Activity
Contenido
TARGET2 es un sistema de liquidación bruta en tiempo real (LBTR) en el que las transacciones de pago se liquidan una a una de forma continua en dinero del banco central de manera irrevocable. No hay límite superior o inferior en el valor de los pagos. TARGET2 liquida principalmente operaciones de política monetaria y operaciones de mercado monetario. TARGET2 debe utilizarse para todos los pagos que involucren al Eurosistema, así como para la liquidación de operaciones de todos los sistemas de liquidación neta de grandes pagos y los sistemas de liquidación de valores que gestionan el euro. TARGET2 opera mediante una única plataforma técnica. Las relaciones comerciales se establecen entre los usuarios de TARGET2 y su banco central nacional. En términos cuantitativos, TARGET2 es uno de los sistemas de pago más grandes del mundo.[3].
Single shared platform
TARGET2 is a harmonized RTGS system covering the Eurozone. It operates on the Shared Single Platform (PUC), which replaced the first-generation decentralized TARGET system. It was designed to provide improved service by obtaining economies of scale, allowing it to charge lower rates and offer greater profitability. All participants in the Eurosystem and beyond can access the same functionalities and interfaces, as well as a single pricing structure. SWIFT standards and services (i.e. FIN, InterAct, FileAct and Browse) are used in harmonized communication between the system and its participants.
Prior to the introduction of TARGET2, some central banks had “home accounts” (also called “home accounting systems”) outside their RTGS systems. These were mainly used to manage minimum reserves, standing facilities and cash withdrawals, but also to settle transactions from ancillary systems.
It was agreed that, in the context of the new system, these types of transactions should ultimately be settled in the PUC's RTGS accounts. However, internal arrangements in some countries did not allow these operations to be quickly moved to the SSP. As a result, the Eurosystem agreed to a maximum transition period of four years to move the settlement of these payments to the PCU.
The Information and Control Module (MIC) allows direct users to access information and manage parameters linked to online balances and payments. Through ICMICM, users have access to the payment module and the static data management function. MIC users can choose what information they receive and when. Urgent messages (e.g. central bank system broadcasts and payment warnings with a debit time indicator) are automatically displayed on the screen.
TARGET2 provides settlement services to a wide range of auxiliary systems. While each of these used to have its own settlement procedure, TARGET2 now offers six generic procedures for settlement of ancillary systems and allows these systems to access any account in the SSP through a standardized interface.
Statistics
In 2012, TARGET2:.
• - Liquidated the cash positions of 82 auxiliary systems.
• - Processed a daily average of 354,185 payments, which represents an average daily value of 2,477 million euros.
• - The average value of a TARGET2 transaction was 7.1 million euros.
• - Two-thirds of all TARGET2 payments (i.e. 68%) were worth less than €50,000 each; 11% of all payments were worth more than €1 million each.
• - The peak in billing volume was on June 29, 2012 with 536,524 transactions and the peak in billing volume was on March 1, 2012 with € 3,718 billion.
• - TARGET2's share of the total traffic of large-value payment systems in euros was 92% in terms of value and 58% in terms of volume.
• - the technical availability of the PCU was 100%, and.
• - 99.94% of TARGET2 payments were processed in less than five minutes.[4].
Liquidity management
The availability and cost of liquidity are two crucial issues for the smooth processing of payments in RTGS systems. In TARGET2, liquidity can be managed very flexibly and is available at low cost, as the fully remunerated minimum reserves – which banks must hold with their central bank – can be used entirely for settlement purposes during the day. Averaging provisions applied to minimum reserves allow banks to be flexible in their end-of-day liquidity management. Overnight lending and deposit facilities also allow for ongoing liquidity management decisions. The Eurosystem offers intraday credit. This credit must be fully guaranteed and no interest is charged. However, all Eurosystem credit must be fully collateralized, that is, secured by other assets. The range of eligible guarantees is very wide. Assets eligible for monetary policy purposes are also eligible for intraday credit. According to Eurosystem rules, credit can only be granted by the national central bank of the Member State where the participant is established. Bank treasury managers have a great interest in the use of automated processes to optimize payment and liquidity management. They need tools that allow them to track activity across all accounts and, where possible, make accurate intraday and overnight funding decisions from a single location, such as their head office. TARGET2 users have, through the Information and Control Module, access to comprehensive online information and easy-to-use liquidity management functions that meet their trading needs.
TARGET2 has a range of features that enable efficient liquidity management, including payment priorities, timed transactions, liquidity reserve facilities, limits, liquidity pooling and optimization procedures.
Access criteria
The TARGET2 access criteria aim to allow broad levels of participation by entities involved in clearing and settlement activities. Supervision by a competent authority ensures the soundness of such institutions. Supervised credit institutions established in the European Economic Area (EEA) are the main participants. Supervised investment firms, clearing and settlement organizations that are subject to supervision, and public treasuries may also be admitted as participants.
Prices
There are two pricing schemes:[5].
• - A fixed monthly fee and a fixed fee per transaction:
- Fixed monthly rate: €100.00
- Price per transaction: €0.80.
• - Fixed monthly fee and a variable transaction fee depending on the number of transactions:
- Fixed monthly rate: €1,250.00
*Variable transaction price: based on volume between €0.60 and €0.125.
Holidays
The TARGET2 system is closed on Saturdays and Sundays and the following public holidays in all participating countries: January 1, Good Friday and Easter Monday (according to the calendar applicable at the ECB headquarters), May 1, December 25 and December 26.[6][7].
• - TARGET2 Securities").
• - Society for Worldwide Interbank Financial Telecommunication (SWIFT).
• - Fedwire.
• - European Central Bank.
• - What is TARGET2? on the ECB website.
• - TARGET2 on the Bank of Spain website.
• - Calendar and hours of operation.
• - Monthly TARGET2 balances.