Request for delay of TARGET2 and TARGET2 Securities consolidation project: EBF,EACB, ESBG and EAPB Joint Letter
BRUSSELS, 12 May 2020 – The European Banking Federation, together with the EACB, ESBG and EAPB has written to the European Central Bank to request a one-year delay to be considered for the ongoing
consolidation project TARGET2 and TARGET2 Securities.
Contacts:
Nahuel Mercedes, Communication Officer, +32 2 508 3711, n.mercedes@ebf.eu
Anni Mykkanen, Senior Adviser, Payments & Innovation a.mykkanen@ebf.eu
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
The post Request for delay of the consolidation project of TARGET2 and TARGET2 Securities: EBF,EACB, ESBG and EAPB Joint Letter appeared first on EBF.
]]>EBF advisor: Denisa Mularova
Publication date: 30 June 2017
Key messages
- The CLM should be future proof. Since systems all over the world are steadily moving towards 24/7 operation, with TIPS a leader in this respect, CLM design should anticipate potential future need for 24/7 operation. A future move to managing liquidity on a global basis should be taken into account in the design as well.
- It is considered essential that the GUI provides at least the same functionality and efficiency as the existing ICM for TARGET 2 transactions.
- It is also important that users have the ability to query available liquidity at both individual account and aggregate levels on all accounts for which they are responsible.
- Migration to ISO 20022 is likely to be highly complex and require full end to end analysis since it will need to be coordinated and synchronised across the whole end to end chain involving not only the central system and participants but also in some cases participants’ customers. It is estimated that at least 3 to 4 years will be needed following finalisation of the UDFS and possibly longer dependent on further analysis. It will also be important to recognise that correspondent banking interfacing with RTGS may still be using FIN.
- It is essential that sufficient information is provided to participants to enable them to be sure their back-office systems are providing up to date and accurate information. In order to achieve this, full information on message flows and structure is required as soon as it is available.
- Finally, it is recommended that the choice of Network Service Providers is subject to a consultation with the whole user base.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
The post ECB consultation on future of RTGS – T2-T2S: industry response appeared first on EBF.
]]>Publication date: 06 April 2016
The Target Working Group (TWG)1 welcomes the opportunity to contribute to the Eurosystem’s vision on the future of RTGS services.
The TWG, acknowledging the need to ensure that the TARGET 2 infrastructure is suitable to support a leading RTGS system, sees the benefits of exploring the synergies between T2 and T2S in order to exploit the best of technological advances and provide better services. Subject to the important caveat that any combined technical infrastructure must accommodate the discrete needs and requirements of both RTGS and securities settlement systems which are not always identical, the TWG also shares the view that the possible rationalization and harmonization of the platforms undertaken by the Eurosystem with the goal of achieving a consolidated technical infrastructure for RTGS and securities settlement would be beneficial to all stakeholders.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
The post TWG response to the Eurosystem’s consultative report: Eurosystem’s vision for the future of Europe’s financial market infrastructure – RTGS services – consultative report appeared first on EBF.
]]>