard Group Structure(simplified diagram, as of August 2017)

Mastercard Incorporate(US)

Mastercard International Incorporated (US)

Blackrock Inc.

Mastercard EuropeSA/NV (Belgium)

PublicThe Vanguard

Group Inc.Mastercard Foundation

> 5 % > 5 % > 10 % < 80 %

100 % (directly held)

100 % (indirectly held)

Source : NBB.

812019 ¡ Annex 3 : Statistics

Annex 3 : Statistics

List of tables

Tables relating to Securities Clearing, Settlement and Custody 83

A. Central Counterparties (CCPs) (selected) 83B. Euroclear Bank 84C. NBB‑SSS 84D. Euroclear Belgium 84E. TARGET2‑Securities 84F. BNYM SA / NV 84

Tables relating to Payments 85

A. TARGET2 85B. CLS Bank 85C. Centre for Exchange and Clearing (CEC) 85D. Payment institutions (PIs) – Electronic Money Institutions (ELMIs) 86E. Processors of payment transactions (Worldline SA / NV) 86F. Card transactions 87G. Card schemes (Bancontact) 87

Table relating to SWIFT 88

832019 ¡ Annex 3 : Statistics

Tab

le 1

Secu

riti

es C

lear

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, Se

ttle

men

t an

d C

ust

od

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otio

nal v

alue

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n eq

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)

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2014

2015

2016

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un

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CC

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84 Annex 3 : Statistics ¡ Financial Market Infrastructures and Payment Services

Tab

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(co

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secu

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852019 ¡ Annex 3 : Statistics

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lear

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(C

EC)

Val

ue

of

pay

men

ts80

4.9

846.

988

6.7

909.

191

1.6

870.

788

3.4

920.

694

1.8

1 12

2.9

Nu

mb

er o

f p

aym

ents

(in

mill

ions

)1

122.

91

170.

21

224.

91

295.

11

365.

61

272.

21

402.

21

387.

11

312.

01

456.

7

Sour

ce :

NBB

.

86 Annex 3 : Statistics ¡ Financial Market Infrastructures and Payment Services

Tab

le 2

(co

ntin

ued

1)

Paym

ents

(end

of

perio

d, in

cum

ulat

ive

num

ber,

unle

ss o

ther

wis

e st

ated

)

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

D.

Paym

ent

Inst

itu

tio

ns

(PIs

) –

El

ectr

on

ic M

on

ey I

nst

itu

tio

ns

(ELM

Is)

PIs

Belg

ian

PIs

01

99

1115

1721

2422

Fore

ign

PIs

with

Bel

gian

bra

nch

00

02

23

33

23

Pass

port

not

ifica

tions

for

cro

ss‑b

orde

r se

rvic

es

Belg

ian

PIs

tow

ards

oth

er E

EA c

ount

ries

011

1919

2641

6516

221

824

8

Fore

ign

EEA

PIs

tow

ards

Bel

gium

2247

104

133

184

262

273

379

421

435

ELM

Is Belg

ian

ELM

Is4

66

610

1010

88

7

Fore

ign

ELM

Is w

ith B

elgi

an b

ranc

h0

00

00

11

11

2

Pass

port

not

ifica

tions

for

cro

ss‑b

orde

r se

rvic

es

Belg

ian

ELM

Is t

owar

ds o

ther

EEA

cou

ntrie

s12

1518

1943

4569

7072

72

Fore

ign

EEA

ELM

Is t

owar

ds B

elgi

um7

814

2840

5453

102

156

188

Inst

itutio

ns o

ffer

ing

serv

ices

with

in a

lim

ited

netw

ork

(new

und

er P

SD2)

nav

nav

nav

nav

nav

nav

nav

nav

nav

1

Tran

sact

ion

s b

y B

elg

ian

PIs

an

d E

LMIs

(in

mill

ions

)

Num

ber

of t

rans

actio

ns (

year

ly t

otal

)na

vna

vna

vna

v1

665

1 87

41

968

2 15

52

006

2 04

4

Valu

e of

tra

nsac

tions

in e

uro

(yea

rly t

otal

)na

vna

vna

vna

v10

5 98

913

3 51

313

6 56

713

7 14

412

4 38

812

4 48

5

Ave

rage

out

stan

ding

E‑M

oney

of

Belg

ian

ELM

Isna

vna

vna

vna

v15

.221

.835

.845

.573

.911

6.6

Sour

ce :

NBB

.

E.

Pro

cess

ors

of

pay

men

t tr

ansa

ctio

ns

Wo

rld

line

SA / N

V

Num

ber

of t

rans

actio

ns (

year

ly t

otal

, in

mill

ions

)1

230.

11

295.

51

387.

61

473.

71

553.

91

665.

81

800.

01

960.

02

150.

0na

v

Sour

ce :

Wor

ldlin

e.

872019 ¡ Annex 3 : Statistics

Tab

le 2

(co

ntin

ued

2)

Paym

ents

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

F.

Car

d t

ran

sact

ion

s

Nu

mb

er o

f ca

rds

issu

ed b

y re

sid

ent

pay

men

t se

rvic

e p

rovi

der

s –

Car

ds

wit

h a

cas

h f

un

ctio

n

Num

ber

of c

ards

(in

tho

usan

ds o

f nu

mbe

rs,

end

of p

erio

d)20

005

.19

20 6

47.0

820

041

.34

21 3

96.5

421

870

.76

22 5

93.1

322

362

.50

nav

Num

ber

of c

ards

per

cap

ita (

end

of p

erio

d)1.

821.

871.

801.

921.

952.

002.

00na

v

POS

tran

sact

ion

s at

ter

min

als

p

rovi

ded

by

resi

den

t PS

Ps

Num

ber

of p

aym

ent

tran

sact

ions

per

car

d –

W

ith c

ards

issu

ed b

y re

side

nt P

SPs

(yea

rly t

otal

)52

.41

54.2

60.2

58.4

61.8

67.4

75.2

nav

Valu

e of

pay

men

t tr

ansa

ctio

ns p

er c

ard

–

With

car

ds is

sued

by

resi

dent

PSP

s (y

early

tot

al,

in €

)2

752.

942

838.

923

091.

492

906.

162

948.

403

094.

63

343.

8na

v

Tran

sact

ion

s p

er c

apit

a

Num

ber

of c

ard

paym

ents

–

With

car

ds is

ssue

d by

res

iden

t PS

Ps 1 (

year

ly t

otal

)10

5.15

111.

012

0.0

135.

213

8.9

151.

016

6.7

nav

Valu

e of

car

d pa

ymen

ts –

W

ith c

ards

issu

ed b

y re

side

nt P

SPs 1

(y

early

tot

al,

in €

tho

usan

ds)

5.77

6.1

6.4

6.6

6.9

7.1

7.7

nav

Sour

ce :

ECB

Paym

ent

Stat

istic

s.1

Exce

pt c

ards

with

an

e‑m

oney

fun

ctio

n on

ly.

G.

Car

d s

chem

es

Ban

con

tact

– N

um

ber

of

tran

sact

ion

s

(yea

rly t

otal

, in

mill

ions

)1

076.

41

136.

41

180.

41

241.

81

306.

71

389.

51

441.

61

480.

2

of w

hich

:

Reta

il pa

ymen

ts97

3.4

1 02

8.9

1 06

8.4

1 12

5.9

1 19

0.9

1 27

2.8

1 32

5.2

1 33

6.0

ATM

103.

010

7.5

111.

911

5.9

115.

911

6.8

116.

311

4.2

Sour

ce :

Banc

onta

ct.

88 Annex 3 : Statistics ¡ Financial Market Infrastructures and Payment Services

Tab

le 3

SWIF

T(y

early

tot

al,

in m

illio

ns)

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Nu

mb

er o

f m

essa

ges

3 76

0.3

4 03

1.9

4 43

3.9

4 58

9.1

5 06

5.7

5 61

2.7

6 10

6.6

6 52

5.8

7 07

6.5

7 87

3.6

of

wh

ich

:

Paym

ent

mes

sage

s1

933.

92

041.

42

157.

52

314.

42

524.

52

737.

22

930.

23

139.

33

485.

23

840.

0

Secu

ritie

s m

essa

ges

1 58

3.5

1 72

3.2

1 94

5.9

1 97

5.3

2 21

5.6

2 54

5.2

2 82

9.1

3 01

9.1

3 23

2.3

3 63

5.5

Oth

er m

essa

ges

242.

926

7.3

330.

529

9.4

325.

633

0.3

347.

336

7.3

359.

039

8.1

Sour

ce :

SWIF

T.

892019 ¡ List of abbreviations

List of abbreviations

AISP Account information service providerASPSP Account servicing payment service provider

BNYM Bank of New York Mellon

CCP Central counterpartyCEC Centre for Exchange and ClearingCLS Continuous Linked SettlementCPMI Committee on Payments and Market InfrastructuresCSDR CSD RegulationCSD Central Securities Depository

DvP Delivery versus payment

EBA European Banking AuthorityECB European Central BankEEA European Economic AreaELMI Electronic money institutionEMD Electronic Money DirectiveEMEA Europe, Middle East and AfricaEMIR European Market Infrastructure RegulationEPC European Payments CouncilESA Euroclear SA/NVESCB European System of Central BanksESES Euroclear Settlement of Euronext‑zone SecuritiesESMA European Securities and Markets Authority

FMI Financial market infrastructureFSB Financial Stability BoardFSMA Financial Services and Markets Authority

G‑SiFI Global systemically important financial institution

ICSD International central securities depositoryIFR Regulation on interchange fees for card‑based payment transactionsIOSCO International Organisation of Securities CommissionsISAC Information sharing and analysis centre

90 List of abbreviations ¡ Surveillance of financial market infrastructures, payment services and cyber risks

LSE London Stock ExchangeLSI Less significant institutionLVPS Large‑value payment system

MCE MasterCard EuropeMoU Memorandum of Understanding

NCA National competent authorityNCB National central bank

ORPS Other retail payment systemO‑SII Other systemically important institutionOTC Over the counter

PFMIs CPMI‑IOSCO Principles for FMIsPI Payment institutionPISP Payment initiation service providerPOS Point of salePSD Payment Services DirectivePSP Payment Service ProviderPvP Payment versus payment

RPS Retail payment system

SCT Inst SEPA instant credit transferSEPA Single European Payments AreaSI Systemically‑relevant credit institutionSIPS Systemically important payment systemSSM Single supervisory mechanismSSS Securities settlement systemSWIFT Society for Worldwide Interbank Financial Telecommunication

T2 TARGET2T2S TARGET2‑Securities

National Bank of Belgium Limited liability company RLP Brussels – Company number : 0203.201.340 Registered office : boulevard de Berlaimont 14 – BE ‑1000 Brussels www.nbb.be

Publisher

Tim HermansExecutive Director

National Bank of Belgium Boulevard de Berlaimont 14 – BE ‑1000 Brussels

Contact for the publication

Johan PissensDeputy Director Surveillance of financial market infrastructures, payment services and cyber risks

Tel. +32 2 221 20 57  johan.pissens@nbb.be

© Illustrations : National Bank of Belgium

Cover and layout : NBB AG – Prepress & Image

Published in June 2019

Printed on FSC paper