TARGET2 participation

SSP registration

SSP registration

In banking communities already connected to TARGET2, new participants are allowed to connect to the Single Shared Platform. The following documents and guides provide an overview of the various actions that are carried out by the connecting participants on the production environment during the weeks preceding its connection. The central bank of the new participant is responsible for providing guidance and support throughout the whole connection process.

Internet-based participation

Routing and mapping of payments

List of participants

List of participants

As a matter of transparency, the Eurosystem provides a list of published direct and indirect TARGET2 participants. The information provided on this page is free of charge and will be made available on a quarterly basis on the TARGET2 website and on the websites of the national central banks. The information is provided in “pdf” and “csv” formats.

  • 11 July 2016: July 2016 update of the list of TARGET2 participants pdf   CSV
  • 06 April 2016: April 2016 update of the list of TARGET2 participants pdf   csv
  • 06 January 2016: January 2016 update of the list of TARGET2 participants pdf   csv
  • 05 October 2015: October 2015 update of the list of TARGET2 participants pdf csv
  • 09 July 2015: July 2015 update of the list of TARGET2 participants pdf csv
  • 13 April 2015: April 2015 update of the list of TARGET2 participants pdf   csv
  • 06 January 2015: January 2015 update of the list of TARGET2 participants pdf   csv
  • 07 October 2014: October 2014 update of the list of TARGET2 participants pdf   csv
  • 07 July 2014: July 2014 update of the list of TARGET2 participants pdf   csv
  • 07 April 2014: April 2014 update of the list of TARGET2 participants pdf   csv
  • 06 January 2014: January 2014 update of the list of TARGET2 participants pdf   csv
  • 07 October 2013: October 2013 update of the list of TARGET2 participants pdf   csv
  • 01 July 2013: July 2013 update of the list of TARGET2 participants pdf   csv
  • 05 April 2013: April 2013 update of the list of TARGET2 participants pdf csv
  • 03 January 2013: January 2013 update of the list of TARGET2 participants pdf csv
  • 02 October 2012: October 2012 update of the list of TARGET2 participants pdf csv
  • 03 July 2012: July 2012 update of the list of TARGET2 participants pdf csv
  • 02 April 2012: April 2012 update of the list of TARGET2 participants pdf csv
  • 05 January 2012: January 2012 update of the list of TARGET2 participants pdf csv
  • 4 October 2011: October 2011 update of the list of TARGET2 participants pdf
  • 1 July 2011: July 2011 update of the list of TARGET2 participants pdf csv
  • 1 April 2011: April 2011 update of the list of TARGET2 participants pdf csv
  • 3 January 2011: January 2011 update of the list of TARGET2 participants pdf csv
  • 1 October 2010: October 2010 update of the list of TARGET2 participants pdf csv
  • 7 July 2010: July 2010 update of the list of TARGET2 participants pdf csv
  • 8 April 2010: April 2010 update of the list of TARGET2 participants pdf csv
  • 14 January 2010: List of TARGET2 participants pdf csv

Disclaimer

The list of TARGET2 participants available on this page includes two types of participant only, namely direct and indirect. The other types of participants such as multi-addressee or addressable BICs are not included. The list includes the BIC, the name of the institution as recorded in TARGET2 and the type of participation. The list of TARGET2 participants is created on the basis of the TARGET2 Directory valid on the first day of the current quarter. Users should note that changes may have been made subsequently. The list of TARGET2 participants is only indicative and should be used for information purposes only.

Country and AS profiles

Country and AS profiles

In order to best meet the needs of banks, ancillary systems and central banks, the Eurosystem chose a migration approach to TARGET2 which allowed for flexibility in the timing of the connection to the Single Shared Platform (SSP). Accordingly, national migration profiles were drawn up indicating the situation on the first day of the central banks’ migration to the SSP. These migration profiles provide an overview of the usage of the different modules (including the optional modules) of TARGET2, information regarding the types of transactions which settle in each module and information on the ancillary systems.

Some banking communities chose a phased approach to migrate to the SSP, other chose a national big bang:

  • Phased approach: Some parts of the existing infrastructure co-existed with the SSP for a period of time, in order to allow for a smoother migration. Some RTGS transactions were settled in the SSP from day one, while the rest of the business will continue to be settled on proprietary home accounts for an interim period lasting a maximum of four years (the “transition period”). These countries chose the phased approach: Austria, Belgium, Germany, Lithuania, Malta, Poland, Portugal and Spain.
  • National big bang: All existing systems were dismantled from the moment the central bank migrated to the TARGET2 single shared platform (SSP). All payment transactions were settled in the SSP from the first day. These countries opted for the national big bang: Cyprus, Denmark, Estonia, Finland, France, Greece, Italy, Ireland, Latvia, Luxembourg, the Netherlands and Slovenia. The ECB also chose this model for the AS which connect through the ECB to TARGET2.

Compilation table:

This table gives an overview of all countries participating and connected to TARGET2 and the ancillary systems active in those countries settling in the SSP.

Central Bank
(per country code)

Ancillary Systems

 
BE-FR-NL Euroclear Belgium  
Euroclear France  
Euroclear Nederland  
AT OeKB/Direct Settlement Advanced  
Clearing Service Austria  
PSA Payment Services Austria GmbH  
BE Centre for Exchange and Clearing (CEC)  
BG BISERA7-EUR  
BNBGSSS  
CY Cyprus Clearing House  
Cyprus Stock Exchange  
JCC SEPA SDD  
DE SEPA-Clearer (SCL)  
Clearstream Banking Frankfurt AG (CBF)  
ECC European Commodity Clearing AG (ECC)  
Eurex Clearing AG  
EMZ -Clearing- AS  
DK PBS SEPA Prefund  
Værdipapircentralen A/S (VP)  
EE Estonian CSD (AS Eesti Väärtpaberikeskus)  
ES BANCO DE ESPAÑA — ASI  
Banco de España (SLDI)  
BME Clearing  
IBERCLEAR CADE & AIAF  
IBERCLEAR SCLV  
IBERPAY SNCE  
SCLV Barcelona  
SCLV Bilbao  
EU CLS  
EBA CLEARING — EURO1  
EBA CLEARING — STEP2  
EBA CLEARING — STEP2 Card Clearing  
FI Euroclear Finland Ltd  
VPC AB  
NASDAQ OMX Stockholm AB  
FR LCH.CLEARNET SA (CCP)  
VISA Europe limited  
Groupement des Cartes Bancaires  
STET  
GR Athens Clearing Office  
DIAS Interbanking Systems S.A.  
BOGS  
Hellenic Central Securities Depository S.A.  
HR EuroNKS  
IE CRS-Crest  
IPCC  
IT BI-COMP  
Cassa di Compensazione e Garanzia SpA  
e-MID SIM spa  
Monte Titoli s.p.a.  
LT LITAS-MMS  
VPAS (Vertybinių popierių atsiskaitymo sistema)  
LU Clearstream Banking Luxembourg  
VPLux S.a.r.t  
LUXCSD  
LV EUR-EKS  
First Data Latvia  
LCD  
MT Malta Stock Exchange  
NL Equens SE CSM  
EuroCCP  
ICE Clear Netherlands B.V.  
LCH Clearnet Limited  
PL EuroELIXIR  
KDPW SA  
PT INTERBOLSA  
OMIClear — Sociedade de Compensação de Mercados de Energia S.G.C.C.C.C.S.A  
SIBS, SA — Sociedade Interbancária de Serviços (SICOI)  
RO SENT  
SI Activa  
Bankart ATM  
Bankart POS  
KDD  
MasterCard  
SIMP-PS  
SK Central Depository of the Slovak Republic (CDCP)  
SIPS  
First Data Slovakia s.r.o. (FDS)  
AS settlement times

Settlement times of ancillary systems

The table with settlement times of ancillary systems gives an overview of the settlement cycles and procedures of all ancillary systems settling their cash leg in the SSP.

DCAs (T2S)

DCAs (T2S)

Subject to the fulfilment of the relevant eligibility criteria, a payment bank may open a Dedicated Cash Account (DCA) in euro with any of the Central Banks participating in TARGET2 from the first T2S migration wave onwards. This rule will apply irrespective of the wave in which the “local” market of the Central Bank is planned to migrate to T2S. The eligibility criteria for the opening of a euro-denominated DCA will be similar to those applicable to the opening of RTGS accounts in TARGET2. A payment bank is not required to hold an RTGS account in TARGET2 to open a DCA in euro unless it wants to benefit from Central Bank auto-collateralisation (see below).

Subject to the fulfilment of the relevant eligibility criteria, a payment bank may get access to auto-collateralisation services from the Central Bank with which it holds its DCA. Some restrictions may however apply until the “local” market of the Central Bank migrates to T2S. These restrictions will be further detailed in due time. To get access to Central Bank auto-collateralisation, the payment bank is required to hold an RTGS account with access to intraday credit with the Central Bank with which its DCA is held.

This section will be further enhanced with additional information related to the euro-denominated Dedicated Cash Accounts (DCAs) for T2S.

DCA registration

Workshop

On 16 December 2013 the ECB organised a workshop on liquidity-related issues with the title “Information event for future DCA holders: Euro liquidity management in view of T2S” in Frankfurt am Main.

Agenda and presented documents