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.

Traffic and trends in TARGET2 during 2017

In 2017 TARGET2 maintained its leading position in Europe, processing 90% of the total value settled by large-value payment systems in euro. This amounted to nearly 90 million payment transactions, with a total value of €432.8 trillion.

The newly published TARGET annual report offers an insight into the activity of the RTGS system in 2017. To mark the tenth anniversary of TARGET2, it looks at how traffic has evolved over the past decade and the positive impact the system has had on financial market integration in Europe.

The report also explores topics of relevance from the past year, such as the liquidity held in TARGET2 and its usage, the cross-border activities registered by the system, and the adaptations being made to ensure it will interact smoothly with the TARGET Instant Payment Settlement (TIPS) service.

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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