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December 12, 2017

ECB approves new projects to integrate financial markets in Europe

The Governing Council of the European Central Bank (ECB) has granted permission to merge the Eurosystem’s real-time gross settlement system TARGET2 and the securities settlement platform TARGET2-Securities (T2S).

Additionally, the ECB Council also gave approval for the development of a Eurosystem Collateral Management System (ECMS) to modernise existing systems as well as boost overall efficiency.

The TARGET2-T2S integration will provide market participants with enhanced liquidity management procedures across the Eurosystem. The united system is scheduled to be rolled out in November 2021.

The newly developed ECMS will replace the existing systems of the 19 national central banks by providing a harmonised platform for collateral operations across the Eurosystem.

The ECMS will enable changes to the existing collateral framework to be completed in a harmonised way across the euro area. The ECMS will be launched in November 2022.

ECB said that the Deutsche Bundesbank, the Banco de España, the Banque de France and the Banca d’Italia will serve as service providers for both projects.

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