The future of market infrastructure: what s on the ECB agenda?
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1 Marc Bayle de Jessé Director General Market Infrastructure & Payments The future of market infrastructure: what s on the ECB agenda? ESCB Social Dialogue Frankfurt, 16 March 2017
2 Rubric Introduction The Eurosystem is committed to ensuring safety and efficiency of market infrastructure in Europe. It owns and operates two of the world s largest market infrastructure: Cash settlement Securities settlement In line with its strategic agenda to promote innovation and greater financial integration, the Eurosystem is currently investigating ways to enhance its financial market infrastructure. Enter presentation title by changing the footer. 2
3 Rubric Table of contents 1 T2S status update 2 Ongoing initiatives 3
4 Rubric T2S status update Target2-Securities (T2S) migration plan Six Central Security Depositories (CSDs) successfully joined T2S on 6 Feb 2017 Wave 1 Wave 2 Wave 3 Wave 4 Final wave 22 Jun-31 Aug Mar Sep Feb Sep 2017 Bank of Greece Securities Settlement System (BOGS) Depozitarul Central (Romania) Malta Stock Exchange Monte Titoli (Italy) SIX SIS (Switzerland) Interbolsa (Portugal) National Bank of Belgium Securities Settlement Systems (NBB-SSS) Euroclear Belgium Euroclear France Euroclear Nederland VP Lux (Luxembourg) VP Securities (Denmark) Centrálny depozitár cenných papierov SR (CDCP) (Slovakia) Clearstream Banking (Germany) KDD - Centralna klirinško depotna družba (Slovenia) KELER (Hungary) LuxCSD (Luxembourg) Baltic CSDs (Estonia, Latvia, Lithuania) Iberclear (Spain) Oesterreichische Kontrollbank (Austria) Slovakian CSD October 2017 Euroclear Finland delayed to
5 Rubric T2S status update Expected T2S volumes in full migration 100% wave 5 (Sept 2017) 90% wave 4 50% wave 3 16% wave 2 15% wave 1 5
6 Rubric T2S status update Daily average number of securities transactions settled in T2S 6
7 Rubric Table of contents 1 T2S status update 2 Ongoing initiatives 7
8 Rubric Ongoing initiatives The future of market infrastructure Keeping pace with technological advances and changing needs of users Consolidation of TARGET2 and T2S TARGET instant payment settlement Eurosystem collateral management system 8
9 Rubric Ongoing initiatives Consolidation of TARGET2 and T2S Improved efficiency Easier access to services via harmonised interface Enhanced Real-time gross settlement (RTGS) services Aligned use of messaging standards Reduced operational costs Increased cyber resilience A task force on future RTGS services has been set up to discuss the impact on TARGET2 participants December 2017 planned decision on realisation 9
10 Rubric Ongoing initiatives TARGET instant payment settlement (TIPS) Promote efficiency and ensure market integration in the settlement of instant payments Currently assessing the market needs for extending the availability of Central Bank Money settlement to 24/7/365 10
11 Rubric Ongoing initiatives TIPS assessing the market The Eurosystem decided in September 2016 to launch the investigation phase for TIPS to assess the market needs for the service Ongoing market consultation on the User Requirements Document for TIPS Ongoing TIPS on Tour to present the service to European market representatives June 2017 Decision to develop the project 11
12 Rubric Ongoing initiatives Eurosystem collateral management system (ECMS) Further harmonisation of the Eurosystem s collateralisation services and procedures: Cost savings Operational efficiency Capital Markets Union An internal Eurosystem task force has been set up The NCBs have not been asked for cost assessment at this stage December 2017 planned decision on realisation 12
13 Rubric Impact on staff Limited impact on staff is expected: The project is meant to be achieved largely with existing resources at the ECB and NCBs In the long run, the realisation of the projects should lead to optimisation of operations departments in the different NCBs Enter presentation title by changing the footer. 13
14 Rubric Thank you for the attention! ECB: market infrastructure and 14
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