TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system.
TARGET2 is the second generation of TARGET.
Status of the TARGET2 system
Last update: Wednesday 25 November 2015 19:00
The TARGET2 system opened the new business day and is operating normally.
As scheduled, the night-time settlement will start at 19:30 and the day trade phase at 07:00 of the next calendar day (but not on a Saturday, Sunday or TARGET2 holiday).This page will be updated if interruptions impact on payments processing in TARGET2. (During night-time settlement the page will be updated when the TARGET2 day trade phase starts.) The Eurosystem cannot be held liable for the information provided on the T2IS.
Payment transactions in TARGET2 are settled one by one on a continuous basis, in central bank money with immediate finality. There is no upper or lower limit on the value of payments. TARGET2 settles payments related to monetary policy operations, interbank and customer payments, and payments relating to the operations of all large-value net settlement systems and other financial market infrastructures handling the euro (such as securities settlement systems or central counterparties).
TARGET2 is operated on a single technical platform. Business relationships are established between the TARGET2 users and the respective central bank. In terms of the value processed, TARGET2 is one of the largest payment systems in the world.
|TARGET2 facts in 2014|
|No of participants||TARGET2 had 1,007 direct participants, 837 indirect participants and 5,037 correspondents|
|No of ancillary systems||TARGET2 settled the cash positions of 84 ancillary systems|
|Daily averages||TARGET2 processed a daily average of 354,263 payments, representing a daily average value of €1.9 trillion|
|Average transaction value||€5.5 million|
|Payment values||more than two-thirds of all TARGET2 payments had a value of less than €50,000 each; 13% of all payments had value of over €1 million|
|Peaks||the peak in volume turnover was 30 June 2014 with 568,060 transactions and peak value turnover was on 30 April 2014 with €3,155 billion|
|Large-value payment system traffic||TARGET2’s share in total large-value payment system traffic in euro was 91% in value terms and 61% in volume terms|
|SSP technical availability||100%|
|99.9% of TARGET2 payments were processed in less than five minutes|