ECB identifies systemically important payment systems: ECB has identified four payment systems as being systemically important. These are TARGET2, EURO1, STEP2-T and CORE(FR). The designations, for the purposes of the new ECB Regulation on oversight requirements for systemically important payment systems (SIPS), which took effect from 12 August, mean ECB will be focusing on ensuring efficient management of legal, credit, liquidity, operational, general business, custody, investment and other risks as well as sound governance arrangements within the systems. (Source:ECB Identifies Systemically Important Payment Systems)