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Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities [1] takes place from one bank to any other bank on a "real-time" and on a "gross" basis to avoid settlement risk.
T2 is a financial market infrastructure that provides real-time gross settlement (RTGS) of payments, mostly in euros. It is operated by the European Central Bank and is the critical payments infrastructure of the euro area. With turnover in the trillions of euros every day, it is one of the largest payment systems in the world. [1]
TARGET2 was the real-time gross settlement (RTGS) system for the Eurozone from its phased introduction in 2007-2008 until its replacement with T2 in March 2023. As such, it was one of the Eurosystem's TARGET Services, replacing the original TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer System) RTGS introduced in 1999.
In 1993, as the Maastricht Treaty entered into force, central banks of the EU agreed that all of them should have an real-time gross settlement (RTGS) system, as some had already done in the previous decade. In 1995, they decided to interlink these national infrastructures through a pan-European system that they called TARGET.
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As those of us who play Connections know, the game resets every day at 12 a.m. EST. So, if you missed out on guessing yesterday's Connections answers on Wednesday, February 5, and want to see ...
[1] According to the old 1992 quarantine code, Ministry of Agriculture was solely responsible on enforcement of the code. Since the reformasi, some parts of the enforcement also being split into Ministry of Marine Affairs and Fisheries. Thus, there were two agencies responsible in enforcement of the Indonesian quarantine code: [2]
Trump’s chief of staff, Susie Wiles, and her team have at times felt out of the loop as Musk’s so-called Department of Government Efficiency seeks to fire thousands of federal workers while ...