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All glossary entries


Tier 2


See TARGET2-Securities (T2S)


Trans-European Automated Real-time Gross settlement Express Transfer system: the Eurosystem’s real-time gross settlement system for the euro. The first-generation TARGET system was replaced by TARGET2 in May 2008.


The second-generation TARGET system. It settles payments in euro in central bank money and functions on the basis of a single IT platform, to which all payment orders are submitted for processing. This means that all payments are received in the same technical form. TARGET2 is legally structured as a multiplicity of RTGS systems (TARGET2 component systems). See also real-time gross settlement (RTGS) system

TARGET2-Securities (T2S)

The Eurosystem’s single technical platform enabling central securities depositories (CSDs) and national central banks to provide core, borderless and neutral securities settlement services in central bank money in Europe. TS2 went live on 22 June 2015.

technical service provider

Any service which supports the provision of the services of an electronic payment instrument scheme/arrangement to end users or a payment system but does not involve entering into possession of the value to be transferred at any time. Technical service may include the processing and storage of data, trust and privacy protection services, data and entity authentication, information technology (IT) and communication network provision, as well as the provision and maintenance of terminals and devices used by payment services.

tender procedure

A procedure in which the central bank provides liquidity to or withdraws liquidity from the market on the basis of bids submitted by counterparties in competition with each other. The most competitive bids are satisfied with priority until the total amount of liquidity to be provided or withdrawn by the central bank is exhausted. See also variable rate tender


See Treaty on the Functioning of the European Union (TFEU)

three-party card scheme

A card scheme involving the following stakeholders: 1) the card scheme itself, which acts as issuer and acquirer; 2) the cardholder; and 3) the accepting party. This contrasts with a four-party card scheme, where the issuer and the acquirer are separate entities and are separate from the card scheme itself. See also four-party card scheme

tier one asset

A marketable asset fulfilling certain uniform euro area-wide eligibility criteria specified by the ECB.

tier two asset

A marketable or non-marketable asset for which specific eligibility criteria are established by the national central banks, subject to ECB approval.

tiering arrangement

An arrangement whereby indirect participants in a system require the services of direct participants in order to carry out their transactions. See also indirect participant, settling participant


TARGET instant payment settlement


total loss-absorbing capacity


targeted longer-term refinancing operation

trade confirmation

See confirmation (trade confirmation)

trade date

The date on which a trade (i.e. an agreement on a financial transaction between two counterparties) is struck. The trade date might coincide with the settlement date for the transaction (same-day settlement) or precede the settlement date by a specified number of business days (the settlement date is specified as T + the settlement lag). See also settlement date


An economic flow that reflects the creation, transformation, exchange, transfer or extinction of economic value and involves changes in ownership of goods and/or financial assets, the provision of services, or the provision of labour and capital.

transaction cost

Costs that are identifiable as related to the specific transaction.

transaction price

The price agreed between the parties when a contract is made.

transaction reference number (TRN)

A unique reference number used to identify individual payment or securities settlement instructions (e.g. SWIFT payment messages or credit card authorisations).

transfer of value (between end users)

The act, initiated by the payer or on the payer’s behalf or by the payee, of transferring funds or digital payment tokens, or placing or withdrawing cash on/from a user account, irrespective of any underlying obligations between the payer and the payee. The transfer can involve single or multiple payment service providers.

transfer order

An order or message requesting the transfer of assets (e.g. funds, securities, other financial instruments or commodities) from the debtor to the creditor. See also payment

transfer system

A set of legal, technical and procedural arrangements for the transfer of assets such as money or securities.

transmission mechanism

See monetary policy transmission mechanism


total risk exposure amount

Treaty establishing the European Community

See Treaty on the Functioning of the European Union (TFEU)

Treaty of Lisbon

The Treaty amending the Union’s two core treaties: the Treaty on European Union and the Treaty establishing the European Community; the latter being renamed the Treaty on the Functioning of the European Union. The Treaty of Lisbon was signed in Lisbon on 13 December 2007 and entered into force on 1 December 2009.

Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG)

An intergovernmental treaty, which was signed in Brussels on 2 March 2012 and entered into force on 1 January 2013. It contains a “fiscal compact”, which complements and, in some areas, enhances key provisions of the Stability and Growth Pact. Among other things, this Treaty requires the Member States that have ratified it to enshrine a balanced budget in national law and increases the role of independent fiscal monitoring bodies. See also Stability and Growth Pact (SGP)

Treaty on the Functioning of the European Union (TFEU)

Following entry into force of the Treaty of Lisbon on 1 December 2009, the Treaty establishing the European Community was renamed the Treaty on the Functioning of the European Union (TFEU). This Treaty - referred to as the Treaty of Rome (signed in Rome on 25 March 1957) - entered into force on 1 January 1958 to establish the European Economic Community (EEC). The Treaty establishing the European Community was subsequently amended by the Treaty on European Union (often referred to as the Maastricht Treaty) which was signed on 7 February 1992 and entered into force on 1 November 1993, thereby establishing the EU. Thereafter, both the Treaty establishing the European Community and the Treaty on European Union were amended by the Treaty of Amsterdam, signed on 2 October 1997 and in force as of 1 May 1999, the Treaty of Nice, signed on 26 February 2001 and in force as of 1 February 2003, and then by the Treaty of Lisbon.

tri-party repo

Repurchase agreement in which a third party (e.g. a custodian bank, a clearing house or a central securities depository (CSD)) is responsible for the management of the collateral during the life of the transaction.

trigger point

A pre-specified level of the value of the liquidity provided at which a margin call is executed.


targeted review of internal models


See transaction reference number (TRN)


A procedure in which a paper-based transfer order or other financial instrument is replaced, in whole or in part, by an electronic record of the content of that instrument for the purposes of further processing and transmission. 


See Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG)


total SREP capital requirement (P1R+P2R)