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TARGET2 is an interbank payment system for the real-time processing of cross-border transfers throughout the European Union. TARGET2 replaced TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer System) in November 2007. TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. TARGET2 is the second generation of TARGET. Payment transactions are settled one by one on a continuous basis in central bank money with immediate finality. There is no upper or lower limit on the value of payments. TARGET2 mainly settles operations of monetary policy and money market operations. TARGET2 has to be used for all payments involving the Eurosystem, as well as for the settlement of operations of all large-value net settlement systems and securities settlement systems handling the euro. TARGET2 is operated on a single technical platform. The business relationships are established between the TARGET2 users and their National Central Bank. In terms of the value processed, TARGET2 is one of the largest payment systems in the world (See (''TARGET Annual Report 2012'' )). Why payment systems at central banks? As issuers of money, central banks have always had a keen interest in the smooth functioning of the national payment system and the way it affects the economy. Central banks have taken on a prominent role in the pursuit of maintaining trust in the currency and ensuring its smooth circulation. There is a strong motivation for central bank involvement in payment, clearing and settlement issues. Modern economies are dependent on the safe and efficient flow of transactions. The smooth functioning of payment, clearing and settlement systems increases users’ confidence in those systems and, ultimately, public confidence in the currency. The functioning of these systems also has an impact on the stability of financial institutions and markets, and may affect systemic stability. Such systems are also essential for the implementation of monetary policy. Payment, clearing and settlement systems are important for financial markets and the functioning of the economy as a whole, and are therefore important for the welfare of society. Central banks can also have an operational role in the processing of retail payments. In some countries, the central bank also operates securities settlement infrastructure. Acting in an operational capacity is one way for the central bank to ensure that the system or service in question meets the safety and efficiency standards it has set. A central bank will usually co-operate closely with the banking system when developing the facilities it operates. TARGET was developed by the Eurosystem, the central banking system of the euro area. It offers a premium payment service across national borders in the European Union (EU). Main objectives of TARGET2: Supporting the implementation of the Eurosystem's monetary policy and the functioning of the euro money market; Minimising systemic risk in the payments market; Increasing the efficiency of cross-border payments in euro. By meeting these objectives, TARGET contributes to the integration and stability of the euro area money market. ==Migration to TARGET2== Since the establishment of the European Economic Community in 1958 there has been a progressive movement towards a more integrated European financial market. This movement has been marked by several events: In the field of payments, the most visible were the launch of the euro in 1999 and the cash changeover in the euro area countries in 2002. The establishment of the large-value central bank payment system TARGET was less visible, but also of great importance. It formed an integral part of the introduction of the euro and facilitated the rapid integration of the euro area money market. A unique feature of TARGET2 is the fact that its payment services in euro are available across a geographical area which is larger than the euro area. National central banks which have not yet adopted the euro also have the option to participate in TARGET2 to facilitate the settlement of transactions in euro. When new Member States join the euro area the participation in TARGET2 becomes mandatory. The use of TARGET2 is mandatory for the settlement of any euro operations involving the Eurosystem. 24 central banks of the EU and their respective user communities are participating in, or connected to, TARGET2: The 20 euro area central banks (including the ECB) and four central banks from non-euro area countries: Bulgaria, Denmark, Poland and Romania. The implementation of TARGET2 was based on a decision of the ECB Council of Autumn 2002. The Single Shared platform (SSP) is operated by three providing central banks: France, (Banque de France), Germany (Deutsche Bundesbank) and Italy (Banca d'Italia). TARGET2 started operations on 19 November 2007, when the first group of countries (Austria, Cyprus, Germany, Latvia, Lithuania, Luxembourg, Malta and Slovenia) migrated to the SSP. This first migration wave was successful and confirmed the reliability of the TARGET2 platform. After this initial migration, TARGET2 already settled around 50% of overall traffic in terms of volume and 30% in terms of value. On 18 February 2008 the second migration group (Belgium, Finland, France, Ireland, the Netherlands, Portugal and Spain) successfully migrated to TARGET2. On 19 May 2008 the final group migrated to TARGET2: Denmark, Estonia, Greece, Italy, Poland and the ECB. The six-month migration process was very smooth and did not cause any operational disruptions. Slovakia joined TARGET2 on 1 January 2009. Bulgaria joined in February 2010. Romania joined on 4 July 2011. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「TARGET2」の詳細全文を読む スポンサード リンク
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