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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 ...
In the course of 2023, TARGET2 (until 20 March) and T2 (after that date) settled 104 million transactions for a total turnover of €559 trillion, with daily turnover fluctuating between €1.4 trillion (29 May) and €4.7 trillion (20 March).
As of late 2024, TARGET Services included T2 for large payments (which replaced TARGET2 in 2023), TARGET2-Securities (T2S) for securities transactions, and TARGET Instant Payment Settlement (TIPS) for instant payments. [1] [2] A fourth service, the Eurosystem Collateral Management System (ECMS), is to complement the TARGET suite in mid-June ...
TARGET2-Securities, in shorthand T2S, is the Eurosystem's platform for securities settlement in central bank money. [1] T2S offers centralised delivery-versus-payment (DvP) settlement across several European securities markets, without being itself a central securities depository (CSD) since it does not offer CSD services such as custody or asset servicing.
The services and protocols specified in IEEE 802 map to the lower two layers (data link and physical) of the seven-layer Open Systems Interconnection (OSI) networking reference model. IEEE 802 divides the OSI data link layer into two sub-layers: logical link control (LLC) and medium access control (MAC), as follows:
The switch involves transactions for settling payments related to the Eurosystem's monetary policy operations, as well as bank‑to‑bank and commercial transactions. TARGET2 previously handled transactions for over 2000 G€ per day. [6] In the United States, The Federal Reserve's FedNow instant payments service uses ISO 20022 messaging. [7]
Carrier-grade NAT. Carrier-grade NAT (CGN or CGNAT), also known as large-scale NAT (LSN), is a type of network address translation (NAT) used by ISPs in IPv4 network design. With CGNAT, end sites, in particular residential networks, are configured with private network addresses that are translated to public IPv4 addresses by middlebox network address translator devices embedded in the network ...
ECN allows end-to-end notification of network congestion without dropping packets. ECN is an optional feature that may be used between two ECN-enabled endpoints when the underlying network infrastructure also supports it. Conventionally, TCP/IP networks signal congestion by dropping packets.