2010年-ECB欧洲央行_TARGET_Annual_Report_2009_67页_1mb

TARGET Annual Report 2009 Summary

Core Content

The TARGET2 system is the second-generation real-time gross settlement (RTGS) system for the euro, developed by the Eurosystem to enhance the efficiency and reliability of cross-border payments. It replaced the first-generation TARGET system in 2008 and is a critical component of the financial infrastructure in the European Union.

Main Objectives of TARGET

1. Provide a safe and reliable mechanism for the settlement of euro payments on an RTGS basis.
2. Increase the efficiency of inter-Member State payments within the euro area.
3. Support the monetary policy of the Eurosystem.

Key Features of TARGET2

• Single Shared Platform (SSP): TARGET2 operates on a unified technical platform, replacing the decentralized structure of the first generation.
• Harmonized Services: A single price structure and service level apply across the Eurosystem, ensuring a level playing field for all participants.
• Intraday Finality: Payments are settled in real-time, and the funds are available for immediate reuse, improving liquidity management.
• Support for Ancillary Systems: TARGET2 allows for the settlement of payments from various financial systems, including retail, money markets, and securities settlement systems.
• Liquidity Management: The system offers unlimited (collateralized) intraday credit to participants, free of interest.

System Evolution and Migration

• The first-generation TARGET system was launched in January 1999 and was replaced by TARGET2 in November 2007.
• The migration process was completed by May 2008, with all euro area central banks and some non-euro area central banks transitioning to the new system.
• The migration was smooth and without operational disruptions, with the first migration group settling around 50% of overall traffic in terms of volume and 30% in terms of value.

Participation

• TARGET2 participants include over 4,400 banks, and with branches and subsidiaries, over 50,000 banks worldwide.
• Non-euro area central banks can participate in TARGET2 optionally to facilitate euro-denominated transactions.
• Non-euro area countries such as Denmark, Poland, Estonia, Latvia, Lithuania, and Bulgaria have also connected to TARGET2.

System Rules and Documentation

• The General Functional Specifications (GFS) and User Detailed Functional Specifications (UDFS) outline the technical and operational framework of TARGET2.
• The latest GFS (version 2.1) was released in June 2007, and the latest UDFS (version 4.0) in March 2010.
• The TARGET2 Guideline (published in September 2007) provides the legal basis for the operation of the system and includes harmonized participation conditions.

User Cooperation and Information

• The Eurosystem collaborates closely with users to ensure smooth operation and high acceptance of the system.
• Regular meetings are held at both national and pan-European levels to address operational and strategic issues.
• Two TARGET2 newsletters were published in 2009 (June and December) to keep users informed.
• The Information Guide for TARGET2 Users (version 3.0, released in November 2009) provides a standard set of information on system operations, including normal and contingency procedures.
• The Information Guide for TARGET2 Pricing offers a detailed overview of pricing schemes and billing principles, serving as a reference document.

Performance and Impact in 2009

• Traffic Evolution: The system experienced significant growth in terms of volume and value.
• Service Level: TARGET2 maintained high availability and reliability, with minimal delays.
• Risk Management: The system continued to play a key role in managing systemic risk.
• Contribution to Financial Markets: TARGET2 supported the integration of the euro area money market and contributed to the efficiency of financial transactions.

Conclusion

TARGET2 has become a cornerstone of the euro area's financial infrastructure, facilitating the efficient and secure settlement of large-value payments. Its harmonized services, technical consolidation, and support for ancillary systems have significantly improved the overall functioning of the European payment system. The system's evolution reflects the Eurosystem's commitment to adapting to the changing needs of financial markets and ensuring the smooth operation of the single monetary policy.