![]() In order to increase competitiveness, TARGET should provide for multiple network service providers (NSPs) responsible for establishing the technical connection to TARGET. In order to ensure clarity and equal treatment, it is appropriate that the provision of these services should be governed by harmonised sets of conditions for participation in TARGET, which should be concluded between each TARGET participant and the national central bank (NCB) operating the respective TARGET component system. TARGET should provide central liquidity management services, including the settlement of central bank operations through main cash accounts (MCAs), large value real-time gross settlement (RTGS) for payments through RTGS dedicated cash accounts (DCAs), cash payments in relation to securities settlement through T2S dedicated cash accounts (T2S DCAs) and settlement of instant payments through TARGET Instant Payment Settlement (TIPS) dedicated cash accounts (TIPS DCAs), and services for ancillary system (AS) settlement through sub-accounts, RTGS AS technical accounts, AS guarantee fund accounts and TIPS AS technical accounts. Level 2 (Technical and operational management body) should have subsidiary competence for the management and steering of TARGET, while Level 3 (providing national central banks) should build and operate the TARGET systems for the Eurosystem’s benefit. Level 1 (Governing Council) should have final competence in relation to TARGET and safeguard its public function. Therefore, Guideline 2013/47/EU (ECB/2012/27) should be repealed.Īs is the case for TARGET2, TARGET should be legally structured as a multiplicity of payment systems, where all TARGET component systems are harmonised to the greatest extent possible.Īs is the case for TARGET2, in TARGET there should be three separate levels of governance. The result of the T2-T2S Consolidation Project is the new-generation Trans-European Automated Real-time Gross settlement Express Transfer system settling in euro in central bank money (TARGET).įrom 21 November 2022, TARGET2 should be replaced by TARGET. On 6 December 2017 the Governing Council approved the T2-T2S Consolidation Project, the objective of which is to consolidate and optimise TARGET2 and TARGET2-Securities (T2S), benefiting from state-of-the-art approaches and technological innovation, enabling a decrease in their combined operational cost, and enhancing liquidity management across the various services. This Agreement covers the provision of information and liability in the event of the insolvency of a participant in the systems and defines a common moment of entry for payments and securities transfer orders that are settled in these systems. ![]() ![]() On 20 March 2018 the ‘Collective Agreement’ signed between the central banks operating TARGET2 component systems and the central securities depositories (CSDs) operating on the TARGET2-Securities platform entered into force. The Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) is governed by Guideline 2013/47/EU of the European Central Bank (ECB/2012/27) ( 1). Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 3.1 and Articles 17, 18 and 22 thereof, Having regard to the Treaty on the Functioning of the European Union, and in particular the first and fourth indents of Article 127(2) thereof, THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK, On a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) and repealing Guideline 2013/47/EU (ECB/2012/27) (ECB/2022/8) GUIDELINE (EU) 2022/912 OF THE EUROPEAN CENTRAL BANK ![]()
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