The National Bank of Belgium published its Financial Market Infrastructures and Payment Services Report 2025, outlining its supervision of Belgian financial market infrastructures, payment service providers and critical service providers, with emphasis on geopolitical developments and rapid technological change. The report examines how geopolitics is affecting the risk profiles of globally operating, systemically important FMIs such as Swift and Euroclear Bank, which the NBB is monitoring with other supervisory authorities. It highlights the need for IT security frameworks covering both digital systems and physical infrastructure, and provides an update on Belgium’s implementation of the EU Digital Operational Resilience Act, in application since 17 January 2025, including progress and remaining regulatory gaps. It also points to a shift from non-binding guidance to binding requirements, including a decision by the NBB, as lead supervisor for Swift and in cooperation with G10 central banks, to enshrine the principles and standards currently applicable to Swift into Belgian law, alongside updates on PSD3, MiCA and the European Payments Initiative’s Wero project. On the European Commission’s savings and investments union proposal, the NBB supports regulatory simplification and convergence but is not convinced that creating a single European FMI supervisor would directly increase competitiveness or reduce legal fragmentation in the EU.

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