TARGET2 participation

SSP and TIPS registration

The following documents and guides provide an overview of the various actions that should be carried out by any new TARGET2 participant ahead of its connection to the single shared platform (SSP). The central bank of the new participant is responsible for providing guidance and support throughout the whole connection process.

Internet-based participation

Routing and mapping of payments

List of participants

For transparency purposes, the Eurosystem provides a list of all direct and indirect TARGET2 participants.

  • 11 October 2019: October 2019 update of the list of TARGET2 participantss pdf CSV

Disclaimer

The list of TARGET2 participants available on this page includes only direct and indirect participants; multi-addressee and addressable BICs are not included. The list provides the participants’ BIC, name as recorded in TARGET2, and type of participation. It is created based on the TARGET2 Directory valid on the first day of the current quarter. Users should note that it is indicative and changes may have been made subsequently. The list of TARGET2 participants is for information purposes only.

Country and ancillary system profiles

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:

  • Phased approach: Some parts of the existing infrastructure co-existed with the SSP for a period of time, in order to allow for a smoother migration. Some RTGS transactions were settled in the SSP from day one, while the rest of the business will continue to be settled on proprietary home accounts for an interim period lasting a maximum of four years (the “transition period”). These countries chose the phased approach: Austria, Belgium, Germany, Lithuania, Malta, Poland, Portugal and Spain.
  • National big bang: All existing systems were dismantled from the moment the central bank migrated to the TARGET2 single shared platform (SSP). All payment transactions were settled in the SSP from the first day. These countries opted for the national big bang: Cyprus, Denmark, Estonia, Finland, France, Greece, Italy, Ireland, Latvia, Luxembourg, the Netherlands and Slovenia. The ECB also chose this model for the AS which connect through the ECB to TARGET2.

Compilation table:

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.

Ancillary system overview table

Central Bank
(per country code)

Ancillary Systems

 
AT CCP Austria  
Clearing Service Austria  
PSA Payment System Services Austria GmbH  
BE ASBL VZW CEC UCV - Instant Payments  
Centre for Exchange and Clearing CEC  
BG BGCSD  
BISERA7-EUR  
BNBGSSS  
CY Cyprus Clearing House  
Cyprus Stock Exchange  
CY SDD  
DE Cheque Processing Service AS  
Clearstream Banking Frankfurt AG (CBF)  
Eurex Clearing AG  
European Commodity Clearing AG (ECC)  
SEPA-Clearer (SCL) of the Retail Payment System  
DK VP SECURITIES Settlement system  
EE    
ES BANCO DE ESPAÑA — ASI  
Banco de España (SLDI)  
IBERCLEAR  
Sistema Nacional de Compensación Electrónica (2)”  
BME CLEARING  
Sistema Nacional de Compensación Electrónica  
EU CLS  
CREST  
EURO1  
RT1  
STEP2 — CC  
STEP2 — T  
FI Euroclear Finland Ltd  
Euroclear Sweden AB  
Nasdaq Clearing AB  
FR Groupement des Cartes Bancaires  
LCH SA  
STET CORE  
STET IPU  
STET SEPA EU  
GR Athens Clearing Office  
DIAS SA  
Hellenic Central Securities Depository SA  
HR EuroNKS  
IE Irish Paper Clearing Company  
IT BI-COMP  
Cassa di Compensazione e Garanzia SpA  
e-MID SIM SpA  
Monte Titoli  
LT VPAS  
Centro link  
LU Clearstream Banking SA  
LuxCSD  
LV EUR-EKS  
MT Malta Stock Exchange  
NL Equens CSM  
equensWorldline IP CSM  
European Central Counterparty N.V.  
ICE CLEAR EUROPE LTD  
ICE Clear Netherlands B.V.  
LCH LIMITED  
PL Euro Elixir  
KDPW CCP S.A.  
KDPW S.A.  
PT Interbolsa  
OMIClear C.C. S.A.  
SIBS SA  
RO SaFIR BNR  
SENT  
SI BIPS  
KDD  
Multilateralni kliring Activa  
Multilateralni kliring MasterCard  
Poravnava bankomatov  
Poravnava kartic  
SIMP PS  
SK Centrálny depozitár cenných papierov SR a.s.  
NCDCP a.s.  
SIA Slovakia s.r.o.  
Slovak Interbank Payment System  
DCAs (T2S)

Dedicated cash accounts (DCAs) are used to settle the cash leg of securities transactions in T2S, while they legally belong to TARGET2.

Dedicated cash accounts (DCAs)

How to open a DCA?

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. More details here:

Who can make use of auto-collateralisation?

If a payment bank wants access to central bank auto-collateralisation, it needs to hold both a DCA and an RTGS account with access to intraday credit with the same central bank.