2006年-ECB欧洲央行_Communication_on_TARGET2_6页_235kb

报告摘要

TARGET2 Communication Summary

Core Content

This document outlines the Eurosystem's updated decisions regarding participation and pricing in the TARGET2 system, a real-time gross settlement (RTGS) system for euro payments. It addresses the structure of participation, volume estimates, and pricing schemes, with a focus on ensuring cost recovery and fair treatment for all participants.

Main Participation Models

1.1 Direct Participation

Eligibility: Supervised credit institutions in the EEA (including branches), investment firms in the EEA, public sector bodies authorized to hold accounts, clearing services providers under oversight, and EU central banks.
Additional eligibility: Entities from countries with monetary agreements (Monaco, San Marino, Vatican City) may also participate.
Account structure: Direct participants will have accounts in the Payments Module (PM) of the Single Shared Platform (SSP).
Special purpose accounts: Banks may open accounts for non-payment activities (e.g., reserve requirements), and their BICs may be excluded from the TARGET2 directory upon request.
Responsibility: Direct participants are responsible for all transactions of indirect participants, multi-addressee access entities, and addressable BICs.

1.2 Multi-Address Access

Definition: Direct participants may authorize their branches or group members to use their main account for payments, without direct involvement.
Benefits: Allows efficient liquidity management and payments processing.
System rules: Will define the composition of a group and the conditions for this access.

1.3 Indirect Participation

Definition: Supervised credit institutions or EU central banks can act as intermediaries for other institutions that do not directly connect to TARGET2.
Settlement: Payments are settled in the direct participant’s account in the PM.
Legal recognition: Indirect participants are recognized by the TARGET2 system and benefit from the Settlement Finality Directive (SFD) protection.
Note: Central banks will stop providing indirect participation services after a four-year transition period.

1.4 Addressable BICs

Definition: Correspondents or branches of direct participants with a BIC can be listed in the TARGET2 directory.
No system rules: No specific criteria are set for eligibility.
Responsibility: Direct participants are responsible for managing the inclusion of these BICs.
Key difference: Unlike indirect participants, addressable BICs do not benefit from SFD protection and are not eligible for the TARGET2 compensation scheme.

Volume Estimates

Previous assumption: Based on a 3% annual growth rate, assuming 81.3 million transactions in the first year (2007).
New assumption: The Eurosystem now uses the trend from 1999 to 2006, which showed an average yearly growth of of 7.14%, to estimate traffic.
Revised estimates:
- Volume from May 2008 to April 2009: 93.1 million transactions.
- Total transactions during the 6-year amortisation period: 650 million transactions (based on an average of 108 million).

Pricing Schemes

3.1 TARGET2 Core Pricing Scheme

Options:
- Option A: Flat fee of €0.80 per transaction + €100 monthly fee.
- Option B: Volume-based pricing with five bands, starting at €0.60 per transaction for up to 10,000 transactions/month, and decreasing to €0.125 for volumes above 100,000 transactions/month.
Amendment: A new volume band was added to reduce the average price for very large participants, encouraging more traffic through TARGET2.
Special note: Central banks will charge indirect participants at least the same price as direct participants to prevent the development of national RTGS systems.

3.2 Ancillary Systems (AS) Pricing

Structure: A pricing scheme combining a transaction fee and a fixed fee.
Fixed fee:
- Common fee: €12,000 per year for all ASs.
- Value-based fee: €5,000 to €50,000 per year, depending on the underlying gross value of transactions.
Transaction fee: Degressive scale, applied to all transactions settled via ASs.
Note: Whether core pricing applies to AS transactions and whether fees are charged to ASs or participants remains to be decided.

3.3 Additional Pricing Elements

Multi-addressee access: An extra monthly fee of €80 per BIC address, in addition to the direct participant’s fee.
Unpublished PM accounts: A monthly fee of €30 per account for direct participants who do not wish to publish their BIC in the TARGET2 directory.
One-off fees:
- €20 for each registration of an indirect participant.
- €5 for each registration of an addressable BIC in the TARGET2 directory.

Liquidity Pooling Services

4.1 Description

Purpose: To avoid liquidity fragmentation and allow centralized liquidity management even with decentralized accounts.
Two options:
- Virtual Account (VA): Payments are settled if the amount is within the total liquidity of the group.
- Consolidated Account Information (CAI): Provides liquidity information across all group accounts, but settlement is based on individual RTGS accounts.
Eligibility:
- CAI: Only credit institutions directly participating in the PM can use this option.
- VA: Only euro area banks holding accounts with euro area central banks can use this option.
Group definition: The Eurosystem is considering the "closed link" definition from Directive 2000/12/EC, but other affiliations may also be considered.

4.2 Pricing

CAI: €1,200 per account per year (reduced from €2,900).
VA: €2,400 per account per year (includes CAI).
Group pricing: Applies to all payments within a group, treating them as if they originated from a single account.

Key Information

The Eurosystem has revised its pricing strategy to reflect new volume estimates and feedback from the banking community.
Larger banks requested group pricing for liquidity pooling services, which was implemented.
Indirect participants and addressable BICs have different legal and financial treatment.
The Eurosystem is working to finalize legal and technical details for all participation models and ancillary systems.

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