The role of the Banque de France

The Banque de France's oversight mission, defined by French law and within the framework of the Treaty on the Functioning of the European Union, consists in:

  • ensuring the smooth operation and security of payment systems
  • ensuring the security of financial instrument clearing and settlement systems

Operators in France

Regarding large-value payment systems, the Banque de France manages T2-BDF, and is responsible for accounts opened in T2-BDF by credit institutions registered in France and for relations with these institutions.

The French retail payment systems, CORE(FR) and SEPA(EU), are managed by STET, which is owned by major French banks.

The French clearing system is managed by the central counterparty LCH SA, which has the status of a credit institution under French law.

The French securities settlement system ESES France is managed by the central securities depository Euroclear France, a non-financial public limited company belonging to the Euroclear Group. Euroclear France shares a securities settlement system with Euroclear Belgium and Euroclear Nederland (ESES). ESES is linked to the T2S pan-European settlement system for the settlement of its securities, from matching through to delivery.

French and European oversight

Within the Eurosystem, the Banque de France oversees French market infrastructures and participates in the system of cooperative oversight of several European and international infrastructures :

  • Payment systems: the Banque de France has been designated as the competent oversight authority for the CORE(FR) systemically important payment system (SIPS). It also participates in the oversight of the other SIPSs in the euro area. At international level, the Banque de France is part of the group overseeing the CLS international multi-currency system and the SWIFT interbank telecommunications network.
  • Central securities depositories and securities settlement systems (SSS): pursuant to Article 141-4 of the French Monetary and Financial Code, the Banque de France is responsible for oversight of central securities depositories and securities settlement systems. In the case of ESES, the Banque de France performs its mission in liaison with Dutch and Belgian authorities and, in the case of Euroclear France, it works in close collaboration with the AMF (Financial Markets Authority).
  • Clearing systems: together with the ACPR and the AMF, the Banque de France is one of the authorities responsible for overseeing clearing systems. The Banque de France chairs the EMIR College of the French clearing house LCH SA. It also participates in the EMIR colleges of other European clearing houses.
  • Trade repositories: in accordance with the EMIR regulation, ESMA (European Securities and Markets Authority) is directly responsible for accreditation and oversight of trade repositories created in the European Union. Trade repositories created outside the European Union must follow an ESMA recognition procedure. Once they have been accredited by ESMA, trade repositories are subject to ongoing oversight to ensure compliance with EMIR. Together with the AMF and the ACPR, the Banque de France retains permanent access to detailed data on derivatives as part of its oversight mission.

Other key players in the French financial system


The CLS international payment system enables foreign exchange orders to be settled between participating banks. Unlike payment systems such as CORE(FR) and T2-BDF, which only allow payments to be settled in euro, CLS allows foreign exchange orders to be settled in 18 currencies.

In France, many different credit institutions participate in the CLS system, allowing them to reduce their foreign exchange transaction risk while ensuring broad geographical business coverage.

The Banque de France participates in the joint oversight of the CLS system, whose secretariat and coordination are provided by the US Federal Reserve in New York.


SWIFT plays a central role in securing payment and securities transactions between financial intermediaries through its SWIFT FIN and SWIFTNet financial messaging services. In particular, SWIFT is used by the TARGET2 payment system.

Since 1998, oversight of SWIFT has been organised according to a cooperative model, headed up by the Banque Nationale de Belgique, which acts as lead overseer, and bringing together the G10 central banks (the Bank of Canada, the Swiss National Bank, the Bundesbank, the Banque de France, the Banca d'Italia, the Bank of Japan, De Nederlandsche Bank, the Bank of England, the US Federal Reserve and the European Central Bank).

Consultative bodies

The smooth operation of these infrastructures requires concertation between the different players. For clearing and securities settlement, the French Association of Securities Professionals (AFTI) plays a key role in research, coordination and training.

At European level, the competent professional associations are ECSDA (European Central Securities Depositories Association) and EACH (European Association of Central Counterparty Clearing Houses).

Further information

Statistics CORE (FR) and SEPA (EU)

View statistics

Statistics CORE (FR) and SEPA (EU)

Outils statistique

Updated on 3 November 2023