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The transformation of financial market infrastructure in Europe
24 November 2017, Milan
Mehdi Manaa Head of Division Market Infrastructure Development European Central Bank
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Success!!!
The transformation of financial market infrastructure in Europe 2
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Before T2S…
The transformation of financial market infrastructure in Europe 3
…and after
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What is next?
• The Danish krone will join in 2018 • Euroclear Finland will join in 2019 (?)
• Increase operational efficiency – T2-T2S cosolidation
The transformation of financial market infrastructure in Europe 4
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Towards consolidated services
Gateway
Data Warehouse
Reference Data
Billing
Gateway
Data Warehouse
Reference Data
Billing
Central Liquidity Management
HVP
AS
Securities Settlement
Eurosystem Single Market Infrastructure Gateway
Data Warehouse
Common Reference Data
RTGS Services T2S
Shared Operational Services (Billing, Scheduler , etc.)
Securi'esse*lement
High-valuepayments
TIPS
Instantpayments
5 The transformation of financial market infrastructure in Europe
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Main Account
T2S RTGS TIPS
• Securities • Ancillary system • High-value payments
• Instant payments
• Open market • Standing facilities • Cash operations • Intraday credit • Billing
All operations with Central Banks
Funding
Funds dedicated to specific businesses
Spending
Central Bank liquidity
Reserves Adjustments
Central liquidity management
6 The transformation of financial market infrastructure in Europe
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Main features – New RTGS services
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Extended operating hours
Data analytics
20022 Cyber resilience
Multi-currency technical capability
Multi-network service provider
The transformation of financial market infrastructure in Europe
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Why a pan-European instant payment solution?
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Global trend towards instant
payments
Single currency but local market infrastructures
Risk to re-introduce market fragmentation in
Europe
Eurosystem well suited to develop
pan-European solution due to experience and
wide reach
The transformation of financial market infrastructure in Europe
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Integrated TARGET service
The transformation of financial market infrastructure in Europe
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Harmonisation with the ECMS
• CCBM2 project ended in 2011
• Landscape has changed – T2S has been delivered – Harmonisation in the collateral area has progressed
• Time to deliver harmonisation for Eurosystem collateral management operations
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Eurosystem Collateral Management System
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With the ECMS, there will be a single system for managing those assets as collateral in Eurosystem monetary policy operations.
Future situation
Counterparties
Currently, there are 19 different local systems used for managing eligible assets mobilised as collateral in Eurosystem monetary policy operations.
Current situation Counterparties
The transformation of financial market infrastructure in Europe
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Thank you for the attention!
www.ecb.europa.eu/paym ECB: market infrastructure and payments
@TARGET_ECB
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