ECB approves major projects in the field of large-value payments and collateral management

The European Central Bank (ECB) has announced the approval of the consolidation of the Eurosystem’s real-gross settlement system TARGET2 and the securities settlement system platform TARGET2-Securities (T2S), as well as the development of a European Collateral Management System (ECMS).

The consolidation will provide market participants across the Eurosystem with enhanced liquidity management procedures and is expected to be launched in November 2021.

ECMS will provide a harmonised platform for collateral operations across the Eurosystem and will replace the existing systems of the 19 national central banks for those functions which can be harmonised until the launch, which is planned for November 2022.