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Governance: market infrastructure and payments

The Eurosystem owns and operates financial market infrastructure for the settlement of payments (TARGET2, TIPS) and securities (TARGET2-Securities, or T2S). These platforms form the backbone of the European financial market. All relevant stakeholders are included in the governance framework so as to better understand their needs and draw on their expertise and experience as users.

Market Infrastructure Board

The Market Infrastructure Board (MIB) is a streamlined management body in charge of Eurosystem initiatives in the field of market infrastructure. It is responsible for the day-to-day operation of TARGET2, TIPS and T2S, as well as for the management of all Eurosystem projects in the area of market infrastructure and payments.



Market groups

Two advisory groups on market infrastructures have been set up to counsel the Eurosystem on issues related to (i) payments (AMI-Pay) and (ii) securities and collateral (AMI-SeCo). Both groups are composed of market participants and are chaired by the ECB.


The Advisory Group on Market Infrastructures for Payments (AMI-Pay) is a forum for the exchange of views on developments in payments. The group assists the Eurosystem in fostering payment innovation and integration across Europe, and offers advice on the provision and modification of Eurosystem payment-related services. It is composed of representatives of banks active in the European Union and of national central banks.

Value dating SEPA Instant Credit Transfers – non-binding AMI-Pay market best practice

Documents produced by AMI-Pay


The Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo) facilitates an active dialogue with market participants on issues related to the clearing and settlement of securities and to collateral management. It took over the responsibilities of the T2S Advisory Group and the Contact Group on Euro Securities Infrastructures (COGESI). AMI-SeCo brings together representatives of banks active in the European Union in their role as T2S users, central securities depositories (CSDs), central counterparties (CCPs) and national central banks.

Documents produced by AMI-SeCo

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