2009年-ECB欧洲央行_TARGET_Annual_Report_2008_70页_1mb

报告摘要

TARGET Annual Report 2008 Summary

Core Content

The TARGET Annual Report 2008 provides an overview of the evolution and performance of the TARGET system, a real-time gross settlement (RTGS) system for euro payments, and highlights the transition from the first-generation TARGET system to the second-generation system, TARGET2. The report outlines the strategic importance of TARGET in the context of the Eurosystem's efforts to create a unified and efficient financial infrastructure in the euro area.

Main Points

1. TARGET System Overview

TARGET is the Trans-European Automated Real-time Gross Settlement Express Transfer system, launched on 4 January 1999.
It serves as a real-time gross settlement system for euro payments, enabling the efficient and secure settlement of large-value and time-critical transactions.
The system was initially designed to support the single monetary policy of the Eurosystem and to reduce systemic risk by providing a reliable infrastructure for cross-border payments.
TARGET was built by linking existing national RTGS systems and offering a minimum set of harmonised features for inter-Member State payments.

2. TARGET2 – The Second-Generation System

TARGET2 was launched in November 2007 and fully replaced the first-generation system by May 2008.
It introduced a single technical platform (Single Shared Platform – SSP), which enabled harmonised services across the euro area.
TARGET2 offers uniform pricing, centralised liquidity management, and enhanced functionality for both domestic and cross-border transactions.
The system supports 69 ancillary systems, including retail payment systems, money market systems, and securities settlement systems, through a standardised interface.
The migration to TARGET2 was smooth and well-coordinated, with all user communities successfully connected and no operational disruptions reported.

3. System Rules and Legal Framework

The General Functional Specifications (GFS) and User Detailed Functional Specifications (UDFS) define the technical and operational rules of the TARGET system.
The TARGET2 Guideline, published in September 2007, replaces the first-generation guidelines and ensures legal harmonisation across the Eurosystem.
It includes governance arrangements, audit rules, and transitory provisions for the migration from first-generation TARGET to TARGET2.
The Guideline allows for customisation based on national laws while aiming for the highest degree of harmonisation.

4. Participation of Non-Euro Area Central Banks

Non-euro area central banks can participate in TARGET as long as they are EU members, to facilitate the settlement of euro-denominated transactions.
The European System of Central Banks (ESCB) includes 28 central banks, with 21 confirming their connection to TARGET2.
The Bank of England, Danmarks Nationalbank, and Sveriges Riksbank were initially connected to the first-generation TARGET system but opted to discontinue participation in May 2008.

5. Impact of Financial Turmoil

The financial turmoil had a significant impact on payment and securities settlement systems, including TARGET.
It highlighted the need for robust and reliable infrastructure, especially in times of market stress.
The migration to TARGET2 helped to improve liquidity management, system stability, and harmonisation of services across the euro area.

6. System Performance in 2008

The report details TARGET traffic, service level, participant numbers, revenues, and risk management.
TARGET operated 11 hours a day, from 7 a.m. to 6 p.m. CET, with a cut-off time at 5 p.m. CET.
It settled 50% of overall TARGET traffic in terms of volume and 30% in terms of value after the first migration to TARGET2.
Intraday finality and immediate reuse of funds are key features of TARGET, enhancing cash management and liquidity efficiency.

Key Information

TARGET2 provides a level playing field for banks across Europe by offering uniform services and pricing.
The Eurosystem is committed to the integration of financial markets, and TARGET plays a central role in this process.
The migration process was completed over a six-month period, with all user communities connected by May 2008.
The system is supported by technical consolidation, which helps to reduce costs and increase efficiency.
The TARGET Annual Report serves as a comprehensive reference for decision-makers, system users, lawyers, and academics interested in understanding the market infrastructure in the euro area.

Conclusion

The report underscores the importance of TARGET in promoting financial integration, stability, and efficiency in the euro area. It also highlights the strategic role of the second-generation system, TARGET2, in enhancing the infrastructure and services available to the Eurosystem and its participants. The ongoing efforts of the Eurosystem to harmonise and consolidate payment and securities settlement systems are critical to the development of a competitive and integrated market infrastructure in the EU.