(ix)
Promoting and supporting the development of financial markets
and efficient
payment and settlement systems
A well structured
payment and settlement system promotes the efficient use of
resources
and contributes to the integration of financial markets. The
Central Bank of Malta operates a payment system, which forms
part of TARGET2, and is known as TARGET2Malta.
The Central Bank of Malta also oversees and regulates the operation
of, and the participation in, both domestic and cross-border
payment and securities settlement systems. Approval should
first be authorised by the Bank before a payment and securities
settlement system starts to operate. Furthermore, the Bank
may also issue directives in respect of payment and securities
settlement systems, cross-border credit transfer services and
electronic payment services.
