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.

ECB publishes the user requirements for its future RTGS services

Following the approval of the TARGET2-T2S consolidation project, the ECB has published the user requirement documents for:

These documents are accompanied by a glossary.

The user requirements documents have benefitted from more than 2,800 comments, from over 50 institutions, submitted during a market consultation on the Eurosystem's future RTGS services. The consultation ran from 10 May to 30 June 2017.

The project has now entered the implementation phase and the consolidated system is expected to be ready in November 2021. The new system will exploit the synergies across all TARGET Services, bringing significant improvements to liquidity management.

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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