In banking communities already connected to TARGET2, new participants are allowed to connect to the Single Shared Platform. The following documents and guides provide an overview of the various actions that are carried out by the connecting participants on the production environment during the weeks preceding its connection. The central bank of the new participant is responsible for providing guidance and support throughout the whole connection process.
As a matter of transparency, the Eurosystem provides a list of published direct and indirect TARGET2 participants. The information provided on this page is free of charge and will be made available on a quarterly basis on the TARGET2 website and on the websites of the national central banks. The information is provided in “pdf” and “csv” formats.
The list of TARGET2 participants available on this page includes two types of participant only, namely direct and indirect. The other types of participants such as multi-addressee or addressable BICs are not included. The list includes the BIC, the name of the institution as recorded in TARGET2 and the type of participation. The list of TARGET2 participants is created on the basis of the TARGET2 Directory valid on the first day of the current quarter. Users should note that changes may have been made subsequently. The list of TARGET2 participants is only indicative and should be used for information purposes only.
In order to best meet the needs of banks, ancillary systems and central banks, the Eurosystem chose a migration approach to TARGET2 which allowed for flexibility in the timing of the connection to the Single Shared Platform (SSP). Accordingly, national migration profiles were drawn up indicating the situation on the first day of the central banks’ migration to the SSP. These migration profiles provide an overview of the usage of the different modules (including the optional modules) of TARGET2, information regarding the types of transactions which settle in each module and information on the ancillary systems.
Some banking communities chose a phased approach to migrate to the SSP, other chose a national big bang:
This table gives an overview of all countries participating and connected to TARGET2 and the ancillary systems active in those countries settling in the SSP.
|AT||OeKB/Direct Settlement Advanced|
|Clearing Service Austria|
|PSA Payment Services Austria GmbH|
|BE||Centre for Exchange and Clearing (CEC)|
|CY||Cyprus Clearing House|
|Cyprus Stock Exchange|
|JCC SEPA SDD|
|Clearstream Banking Frankfurt AG (CBF)|
|ECC European Commodity Clearing AG (ECC)|
|Eurex Clearing AG|
|EMZ -Clearing- AS|
|DK||PBS SEPA Prefund|
|Værdipapircentralen A/S (VP)|
|EE||Estonian CSD (AS Eesti Väärtpaberikeskus)|
|ES||BANCO DE ESPAÑA — ASI|
|Banco de España (SLDI)|
|IBERCLEAR CADE & AIAF|
|EBA CLEARING — EURO1|
|EBA CLEARING — STEP2|
|EBA CLEARING — STEP2 Card Clearing|
|FI||Euroclear Finland Ltd|
|NASDAQ OMX Stockholm AB|
|FR||LCH.CLEARNET SA (CCP)|
|Groupement des Cartes Bancaires|
|STET – SEPA(EU)|
|GR||Athens Clearing Office|
|DIAS Interbanking Systems S.A.|
|Hellenic Central Securities Depository S.A.|
|Cassa di Compensazione e Garanzia SpA|
|e-MID SIM spa|
|Monte Titoli s.p.a.|
|VPAS (Vertybinių popierių atsiskaitymo sistema)|
|LU||Clearstream Banking Luxembourg|
|First Data Latvia|
|MT||Malta Stock Exchange|
|NL||Equens SE CSM|
|ICE Clear Netherlands B.V.|
|LCH Clearnet Limited|
|OMIClear — Sociedade de Compensação de Mercados de Energia S.G.C.C.C.C.S.A|
|SIBS, SA — Sociedade Interbancária de Serviços (SICOI)|
|SK||Central Depository of the Slovak Republic (CDCP)|
|First Data Slovakia s.r.o. (FDS)|
|Národný centrálny depozitár cenných papierov (NCDCP)|
The table with settlement times of ancillary systems gives an overview of the settlement cycles and procedures of all ancillary systems settling their cash leg in the SSP.
Subject to the fulfilment of the relevant eligibility criteria, a payment bank may open a Dedicated Cash Account (DCA) in euro with any of the Central Banks participating in TARGET2 from the first T2S migration wave onwards. This rule will apply irrespective of the wave in which the “local” market of the Central Bank is planned to migrate to T2S. The eligibility criteria for the opening of a euro-denominated DCA will be similar to those applicable to the opening of RTGS accounts in TARGET2. A payment bank is not required to hold an RTGS account in TARGET2 to open a DCA in euro unless it wants to benefit from Central Bank auto-collateralisation (see below).
Subject to the fulfilment of the relevant eligibility criteria, a payment bank may get access to auto-collateralisation services from the Central Bank with which it holds its DCA. Some restrictions may however apply until the “local” market of the Central Bank migrates to T2S. These restrictions will be further detailed in due time. To get access to Central Bank auto-collateralisation, the payment bank is required to hold an RTGS account with access to intraday credit with the Central Bank with which its DCA is held.
This section will be further enhanced with additional information related to the euro-denominated Dedicated Cash Accounts (DCAs) for T2S.
On 16 December 2013 the ECB organised a workshop on liquidity-related issues with the title “Information event for future DCA holders: Euro liquidity management in view of T2S” in Frankfurt am Main.