ECB: TARGET Annual Report 2017

08 May 2018

As in previous years, the report presents the main facts relating to the TARGET system, taking into account the developments which took place in TARGET2 in the course of 2017. The report is mainly addressed to decision-makers, practitioners, lawyers and academics wishing to acquire an in-depth understanding of TARGET2.

This report is the 18th edition of the TARGET Annual Report. The first edition was published in 2001, covering TARGET’s two first years of operation (1999 and 2000).

The report provides information on TARGET2 traffic, its performance and the main developments that took place in 2017. The report is complemented by other annexes that present a list of general terms and abbreviations, and a glossary. 

In addition to the core content, the report includes seven boxes, providing detailed information on topics of particular relevance in 2017 and an in-depth analysis of a specific TARGET2 feature.

The boxes focus, respectively on:

• the tenth anniversary of TARGET2;
• the evolution of traffic in TARGET2;
• TARGET2 liquidity and its usage;
• TARGET2 cross-border activities;
• the TARGET2/T2S consolidation project and future RTGS services;
• TARGET2 cyber and end-point security; and
• forthcoming TARGET2 adaptations to the TARGET Instant Payment Settlement (TIPS) service.

In the report, the references made to the first-generation TARGET system (which was in operation from January 1999 to May 2008) are also applicable to its second generation, TARGET2 (which has been in operation since November 2007).

Full report

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