Central Banking

ECB hails launch of new wholesale settlement system

Eurosystem’s new RTGS system and liquidity management tool went live on March 20

ECB 2017

The European Central Bank said it successfully launched its new wholesale settlement system on March 20, completing the multi-year replacement of a critical piece of eurozone infrastructure.

The T2 real-time gross settlement (RTGS) system replaced Target2 as the main settlement system for the Eurosystem. Target2 previously processed €2.2 trillion ($2.4 billion) every day.

The ECB said the first day of T2 operations “went smoothly”, though the system’s close was delayed, “the root cause of

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