Market Infrastructure & Payments

We provide infrastructure for payment and securities settlement, cooperate with market stakeholders to integrate financial markets in Europe, and oversee financial market infrastructure and payment instruments.

New publication looks at what follows after a successful year with T2S

To celebrate the first anniversary of T2S we are launching a new Special Series issue, A year with T2S – what’s next? Marc Bayle takes stock of where we are and looks ahead to consider the future direction of our common market infrastructure. In an interview, some of the main actors involved in the project share insights from T2S. And in a dedicated article you can find out what the market thinks about the future of real-time gross settlement and the consolidation of TARGET2 and T2S. To get a better understanding of the Eurosystem’s real-time gross settlement services, check out the new ECB explainer, What is TARGET2?. We hope you enjoy the read!

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Providing market infrastructure

The Eurosystem has developed and currently operates the real-time gross settlement (RTGS) system, TARGET2, and the European platform for securities settlement in central bank money, TARGET2-Securities (T2S).

Integrating financial markets

The ECB and the Eurosystem foster financial market integration in Europe by contributing to more efficient euro retail payments and the realisation of the Single Euro Payments Area (SEPA). We promote securities harmonisation and the safe and efficient mobilisation of collateral in the euro area via the Correspondent Central Banking Model (CCBM).

Overseeing market infrastructure

The Eurosystem performs oversight to ensure the smooth functioning of payment, clearing and settlement systems. It monitors their performance, assesses them against its objectives of safety and efficiency and, where necessary, induces change.

Market infrastructure and payments explained