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It was developed by and is owned by the Eurosystem. Participants in the system are either direct or indirect. Direct participants hold an RTGS account and have access to real-time information and control tools. They are responsible for all payments sent from or received on their accounts by themselves or any indirect participants operating through them.
Indirect participation means that payment orders are always sent to and received from the system via a direct participant, with only the relevant direct participant having a legal relationship with the Eurosystem.
Since the establishment of the European Economic Community in , there has been a progressive movement towards a more integrated European financial market. This movement has been marked by several events: In the field of payments, the most visible were the launch of the euro in and the cash changeover in the euro area countries in The establishment of the large-value central bank payment system TARGET was less visible, but also of great importance. It formed an integral part of the introduction of the euro and facilitated the rapid integration of the euro area money market.
This first migration was successful and confirmed the reliability of SSP. The six-month migration process went smoothly and did not cause any operational disruptions. National central banks of states which have not yet adopted the euro can also participate in TARGET2 to facilitate the settlement of transactions in euro. TARGET2 is the real-time gross settlement RTGS system with payment transactions being settled one by one on a continuous basis in central bank money with immediate finality.
There is no upper or lower limit on the value of payments. TARGET2 has to be used for all payments involving the Eurosystem, as well as for the settlement of operations of all large-value net settlement systems and securities settlement systems handling the euro.
It was designed to provide an enhanced service with benefits for economies of scale which allows it to charge lower fees and offer cost-efficiency. All participants of the Eurosystem, and outside it, can access the same functionalities and interfaces, as well as a single price structure. SWIFT standards and services i. SSP has adopted a modular approach, with each module being closely related to a specific service.
The Payments Module, for example, is used for the processing of payments. Some modules i. Central banks which do not use particular modules set up other applications within their own internal technical environments to perform such functions. These were used primarily to manage minimum reserves, standing facilities and cash withdrawals, but also to settle ancillary systems' transactions. It was agreed that, in the context of the new system, these types of transaction should ultimately be settled on the RTGS accounts held on the SSP.
However, some countries' domestic arrangements did not allow these operations to be moved rapidly to the SSP. As a result, the Eurosystem agreed on a maximum transition period of four years for moving the settlement of these payments to the SSP. The Information and Control Module ICM allows direct users to access information and manage parameters linked to balances and payments online. Users of the ICM are able to choose what information they receive and when.
Urgent messages e. While each of these used to have its own settlement procedure, TARGET2 now offers six generic procedures for the settlement of ancillary systems and allows these systems to access any account on the SSP via a standardised interface. The availability and cost of liquidity are two crucial issues for the smooth processing of payments in RTGS systems. In TARGET2, liquidity can be managed very flexibly and is available at low-cost since fully remunerated minimum reserves — which credit institutions are required to hold with their central bank — can be used in full for settlement purposes during the day.
The averaging provisions applied to minimum reserves allow banks to be flexible in their end-of-day liquidity management. The overnight lending and deposit facilities also allow for continuous liquidity management decisions. The Eurosystem provides intraday credit.
This credit must be fully collateralised and no interest is charged. However, all Eurosystem credit must be fully collateralised, i. The range of eligible collateral is very wide. Assets eligible for monetary policy purposes are also eligible for intraday credit. Under Eurosystem rules, credit can only be granted by the national central bank of the member state where the participant is established. Banks' treasury managers have a keen interest in the use of automated processes for the optimisation of payment and liquidity management.
They need tools that will allow them to track activity across accounts and, where possible, make accurate intraday and overnight funding decisions from a single location — e. TARGET2 users have, via the Information and Control Module, access to comprehensive online information and easy-to-use liquidity management features that meet their business needs. TARGET2 has a range of features allowing efficient liquidity management, including payment priorities, timed transactions, liquidity reservation facilities, limits, liquidity pooling and optimisation procedures.
The access criteria for TARGET2 aim to allow broad levels of participation by institutions involved in clearing and settlement activities. Supervision by a competent authority ensures the soundness of such institutions. Supervised credit institutions established within the European Economic Area are the primary participants. Supervised investment firms, clearing and settlement organisations which are subject to oversight and government treasuries can also be admitted as participants.
There are two pricing schemes: . Much shorter service interruptions of different sorts have hit Target2 in July , November and December , and in October Euronext NV, a stock market on the continent, also experienced some outages, per the report. Starting during the financial crisis of and European debt crisis of ensuing years, the main subjects of criticism were the unlimited credit facilities made available since the establishment of the TARGET system by the national central banks of the Eurosystem on the one hand and by the ECB on the other.
Before he made them public, TARGET deficits or surpluses were not the subject of major public attention even though they were disclosed by Eurosystem central banks. Shortly thereafter, Sinn interpreted the TARGET balances for the first time within the context of current account deficits, international private capital movements and the international shifting of the refinancing credit that the national central banks of the Eurosystem grant to the commercial banks in their jurisdiction.
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