To explain when and how finance wins, political economists have studied the financial sector’s instrumental and structural power. This paper develops the concept of infrastructural power as a third, complementary variant. Theoretically, the argument is based on the observation that state actors, in addition to acting on markets, also act in markets. Central banking is the clearest manifestation of such market-based state agency. The paper analyzes the origins and manifestations of this infrastructural power by tracing the alliances the European Central Bank has formed with the two key pillars of market-based banking, the repo and the securitization markets.