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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 ...
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 ...
That places TARGET2/T2 turnover below CLS and Fedwire but above BOJ-NET (Japan) and CHAPS (United Kingdom), as has been the case throughout the previous decade. [5]: 1.1 The system suffered no outages during 2023; 90 percent of transactions were settled within 38 seconds, whereas 0.09 percent took more than five minutes. [5]: 2
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.
Wim Duisenberg, first President of the ECB. The European Central Bank is the de facto successor of the European Monetary Institute (EMI). [7] The EMI was established at the start of the second stage of the EU's Economic and Monetary Union (EMU) to handle the transitional issues of states adopting the euro and prepare for the creation of the ECB and European System of Central Banks (ESCB). [7]
The plan was based on the 2003 introduction of new dinars into Iraq by the Americans and would have required rebuilding the Greek economy and banking system ab initio, including isolating Greek banks by disconnecting them from the TARGET2 system, closing ATMs, and imposing capital and currency controls.
Hence work on target operating models should be closely linked to strategy work. Form follows function; in other words target operating models follow strategy. A target operating model project typically also includes the roadmap over time that specifies what the company needs to do to move from the "as is" to the "to be". [5]
Please do not remove this message until conditions to do so are met. ( April 2024 ) ( Learn how and when to remove this message ) Brian C. Cornell (born c. 1958) is an American businessman, and the chairman and chief executive officer (CEO) of Target Corporation .