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ECB consults on future RTGS services

17/05/2017 Clifford Chance

The European Central Bank (ECB) has launched a consultation on the user requirement documents on the future Real Time Gross Settlement (RTGS) services as part of the T2-T2S consolidation project, which is intended to consolidate and optimise the provision of the TARGET2 (T2) and TARGET2-Securities (T2S) services and the overall provision of liquidity to other services, such as TARGET Instant Payments Settlement (TIPS).

Among other things, the ECB proposes:

 

  • a new Central Liquidity Management (CLM) service that will also segregate the credit institution's Central Bank operations from the high-value payments and ancillary system business in RTGS;
  • harmonisation of the provisioning of supporting functionalities for the future RTGS, T2S and TIPS;
  • adoption of the ISO 20022 format for communication with the different Eurosystem market infrastructures; and
  • multi-currency enabling for all market infrastructures.

 

The Eurosystem intends to decrease the running costs of the market infrastructures, to be passed on to users along with several functional benefits.

 

Comments on the consultation are due by 30 June 2017.