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.

TARGET: traffic and turnover figures from 2016

Often referred to as the real-time gross settlement (RTGS) system of the euro, TARGET2 processes 90% of the total value settled by large-value payment systems in the common currency. The 2016 TARGET Annual Report shows that total turnover decreased by 5% compared with the previous year, while the volume of payments remained almost unchanged. The drop in total TARGET2 turnover is largely attributable to the launch of T2S, as this resulted in the cash leg of securities settlement shifting from the RTGS system to T2S.

You can find out more about the evolution of TARGET2 traffic, as well as many other analytical studies, in the 2016 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