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.

TARGET2 reports stable annual turnover and leading position in Europe

TARGET2, the Eurosystem’s real-time gross settlement (RTGS) system, maintained its leading position in Europe and is one of the largest payment systems in the world. With a turnover of €470 trillion in 2015, it settled 91% of the total value settled by large-value payment systems in euro. A technical availability of 99.98% allowed TARGET2 to process close to 88 million payment transactions. Successfully connecting to the newly launched securities settlement platform T2S in June 2015 enabled the smooth transfer of liquidity between the two systems.

For more figures and trends observed over the past operational year, read the 2015 TARGET Annual Report.

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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