2025-06-16-欧洲央行-关于延长T2运营时间的咨询文件（英）_29页_612kb

Summary of Consultation Paper on Extension of T2 Operating Hours

Purpose

The Eurosystem is launching this consultation to gather stakeholder input on the potential extension of T2 operating hours. This aligns with G20 goals for enhancing cross-border payments and supports instant payment services like TIPS. It also aims to address liquidity challenges from growing instant payments and potentially strengthen the euro's role in global finance. Feedback is requested by September 2025 to inform future proposals.

Current Setup

TARGET Services includes T2 (RTGS for large-value payments), T2S (securities settlement), and TIPS (instant payments). T2 operates 22.5 hours on weekdays, excluding specific TARGET holidays. Current extensions from TARGET2 show reduced payment concentration. The extension could involve longer operating days, more operational hours, or better integration with instant payment systems.

Reasons for Extension

Key reasons include G20 priorities, facilitating instant payments (e.g., addressing weekend liquidity needs for TIPS), supporting cross-border payment corridors, reducing costs, and enabling innovative solutions like the digital euro. It aims to improve liquidity management and operational efficiency.

Risks and Costs

Potential risks include increased operational and automation risks, liquidity shortages if central bank funding is limited during extended hours, and impacts on financial stability. Costs involve IT system upgrades, staff-related expenses (due to 24/7 operational needs), and organizational changes. Monetar y policy tools and market interest rates could also be affected.

Impact on T2S

Extending T2 operating hours may not immediately require changes to T2S, but could align with T2's move to T+1 settlement (planned for October 2027). T2S interdependencies with T2 must be monitored for liquidity and settlement adjustments.

Implementation and Timeline

No specific timeline is set; the Eurosystem seeks feedback to develop phased or single-transition proposals. Stakeholders should respond by September 2025 for consideration in future consultations.