MIP news

Maximum prices for connectivity to T2, T2S, TIPS and ECMS are now available

8 July 2019

SIA-COLT and SWIFT have signed concession contracts with Banca d’Italia, acting on behalf of the Eurosystem, to provide market infrastructure connectivity services to the Eurosystem Single Market Infrastructure Gateway (ESMIG). Starting in 2021, both network service providers (NSPs) will enable market participants to access the three TARGET services (TARGET2 (T2), TARGET2-Securities (T2S) and TARGET Instant Payment Settlement (TIPS)) and the Eurosystem Collateral Management System (ECMS) through the new single gateway.

To obtain the concessions, the two NSPs had to submit competitive maximum prices for ESMIG connectivity services. These prices now form part of the services contract, which can be found in the procurement portal of the Banca d’Italia. The maximum connectivity services prices will bring many market participants cost reductions in their current connectivity costs for T2, T2S and TIPS.

According to the T2-T2S consolidation project milestones, market participants are to finalise their selection criteria for connectivity services provider by 15 July 2019 and to sign a contract with the NSP by July 2020. This process will be monitored by the Eurosystem.