TARGET2 calendar

TARGET2 business day

Operating hours

Daily operating hours of TARGET2

Source: ECB.

TARGET2 is open every day, with the exception of: Saturdays; Sundays; New Year’s Day; Good Friday and Easter Monday; 1 May (Labour Day); Christmas Day; and 26 December.

For further details concerning TARGET2 business days, please see also related press release.

Daily operating hours

In order to meet the needs of the financial market in general and its customers in particular, the system has long daily operating hours, opening at 7 a.m. CET and closing at 6 p.m. CET.

To allow participants to better manage their end-of-day liquidity, customer payments are subject to a cut-off time of 5 p.m. CET. TARGET2 starts the new business day on the evening of the previous day at 7 p.m., a "night-time window" being available from 7.30 p.m. to 7 a.m. CET, with a three-hour technical maintenance period between 10 p.m. and 1 a.m. CET.

The night-time window facilitates the night-time settlement of various ancillary systems in central bank money with finality (particularly securities settlement).

Availability / Performance


2018 Availability of TARGET2
January 100.00%
February 100.00%
March 100.00%
April 100.00%
May 100.00%
June 100.00%
July 100.00%
August 100.00%
September 100.00%
October 100.00%
November 99.8%
December 100.00%
2018 average 99.98%

For TARGET2 the availability figures are measured only during the day trade phase from Monday to Friday 7 a.m. to 6.45 p.m. (7 p.m. on the last day of the minimum reserve period) on TARGET2 days, including all the extensions required to complete the operational day.

The availability measurement does not include systems or networks not directly managed by TARGET2 (in particular the availability of the SWIFT Connectivity Services).

Transit time in PM

2018 <5 min >5 min but <15 min >15 min
January 100.00% 0.00% 0.00%
February 100.00% 0.00% 0.00%
March 100.00% 0.00% 0.00%
April 100.00% 0.00% 0.00%
May 100.00% 0.00% 0.00%
June 100.00% 0.00% 0.00%
July 100.00% 0.00% 0.00%
August 100.00% 0.00% 0.00%
September 100.00% 0.00% 0.00%
October 100.00% 0.00% 0.00%
November 100.00% 0.00% 0.00%
December 100.00% 0.00% 0.00%
2018 average 100.00% 0.00% 0.00%

The transit time indicators for transactions in the Payments Module are measured within the TARGET2/SSP perimeters. The following payments are excluded from the measurement of the performance:

  • payments not settled in the “entry disposition”;
  • warehoused payments;
  • payments stemming from Ancillary System Interface settlement procedures.

In order to neutralise the effect of the morning queue, which is considered a normal phenomenon, the first hour of operations is excluded when the TARGET2 processing times are calculated.

Additional information