TARGET - Launch of TARGET consolidation rescheduled to 20 March 2023
On October 20, 2022, TARGET consolidation, the merger of Target 2 and Target 2 Securities technological platforms that will permit liquidity management optimisation, was rescheduled from 21 November 2022 to 20 March 2023.
The Governing Council of the European Central Bank (ECB) decided to reschedule the launch of the new real-time gross settlement (RTGS) system and its central liquidity management model, T2. The go-live has therefore been postponed by four months, from 21 November 2022 to 20 March 2023. The decision, following an assessment by the ECB’s Market Infrastructure Board, was driven by the need to allow users more time to complete their testing in a stable environment.
This postponement led to a delay in the migration to the ISO20022 format for euro payments, whose timetable was based on that of the ECB project. Another consequence of this postponement is that the starting date of the Eurosystem Collateral Management System (ECMS) has also been postponed to April 2024.