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TARGET consolidation: user detailed functional specifications published

6 December 2018

The project to consolidate TARGET2 and T2S is moving forwards with the delivery of the first version of the user detailed functional specifications (UDFS). The specifications are provided in two separate documents, covering central liquidity management and real-time gross settlement (RTGS) respectively. They provide details about the general features, the interaction between the new components and their users, and the catalogue of messages for exchanging information. With the publication of the UDFS, the banking community can now begin internal preparations for the launch of the consolidated system in November 2021.

The TARGET consolidation project is an essential part of the Eurosystem’s strategy to enhance and synchronise certain functional aspects of its market infrastructures and, ultimately, achieve greater integration of financial markets in Europe. With this project, TARGET2 will be replaced by a new RTGS system and liquidity management will be optimised across all TARGET Services.