Financial market infrastructures (FMIs) are entities that facilitate the clearing, settlement and recording of monetary and other financial transactions. For instance, payment systems allow goods and services to be purchased, central securities depositories provide securities accounts, central safekeeping services as well as asset services, securities settlement systems enable securities to be transferred and settled by book entry, etc.
(a) Facilitate the operation of financial markets and, more generally, the economy;
(b) Provide tools for the implementation of the Eurosystem’s credit operations;
(c) Promote financial inclusion in the European Union, and
(d) Contribute to safeguarding financial stability as well as public confidence in the euro.
FMIs in Cyprus
There are one real time gross settlement system, three retail payment systems and one securities settlement system operating in Cyprus.