欧洲央行-关于延长T2运营时间的咨询文件（英）-2025.6_29页_1mb

Summary of Consultation Paper on Extending T2 Operating Hours for TARGET2 Services

This document outlines a consultation by the Eurosystem on potentially extending the operating hours of its T2 real-time gross settlement system, which is part of TARGET2 services. Below is a structured summary addressing key aspects:

1. Purpose of the Consultation

The Eurosystem is initiating this consultation to explore the potential extension of T2 operating hours, driven by factors such as G20 commitments to enhance cross-border payments, support the euro's international role, address challenges from instant payments and the digital euro, and improve liquidity management. The goal is to gather stakeholder input on benefits, risks, costs, and operational impacts without committing to specific changes. The proposed extension aims to align with global payment trends and reduce delays in cross-border transactions. Stakeholders include credit institutions, investment firms, payment institutions, and associations; feedback is due by September 30, 2025, via an online template. Notice of approximately one year is suggested for implementation preparation.

2. Current Set-Up of TARGET Services

TARGET Services include:

• T2: A new-generation RTGS system (launched in March 2023) for large-value payments, supporting over 2,700 participants with daily transactions averaging €1.8 trillion. It operates from Monday to Friday (22.5 hours during weekdays), excluding weekends and TARGET holidays. Key components are Central Liquidity Management (CLM) and Real-Time Gross Settlement (RTGS).
• T2S: Launched in 2015 for securities settlement, handling about 800,000 daily transactions. It also operates 5/2 weekdays.
• TIPS: A 24/7 instant payment service (launched in 2018), with no downtime, supporting over 15,000 institutions.
  The operating structure involves dedicated cash accounts (DCAs) and a main cash account (MCA) in CLM for liquidity management. Future multi-currency capabilities include DKK and discussions for other currencies.

3. Reasons for Extending T2 Operating Hours

Extensions could benefit cross-border payments by reducing delays, supporting the euro's role in global trade, enhancing liquidity management for instant payments, and facilitating innovations like the digital euro or 24/7 securities trading. Reasons include:

• Alignment with G20 goals for faster and cheaper cross-border payments.
• Addressing challenges from instant payment growth under regulations like the IPR, which removes payment limits.
• Strengthening the euro's accessibility and reducing reliance on other currencies.
• Reducing liquidity risk by enabling more flexible operations.

4. Possible Options for Extending Operating Hours

Options include:

• Moving towards a 24-hour or 24/7 operational day by shortening the off-hours period or implementing automated systems.
• Extending to a 7-day operational week (including weekends), possibly with partial or full day operations.
• Adjusting value dates, cut-offs, and potentially intraday credit line management.
• Combining these in various ways, with optional participation considered to mitigate risks.

5. Risks and Costs

Potential risks include operational disruptions, increased automation risks, liquidity shortages, and impacts on financial stability (e.g., during weekends). Costs involve IT upgrades, reduced downtime challenges, staffing increases for off-hours monitoring, and organizational changes within institutions. Liquidity demands could rise, with mixed effects on tools like intraday credit.

6. Impacts on T2S

Extensions may require reassessing T2S operating hours but typically align harmoniously with T2 changes, except for key cut-offs or value dates. There could be interactions with the planned T+1 settlement cycle migration (targeted for October 2027), necessitating coordinated strategies.

7. Implementation and Timeline

No fixed time frame is set for implementation; the Eurosystem seeks input on notice periods (e.g., one year), transition approaches (phased or single), and short-term liquidity solutions. A phased approach with options for partial participation might be favored to allow for gradual adaptation.

8. Conclusion

The consultation aims to build consensus on extending T2 hours by gathering data, with responses analyzed by Q1 2026 to inform further rounds of consultation and final decisions.