2017年-ECB欧洲央行_TARGET_Annual_Report_2016_69页_1mb

TARGET Annual Report 2016 Summary

Core Content

TARGET2 is a second-generation real-time gross settlement (RTGS) system for euro payments, operated by the Eurosystem. It ensures the smooth operation of payment systems, which is essential for a sound currency, effective monetary policy, and financial stability. The system supports intraday finality, allowing funds to be reused multiple times a day.

Key Features of TARGET2

• Functionality: TARGET2 is used for the settlement of payments related to monetary policy operations, interbank payments, and transactions involving other payment and securities settlement systems.
• Accessibility: It is accessible to a large number of participants, including almost 1,800 credit institutions in Europe and over 52,000 banks worldwide.
• Pricing and Services: TARGET2 offers harmonised services at the EU level and a single pricing structure. It also supports ancillary systems with a harmonised set of cash settlement services and provides enhanced liquidity management tools.
• System Evolution: The Eurosystem is exploring the consolidation of TARGET2 and T2S to improve RTGS services, strengthen cyber resilience, and establish a single access point to a range of market infrastructure services.

Main Developments in 2016

• Traffic Levels: In 2016, TARGET2 processed a total value of €445.9 trillion, representing a 5% decrease compared to 2015. The total volume of transactions was approximately 88 million, with only a 0.1% decrease.
• Daily Activity: The highest daily turnover was recorded on 29 June, with a total value of €2,621 billion. The highest daily transaction volume was on 30 June 2016, with 533,100 transactions.
• Seasonality: The seasonality of TARGET2 turnover in 2016 was 52%, slightly lower than the previous year. Peaks typically occurred at the end of the month and quarter, while troughs were observed on public holidays.
• Traffic Composition: In 2016, the composition of total TARGET2 traffic was as follows: customer payments (56%), interbank payments (29%), and ancillary system payments (15%).

Impact of T2S Migration

• T2S Launch: TARGET2-Securities (T2S) was launched on 22 June 2015 and provides a platform for securities settlement in central bank money.
• Migration Waves: In 2016, two migration waves occurred:
  • Wave 2: On 29 March 2016, including Interbolsa (Portugal) and NBB-SSS (Belgium).
  • Wave 3: On 12 September 2016, including Euroclear Belgium, Euroclear France, Euroclear Nederland, VP Lux (Luxembourg), and VP Securities (Denmark).
• Liquidity Transfers: Liquidity is transferred between TARGET2 RTGS accounts and T2S dedicated cash accounts daily. The average daily volume of liquidity transfers increased significantly after the migration waves, reaching 100% higher by the end of 2016 compared to the beginning of the year.
• Cash Sweep Process: Liquidity is swept back from T2S to TARGET2 at specific times: 16:30 (optional cash sweep) and 17:45 (automated cash sweep). The optional sweep at 16:30 is preferred by participants.

Performance and Statistics

• Availability: The availability of the Single Shared Platform (SSP) in 2016 was 100%.
• Traffic Trends: The traffic levels in 2016 were relatively stable compared to 2015, despite the impact of T2S migrations. The system's traffic was influenced by seasonal factors and the migration of central securities depositories (CSDs).
• Comparative Analysis: TARGET2 processed the equivalent of the euro area's annual GDP in about six days of operations. It also showed a more stable trend compared to other global payment systems, such as SWIFT and Fedwire Funds.

Financial and Regulatory Considerations

• Revenues and Costs: The report includes information on TARGET2 revenues and its cost recovery strategy, which was adjusted in 2013 to improve prospects for cost recovery.
• Regulatory Compliance: The importance of transaction-level data for SIPS (Securities and Investment Funds Payment Services) regulatory compliance is highlighted, as it enables better oversight and risk management.
• Cyber Resilience: The Eurosystem is working on enhancing cyber resilience within the TARGET2 system.

Conclusion

TARGET2 continued to play a vital role in the European payment system in 2016, maintaining its position as one of the largest payment systems globally. The system's performance was influenced by the migration of CSDs to T2S and seasonal factors, but overall traffic levels remained stable. The Eurosystem is focusing on system consolidation and improving the efficiency and resilience of RTGS services in the euro area.