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1 Current Developments of TARGET2 and TARGET2Securities 8th Conference on Payment and Securities Settlement Systems, Ohrid, May 2015 Nynke Doornbos 12 May 2015 Ohrid 8
2 Outline Part I: current developments TARGET2 TARGET2: key figures Set-up of the TARGET2 system Liquidity management Business continuity Settlement of securities Part II: TARGET2 Securities: a solution for fragmented markets Questions Ohrid 8 12 May 2015
3 TARGET2 Target2 is the Eurosystem s RTGS system for large value euro payments, that is Eurosystem central bank money; Trans-European Automated Real-time Gross settlement Express Transfer system Use of Intraday Credit Legal finality (Settlement Finality Directive) >1700 participants (direct and indirect) Total turnover 492 trillion euro (2014) Total volume 90 million transactions (2014) Alternative to banks: Euro1, that is a private large value payment system owned by 60 banks.
4 Target2/Euro1 market share (2014)
5 Countries connected to TARGET2 countries connected to TARGET2 Countries euro countries other EU countries
6 T2: Breakdown per country (2014)
7 Major large value payment systems in the world (2014)
8 Target2 set-up (1) Centralised IT system: o The Single Shared Platform(SSP), built by DE, IT, FR (3CB) o Owned and used by all 19 euro central banks and the ECB; and 4 non-euro EU central banks for their euro payments (DK, PL, BG, RO); o The platform consists of the payment module and a few optional modules; o Harmonized services and service levels; o Standard operational day; one calendar for all EU; o Set of uniform interfaces with clearing and settlement systems; o Single pricing scheme, cost recovery objective; Decentralised legal systems: o Dutch component is Target2-NL - maximum harmonization legal conditions; o Decentralised business relationships; co-operation with the market (bank s needs)
9 TARGET2: Actual volume and value turnover 2014 Volume (average/day) Value (average/day) Target2 total billion Target2-NL billion For comparison: In 2014 the Dutch GDP was 616 billion a year, ~ 3 days of Target2-NL turnover.
10 Stakeholders in Target2
11 TARGET2 set-up (2) One pool of liquidity One window for info on all TARGET2 payments (Information and Control Module) Open from 7:00-18:00 Monday till Friday + night time window High level of availability and business continuity Easy access, no thresholds (pricing, messages) No limitations on amounts or type of operations All types of payments: between market participants, central bank operations and settlement operations of ancillary system Adaptability to new features, release management Adaptability to NCB s/countries, e.g. Lithuania by January 2015
12 Liquidity management in TARGET2 Balances on RTGS accounts (or HAM account) One RTGS account for all services in Target2 Provision of intraday liquidity, supported by Eurosystem collateral framework Reservations: highly urgent, urgent, normal Limits: bilateral, multilateral Offsetting payment flows, i.e. using algorithms to settle a number of queued payments Dedicated liquidity for Ancillary System settlement Liquidity pooling: grouping accounts in Eurosystem
13 Liquidity pooling - Virtual account Virtual balance: balance on single accounts + credit lines Possibility to use this position by each group account holder Booking on the single accounts (not on the virtual account) Only intra-day: levelling off at the end of day mandatory
14 Structure of the Target2 SSP
15 TARGET2 Operational day
16 Target2 Operational day Purpose of the different phases: Start-of-day (1 & 2) Night-time processing (3) Technical maintenance window (4) Preparation for day trade phase (5) Day trade phase I (6) Day trade phase II (7) End-of-day (8 & 9)
17 SSP business continuity
18 TARGET2 availability and incidents
19 Securities settlement systems: two models in Target2
20 T2 adaptation to connect TARGET2- Securities T2S (=Target2Securities) uses ISO20022 messages; Target2 adapted to communicate with T2S Dedicated Cash accounts for T2S Legally these T2S cash accounts part of Target2 guideline; Users use T2S Interface or the Target2 interface ICM (optional service)
21 T2S cash account within TARGET2
22 Future of Target2 Continuing strong cooperation with the participants Keep the system up-to-date Connection to T2S ISO / Swift MX migration by November 2017: like-for like, all payment messages, in big bang migration
23 Outline Part I: current developments TARGET2 Part II: TARGET2 Securities: A solution for fragmented markets Questions
24 Fragmented European securities markets APK NTMA Euroclear NL Euroclear BE Deutsch Börse Gruppe Clearstream FFM NBB Clearing Clearstream Lux Euroclear Group Euroclear FR SCL Bilbao SCL Barcelona Interbolsa Iberclear Siteme SCL Valencia OeKB Monte Titoli BOGS CSD SA
25 Fragmented European securities markets Source: Eurosystem
26 Securities market in US Trading NYSE NAS DAQ Clearing NSCC FICC Settlement securities DTCC FED WIRE Settlement cash FEDERAL RESERVE
27 A fragmented market: high settlement costs - EU domestic costs range from 0.35 to 3.43 ; - and are higher than US ( to 2.90 ); 20 - Cross-border costs higher than domestic ones (19.5 to 35.0 ) United States EU domestic EU crossborder Source: Oxera, LSE, CEPS Min Max Avg.
28 T2S is the European solution for fragmentation 1. The way it works 2. The planning 3. The benefits
29 T2S is an integrated settlement platform Buyer Order Exchange Order Seller Trade confirmation CCP T2S Settlement instruction CSD Payment instruction Central Bank
30 T2S is an integrated settlement platform Source: Eurosystem T2S
31 T2S is an integrated settlement platform Interfaced model SSS Securities accounts CSD enviro nment RTGS Cash accounts NCB enviro nment
32 T2S is an integrated settlement platform Integrated model: in the CSD environment Integrated model: in the NCB environment SSS Securities accounts SSS Securities accounts Cash accounts Securities accounts RTGS Cash accounts Cash accounts RTGS
33 T2S is an integrated settlement platform Developed and operated by the Eurosystem for settlement of securities in central bank money (CeBM) starting in EUR, as of 2018 also in DKK
34 Scope of T2S Assets: All types of securities which CSDs are settling today Services: All activities necessary for settling a transaction Settlement: Versus payment (DVP/RVP) and free of payment (FOP)
35 Set up of T2S VALIDATION and MATCHING TARGET2 SECURITIES CENTRAL CENTRAL BANK BANK MONEY MONEY CENTRAL BANK CENTRAL BANK MONEY MONEY CSD A CSD A CSD A ACCOUNTS NCB A ACCOUNTS NCB A ACCOUNTS CIs A OPTIMISATION of SETTLEMENT CSD B CSD B ACCOUNTS SETTLEMENT and REALIGNMENT NCB B ACCOUNTS NCB B ACCOUNTS CIs B CSD C CSD C ACCOUNTS NCB C ACCOUNTS CENTRAL BANK BANK MONEY MONEY NCB C A ACCOUNTS CIs C Other RTGS
36 Set up of T2S Governance
37 T2S is the European solution for fragmentation 1. The way it works 2. The planning 3. The benefits
38 Planning of T2S 23 CSDs signed the agreement to join T2S For which countries might it be surprising that the CSD joins T2S? Ohrid 8 12 May 2015
39 Planning of T2S Euro zone T2S Ohrid 8 12 May 2015
40 Planning of T2S Bank of Greece Securities Settlement System (BOGS) Euroclear Belgium Clearstream Banking (Germany) Centrálny depozitar cenných papierov SR (CDCP Slovakia) Depozitarul Central (Romania) Eurclear France LuxCSD (Luxembourg) Eesti Väärtpaberikeskus (Estonia) Monte Titoli (Italy) Euroclear Nederland KELER (Hungary) Euroclear Finland Malta Stock Exchange SIX SIS (Switzerland) Interbolsa (Portugal) National Bank of Belgium Securities Settlement System (NBB-SSS) VP LUX (Luxembourg) Oesterreichische Kontrollbank (Austria) VP SECURITIES (Denmark) Iberclear Spain KDD Centralna klirinško depotna družba (Slovenia) Lietuvos centrinis vertybinių popierių depozitoriumas (Lithuania) Latvijas Centralais depozitarijs (LCD - Latvia)
41 Planning of T2S
42 T2S is the European solution for fragmentation 1. The way it works 2. The planning 3. The benefits
43 Enhancing Financial Stability: the benefits of T2S Lowering the fees of cross-border settlements Reducing risks of cross-border settlements Harmonising and integration of securities settlements in Europa Reducing collateral and liquidity needs
44 Do you have any question?
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