Focus Session in Frankfurt am Main
Thursday, 23 January, 09:00-17:00 CET
C2.01-C2.02, ECB Main Building
The Eurosystem has embarked on an ambitious journey to contribute to the integration of Europe’s financial market infrastructure. Enhanced TARGET Services will allow market participants to integrate their liquidity in a single pool of central bank money that can be used for cash, securities or collateral transactions. This will help to optimise liquidity flows across TARGET Services, set credit lines and manage central bank operations in an efficient and harmonised way.
- Ulrich Bindseil, ECB
The ECB team will give a project update.
Market readiness assessment
Self-assessments are conducted by market participants – this update offers insight into the current status of this process.
Network service providers
SIA-Colt and SWIFT are the two network service providers awarded the concession to provide connectivity to all Eurosystem market infrastructure services via the Eurosystem Single Market Infrastructure Gateway (ESMIG). Market participants need to select one of these two providers by July 2020. These presentations and the Q&A provide an opportunity to gain insight into the services these providers will offer.
- Coffee break
Global move to ISO 20022
The launch of the new real-time gross settlement (RTGS) system in November 2021 will require a migration to ISO 20022 for large-value payments. Why are RTGS systems across the globe moving to ISO 20022? What benefits can be expected? How should market participants engage with challenges posed by the switch?
- Marek Kozok, ECB
- Will Lea, Bank of England
- Frank Van Driessche, Federal Reserve Bank of New York
Moderator: Paula Roels, Deutsche Bank
- Lunch break
Central bank readiness
Launching the new RTGS system requires central banks, and central bank communities, to migrate to the new set-up. How are central banks preparing for this? How will they ensure that both they, and their communities, are ready for the change?
- Luis Garcia, Banco de España
- Michael Schoenmakers, Banque Centrale du Luxembourg
Panel: What will it take to be ready?
Diverse stakeholders will need to be ready to migrate to the new system in 2021 – financial institutions, central banks, ancillary systems etc. What approach should they take? What is needed to ensure they are all ready in time? What support is available?
- Edouard Berthet, BNP Paribas
- Olivier de la Maisonneuve, Worldline
- Jette Simson, EBA Clearing
Moderator: Sylvain Debeaumont, ECB
- Coffee break
Companies will present on how they can support market participants in the preparation for the migration to ISO 20022 and the launch of the new RTGS in 2021.
- Dimitri Pattyn, ECB
- End of event
In November 2021 the Eurosystem will replace its current TARGET2 settlement system with a new real-time gross settlement (RTGS) system built on ISO 20022. The launch will consolidate the new system and T2S, the securities settlement platform, on both technical and functional levels. The project will optimise liquidity management across all TARGET Services (TARGET2, T2S, TIPS and ECMS).
All current users – financial institutions, central banks, ancillary systems, network services providers, etc. – will be connected to the new system using a “big bang” approach, i.e. over a single weekend.
Extensive preparations and solid migration plans will be required to ensure everyone involved can meet the transition deadline of November 2021. To facilitate a smooth changeover process, some may choose to use external service providers. To foster transparency for all, the European Central Bank will run a marketplace where potential external providers can showcase their services and engage in dialogue with users of the new RTGS system.
Are you a service provider interested in taking part? The ECB invites you to express your interest by 18 December 2019. See below for more details.
|Who can participate?||Interested service providers.|
|How can I take part?||Send an email to MIP.firstname.lastname@example.org expressing your interest.|
|Closing date for expressions of interest||18 December 2019|
|When will I know if my participation is confirmed?||9 January 2020|
European Central Bank
|Date of event||
Thursday, 23 January 2020
|What format will the event take?||
The event will comprise a conference and a marketplace. As a confirmed marketplace participant, you will have a stall where you can present your services and interact with all the conference participants. These will include banks operating in the European Union, national central banks, financial market infrastructure providers and industry associations. You are also welcome to attend the conference as a member of the audience.
|What should be presented at the event?||
You should showcase how you can support TARGET2 stakeholders in their migration to the new RTGS system in November 2021.
|What kind of facilities will be provided at the event?||
There will be a dedicated area for presenting and discussing your services with market participants.
|Cost of participation||
There is no participation fee. The ECB will provide a light buffet lunch and refreshments to all participants. The ECB will not cover any travel costs incurred.