European Committee Work
The successful design and development, smooth operation and needs-driven further development of large market infrastructure projects hinges on the comprehensive, continuous and sustainable involvement of all parties at an early stage. This is a principle which the Eurosystem has also adopted in the context of TARGET2/T2S consolidation.
Market participants were therefore involved in the activities very early on as part of the Task Force on Future RTGS Services: Together with TARGET2 users (representatives of banks and ancillary systems), representatives of the 4CB as well as other Eurosystem and ESCB central banks, this working group discussed the user requirements for the TARGET2/T2S consolidation project, thus laying the foundations for the future range of services in the area of high-value payments. The work of the Task Force on Future RTGS Services came to an end when the Governing Council of the ECB decided on 6 December 2017 to launch the realisation phase of the project.
Cooperation with the market continued through the TARGET Consolidation Contact Group, which was established at the beginning of 2018 and still exists today.
TARGET Consolidation Contact Group (TCCG)
The TCCG advises and supports the Eurosystem with regard to the activities needed to implement the project. This includes, for example, planning user tests or the migration process. Furthermore, the TCCG provides professional input, assists in the creation of central documents such as the User Detailed Functional Specifications (UDFS) or the User Handbook (UHB) and contributes input on any risks to be monitored. The group consists of representatives of market participants (TARGET2 participants), central banks, the 4CB and the ECB. All meeting documents, other documentation and specifications that are discussed and prepared in the TCCG are published on the ECB’s website.
In addition to the TCCG, market participants are also very closely involved in the TARGET2/T2S consolidation project through the Advisory Group on Market Infrastructure and Payments (AMI-Pay).
Advisory Group on Market Infrastructure and Payments (AMI-Pay)
The Advisory Group on Market Infrastructure and Payments (AMI-Pay) is the Eurosystem’s central advisory body for payment issues and involves market participants. In this group, representatives of banks and Eurosystem central banks regularly exchange views on developments in the field of payments. The group assists the Eurosystem in fostering payment innovation and integration across Europe, and offers advice on the provision and modification of Eurosystem payment-related services.
TARGET Services Working Group (TSWG)
Within the Eurosystem, the TARGET Services Working Group (TSWG) provides support for the TARGET2/T2S consolidation project. Besides the ECB and the 4CB in their role as the developer and operator consortium for TARGET2/T2S, the central banks participating in TARGET2 are also represented in this working group.
The TSWG reports to the Eurosystem’s Market Infrastructure Board (MIB) and is supported by several sub-working groups such as the Migration, Testing and Readiness Subgroup (MTRSG), which is described in more detail under the heading “Testing and migration”.
The Bundesbank is actively represented in all of the working groups mentioned here and thus plays a major role in driving the TARGET2/T2S consolidation project forward at the European level.