Financial Market Infrastructures and Payment Services Report 2023

The National Bank of Belgium (NBB) publishes yearly a Financial Market Infrastructures (FMIs) and Payment Services Report which provides for the preceding year a detailed overview of changes in the regulatory framework for FMIs, custodians, payment service providers and critical services providers, the evolution of their activities and the Bank's approaches to oversight and prudential supervision.

A number of significant FMIs (SWIFT, Euroclear, Bank of New York Mellon, Mastercard, Worldline) with international relevance are vested in Belgium and the report establishes transparency by clearly defining, and disclosing the regulatory, supervisory, and oversight policies with respect to these systems and institutions.

Also trends with regards to national payment systems and services are depicted and the annexes provide statistical time series on the FMI activities and the payments eco system. This year’s publication incorporates a few topics deserving specific attention which are summarized in this article: the impact of the Russian invasion of Ukraine, the digital euro project, climate risk and cyber & IT risks.